The global wearable technology market size is anticipated to reach USD 196.5 billion until 2022. This growth can be associated with increasing health awareness coupled with the rapid advances being made across technology for maintaining and monitoring human health.
The healthcare segment gained significant growth due to the prevailing need for health monitoring among the health-conscious population. Also, the segment of fitness & sports accounted for a share of 28% across the global market owing to the rising popularity of products like smart T-shirts, shoes, and fitness bands among fitness enthusiasts and sportsperson.
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The segment of wrist-wear held a share of 45.0% in 2014 owing to the increasing usage of fitness bands that can be connected with smartphone applications. On the other hand, the eye-wear product segment accounted for a share of around 15% due to the surging popularity of Microsoft HoloLens, Google Glass, and VISR Goggles.
North America held the largest share of 49.0% across the global market in 2014 due to the increasing awareness regarding personal health and product usage among the consumers across developed countries like the U.S. and Canada. The Asia Pacific generated a revenue of USD 3 Billion and is expected to register a CAGR of 36.0% across the global market during the forecasted years.
The wearable technology market includes key players such as Apple Inc., Fitbit, Adidas AG, Nike, Inc., Xiaomi, Jawbone, and Sony Corp. They are engaged in implementing several marketing strategies like collaborations, mergers, and acquisitions to gain competitive advantage and widen their product portfolio.
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Further key findings from the report suggest:
• The application segment of fitness & sports register a share of 28% in 2014.
• The product segment of wrist-wear is anticipated to witness CAGR of 35.0% during the forecasted years, 2015 to 2022.
• North America held the largest share of 49.0% across the global wearable technology market in 2014.
• The key players in this market are Apple Inc., Fitbit, Adidas AG, Nike, Inc., Xiaomi, Jawbone, Garmin.
Million Insights has segmented the global wearable technology market on the basis of product, application, and region:
Wearable Technology Product Outlook (USD Billion, 2012 – 2022)
• Wrist-wear
• Eye-wear
• Foot-wear
• Neck-wear
• Body-wear
• Others
Wearable Technology Application Outlook (USD Billion, 2012 – 2022)
• Fitness and sports
• Healthcare
• Infotainment
• Defense
• Enterprise and industrial
Wearable Technology Regional Outlook (USD Billion, 2012 – 2022)
• North America
• Europe
• Asia Pacific
• Rest of World (RoW)
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