(EMAILWIRE.COM, December 15, 2018 ) The overall wearable technology market is expected to grow from USD 15.74 billion in 2015 to USD 51.60 billion by 2022, at a CAGR of 15.51% from 2016 to 2022. The emergence of wearable technology is expected to transform the outlook of computing on-the-go. Application areas for wearable technology range from consumer durables and healthcare to enterprise, industrial, and so on. As the technology matures, it is expected to find new application verticals and increased applications in existing ones such as the wearable technology used in medical surgery. The base year considered for the study is 2015, and the forecast is for the period between 2016 and 2022.

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The wristwear product segment is expected to cover the maximum size of the wearable technology market between 2016 and 2022. The factor for this growth is attributed to key industry players who are introducing products with advanced features to serve customers’ need of fitness and healthcare. Wristwear measures fitness and healthcare parameters, which includes heartrate, calories, distance travelled, and steps. All such parameters could be synchronized with a mobile to store data. Moreover, people could access the mobile through wearable devices with the help of wristwears. So considering all such developments, it is estimated that wristwear would gain the maximum size of the wearable technology market between 2016 and 2022.

Consumer electronics in the wearable technology market held the largest market size in 2015

Applications such as fitness and sports, entertainment and multimedia, and garments and fashion are majorly considered under the scope of the consumer electronics vertical. The increasing demand for smart gadgets and gaming devices for interactive gaming and entertainment is driving the growth of the wearable technology market for the consumer electronics vertical.

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Headwear and eyewear product segment estimated to grow at the highest rate in the wearable technology market between 2016 and 2022

The headwear and eyewear such as smart glasses, augmented reality (AR) and virtual reality (VR) glasses and displays is a promising segment, which is gaining significant opportunities in the wearable industry. The AR and VR glasses are expected to grow significantly. These devices helps in projecting images at high resolution, and 3D images could be perceived easily. VR glasses have tremendous growth in entertainment and video games. For instance, in October 2016, Sony Corporation (Japan) launched a PlayStation with the VR glasses. Moreover, Volvo Car Corporation (Sweden) uses VR glasses to provide a virtual experience of a car, while buying the car. All such developments would certainly help the wearable technology market to grow at the highest rate between 2016 and 2022.

Americas held the largest share of the wearable technology market between 2016 and 2022

The adoption of wearable technology is continuously increasing in the U.S. with the increasing demand for wristwear/fitness wear, and health and wellness monitoring applications among others. The U.S. offers an ideal environment for innovation, which has facilitated massive advancements in the wearable technology. The presence of some of the leading players in the American region and the growing demand for consumer electronics such as wearable devices and gaming consoles are also boosting the adoption of wearable technology in different end-user industries (which includes entertainment and healthcare). In addition, the growing interest for investments and innovations in applications such as healthcare, garment and fashion is driving the growth of the wearable technology market in the American region.

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Major players in this market include Fitbit, Inc. (U.S.), Apple, Inc.(U.S.), Xiaomi Technology Co. Ltd. (China), Garmin Ltd. (U.S.), Samsung Electronics Co., Ltd.(South Korea), Guangdong BBK Electronics Co., Ltd (China), Misfit, Inc. (U.S.), Alphabet, Inc. (U.S.), LG Electronics Inc.(South Korea), Qualcomm Technologies, Inc. (U.S.), Adidas Group (Germany), Sony Corporation (Japan), Jawbone, Inc. (U.S.), and Lifesense Group (The Netherlands) among others.

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