Wearable Technology Market Analysis By Product, By Application And Segment Forecasts From 2015 To 2022

Industry Insights

The global wearable technology market size has generated a revenue of USD 18.0 billion in 2014. This growth can be associated with the rising usage of these products for health monitoring. Moreover, surging consumer awareness coupled with the increasing disposable income among the health-conscious population is projected to drive the market demand for such products during the forecasted years.

These devices can measure several health parameters as burnt calories, the number of footsteps while running and walking, and heart rate monitoring. They also provide real-time data of such activities on applications thereby guiding the user for maintaining proper health and wellbeing.

The penetration of smartphones and the internet across the globe is expected to drive market growth during the forecasted years. The rising per-capita income coupled with an improved lifestyle is paving way for the demand for consumer utilities like wearable technology devices.

The advances being made in sensor technology are also projected to fuel up the demand for such products. However, concerns regarding data privacy may hinder the market growth. Also, less battery life coupled with the higher initial cost of these products is projected to obstruct the market growth in the upcoming years.

Application Insights

In 2014, the healthcare segment is anticipated to register significant growth on account of the surging need for monitoring of health. Products like PolyPower, metria wearable sensor, and 9Solutions IPCS are gaining traction among consumers. Several apparels have also been launched by many industrial players for health monitoring.

The fitness & sports segment held a share of around 28% across the global market in 2014 and is anticipated to register 35.0% CAGR during the forecasted years, 2015 to 2022. Several players like Adidas and Nike are launching smart T-shirts, shoes, and fitness bands that can be connected to mobile phones using apps, thereby driving the market growth for wearable technology.

Product Insights

The wrist-wear product segment dominated the global market with a share of around 45.0% across the global market in 2014. It is expected to register growth with 35.0% CAGR during forecasted years, 2015 to 2022. This can be associated with the rising usage of fitness bands that can be connected with smartphone applications.

Neckwear products are gaining popularity owing to products like USB lockets, smart necklaces, and Philips VIBE. The body-wear segment includes products like USB cufflinks, smart T-shirts, and Bluetooth gloves. While, the eye-wear segment includes VISR Goggles, Microsoft HoloLens, and Google Glass which accounted for a share of around 15% across the global market in 2014.

Regional Insights

In 2014, North America dominated the global wearable technology market with a share of around 49.0%. It is also anticipated to register 32.0% CAGR during the forecasted years, 2015 to 2022. This growth can be attributed to the rising awareness regarding personal health, wellbeing, and product usage among the millennial population.

The Asia Pacific is also anticipated to register significant growth in the upcoming years. This can be associated with the shifting manufacturing facilities across countries like China and India on account of reduced labor and operational costs. Also, external factors like surging health awareness, disposable income, and the tech-savvy millennial population are projected to drive the demand for such products in upcoming years.

Competitive Market Share Insights

The key players in the wearable technology market are Fitbit, Apple Inc., Adidas AG, Nike, Inc., Xiaomi, Jawbone, Garmin, Samsung Electronics Co. Ltd., and Sony Corp. These players are widening their product portfolio to gain a competitive advantage over other players.  For instance, Fitbit has started producing products like Fitbit Charge Hr, Fitbit Tracker, Fitbit Flex, Fitbit Zip, Fitbit Surge, Fitbit Force, and Fitbit Ultra.

They are also engaged in developing marketing strategies like mergers, collaborations, and acquisitions. For example, the U.S. Defense Department has collaborated with Boeing and Apple Inc. for developing wearable defense technology. Also, Intel Corporation has gained acquisition over a wearable technology firm named Basis in 2014. Moreover, Fitstar has also been acquired by Fitbit in 2015 to widen its product offering.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends from 2012 to 2022 in each of the sub-segments. For this study, Million Insights has segmented the global wearable technology market report based on product, application, and region:

• Product Outlook (USD Billion; 2012 - 2022)
    • Wrist-wear
    • Eye-wear
    • Foot-wear
    • Neck-wear
    • Body-wear
    • Others

• Application Outlook (USD Billion; 2012 - 2022)
    • Fitness and wellness
    • Healthcare
    • Infotainment
    • Defense
    • Enterprise and industrial

• Region Outlook (USD Billion; 2012 - 2022)
    • North America
    • Europe
    • the Asia Pacific
    • Rest of World (RoW)