Global Wearable Sensors Markets Report 2023: A $4.2 Billion Industry by 2028 - Increasing Number of Connected Devices and Wearable Technology Spurs Opportunities
DUBLIN, Nov. 10, 2023 /PRNewswire/ -- The "Wearable Sensors Market by Type (Accelerometers, Pressure & Force Sensors, Gyroscopes, Medical Based Sensors), Application (Wristwear, Eye-Wear, Footwear, Neckwear, Bodywear), Vertical and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The wearable sensors market is valued at USD 1.6 billion in 2023 and is projected to reach USD 4.2 billion by 2028, growing at a CAGR of 21.1% from 2023 to 2028
The report defines, describes, and forecasts the wearable sensors market based on type, application, vertical, and region. It provides detailed information regarding drivers, restraints, opportunities, and challenges influencing the growth of the wearable sensors market. It also analyzes competitive developments such as product launches, acquisitions, expansions, contracts, partnerships, and actions carried out by the key players to grow the market.
Increasing demand for smart devices, the growing importance of fitness and health monitoring devices, and the rising focus on innovation and development across industries such as consumer electronics and healthcare are among the key factors driving the growth of the wearable sensors market.
It is significantly used in emerging markets such as wearables, the Internet of Things (IoT), and driverless cars. It can measure motion, light, sound, humidity, and temperature from its surroundings along with biometrics, such as blood pressure and heart rate. Consumer goods (fitness, sports, fashion, and infotainment), healthcare (clinical and nonclinical applications), and industrial sectors are the major business verticals for wearable devices.
Technical difficulties related to hardware and software may hamper the adoption of wearable sensors and are also one of the major challenges in the market.
The presence of some of the leading sensor manufacturers in North America (US) and the growing demand for consumer electronics such as wearable devices and gaming consoles also boost the use of sensors in different end-user industries such as entertainment and healthcare.
The US offers an ideal environment for innovation, which has faciliated massive strides in wearable sensor technology. Moreover, factors such as health and fitness monitoring, chronic disease management, sports and performance optimization, consumer electronics, and lifestyle are some of the major driving factors for demand in this region.
The report also delivers an assessment of market share, growth strategies, and services, offering of leading players like STMicroelectronics (Switzerland); Infineon Technologies (Germany); Knowles Electronics (US); NXP Semiconductors (Netherlands); Texas Instruments (US) among others in wearable sensors market.
The market for pressure & force sensors to significant share during the forecast period.
The pressure & force sensors held the largest share of the wearable sensors market in 2022 and are also expected to hold a significant share during the forecast period.
Pressure sensors are used to measure force and determine the nature of an applied force, and force sensors are used to measure forces and torques. Smartwatches and fitness bands are the key application areas of pressure & force sensors.
The market for the wristwear segment is expected to hold the largest share during the forecast period.
The market for wristwear is expected to hold the largest share during the forecast period.
The wristwear function is to monitor a customer's health. The wristwear segment includes various factors for it being the dominant segment, such as health and fitness tracking, convenience and comfort, fashion and style, among others.
The Wrist-worn devices are generally comfortable to wear and are less intrusive than some other types of wearable sensors. Smartwatches and fitness trackers can track various metrics such as heart rate, steps taken, and sleep patterns making them highly user-friendly for health-conscious consumers.
For more information about this report visit https://www.researchandmarkets.com/r/wybrhj
Research and Markets
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SOURCE Research and Markets