[February 14, 2017]

$51.60 Billion Wearable Technology (Wristwear, Headwear/Eyewear, Footwear, Neckwear, Bodywear) Market 2017 - Global Forecast to 2022 - Research and Markets

Research and Markets has announced the addition of the "Wearable Technology Market by Product (Wristwear, Headwear/Eyewear, Footwear, Neckwear, Bodywear), Type (Smart Textile, Non-Textile), Application (Consumer Electronics, Healthcare, Enterprise & Industrial), and Geography - Global Forecast to 2022" report to their offering.

The wearable technology market size is expected to grow from USD 15.74 Billion in 2015 to USD 51.60 Billion by 2022, at a CAGR of 15.51% between 2016 and 2022.

The wearable technology market is expected to grow because of various driving factors, such as consumer preference for sophisticated gadgets, increasing growth prospects of next-generation displays in wearable devices, and growing popularity of Internet of Things (IoT) and connected devices.

The major products in the infotainment include smart watches, augmented reality (AR) and virtual reality (VR) headsets, multimedia players with computing facilities, and smart goggles among others. The use of AR and VR in the field of entertainment and video gaming would help the wearable technology market to grow. For instance, Sony Corporation (Japan) introduced the video PlayStation with the VR glasses. These factors would drive the growth of the wearable technology market for infotainment and multimedia.

Wristbands and sartwatches are wearable computing devices, which are majorly used for tracking the wellness of the user. The smartwatch is a sophisticated and fashionable wearable device. This device could be connected to mobiles phones with several apps for displaying the data over the phone.

The Americas is a major hub for technological innovations and is an early adopter of new technologies. Factors such as the presence of major companies, the increasing demand for wearable devices (fitness bands and activity trackers), and the growing popularity of devices based on augmented reality (AR) and virtual reality (VR) technologies are driving the growth of the wearable technology market in this region.

Major companies such as Apple, Inc. (U.S.), Samsung (News - Alert) Electronics (South Korea), and Fitbit, Inc. (U.S.) among others have developed such products, which satisfy the customer's need for fitness and healthcare. Hence, the consumers are more inclined to purchase such smartwatches.

Market Dynamics

Drivers

• Consumer Preference for Sophisticated Gadgets
• Increasing Growth Prospects of Next-Generation Displays in Wearable Devices
• Growing Popularity of Internet of Things and Connected Devices

Restraints

• Shorter Life Cycle of the Consumer Electronics Sector

Opportunities

• Adoption of Wearables in Multiple Application Areas
• Multi-Featured and Hybrid Application Mobile Devices

Challenges

• High Initial Costs and Limited Battery Life
• Unaddressed Regulatory Issues & Vulnerability of Healthcare Information

Companies Mentioned

• Adidas Group
• Alphabet, Inc.
• Apple, Inc.
• Fitbit, Inc.
• Garmin (News - Alert) Ltd.
• Guangdong Bbk Electronics Co., Ltd
• Jawbone, Inc.
• LG Electronics, Inc.
• Lifesense Group B.V.
• Misfit (News - Alert), Inc.
• Qualcomm Technologies, Inc.
• Samsung Electronics Co., Ltd.
• Sony Corporation
• Xiaomi Technology Co., Ltd

For more information about this report visit http://www.researchandmarkets.com/research/5vk8fc/wearable

View source version on businesswire.com: http://www.businesswire.com/news/home/20170214006276/en/

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