The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Wearable Computing Industry. The growth sectors of the Wearable Computing Industry are identified with precision for a better growth perspective.
The global wearable computing market was analyzed by Market Research Future (MRFR) and it was projected that a striking CAGR of 15% will be attained by the market over the forecast period of 2017 to 2023. The valuation of the wearable computing market was further stated to surpass its previous figure to reach an estimated valuation of USD 35 Billion by 2023.
The global market is experiencing a surging growth due to the increasing adoption of wristbands and smart watches among consumers. Add to this, there is a burgeoning interest for networking, communication and recognition technologies for wearable products, thereby driving the global wearable computing market. However, the high consumption rate of power and limited use of battery life can pose to be a challenge to the potential growth of the market over the forecast period.
The global wearable computing market has been segmented in terms of product, end-user, and technology.
By technology, the market segments into networking technologies, display technologies, and other technologies. The networking technologies is narrowed down into Wi-Fi and Bluetooth, while the display technologies is broken down into augmented reality and virtual reality
By product, the market comprises activity monitoring device, smart clothing and textiles, wearable camera and virtual reality eyewear.
By end-user, the market includes fitness & wellness, defense & security, medical & healthcare, infotainment, gaming, automation, home enterprise & industrial, and other applications.
Healthcare & medical and fitness & wellness are expected to have a significant growth over the next few years. This is due to increasing health awareness among the young generation. Recently, few companies are investing more in this trending technology. For instances, fitness-oriented wristbands from Fitbit and Xiaomi are the most popular wearable is expected to be overshadowed by watches equipped by fashion brands and which can be readily compatible with internet without syncing to smart gadgets such as smartphones.
The global wearable computing market is geographically distributed across the following key regions: Asia Pacific, North America, Europe, and the Rest of the World (RoW).
North America is expected to dominate the global wearable computing market with the highest share percentage. The region currently leads the global market and is expected to remain the same in the coming years. The US and Canada are two of leading nations that are contributing majorly to the growth and expansion of the regional market. The growth of the region is due to the growing popularity of smart gadgets and an increasing level of investments that are being made in developing wearable products.
Elsewhere, Europe is projected to enjoy substantial growth over the forecast period to retain its second rank in the global standings. Herein, countries like the UK, Germany, and France are majorly leading the contribution charts. The huge investments being made for research and development of wearable devices in this region is triggering the growth of the market.
Finally, Asia Pacific region is expected to be the fastest growing region in the global wearable computing market over the forecast period. Countries like China, Japan, and India are leading the regional market with the maximum contribution. The growth of the regional market is due to the rising awareness among the young generation about such devices.
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