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Scope of the Global Wearable Technology Market Report:Wearable technology is an emerging trend that integrates electronics to the daily activities and fits into the changing lifestyles, and can be worn on any part of the body. The ability to connect to the Internet, and enabling data exchange between a network and a device, is the driving factor that leads to the trend of wearable technology.
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Global Wearable Technology Market Overview:
- The Global wearable technology market is expected to grow at a CAGR of 17.66% over the forecast period (2019-2024).
- Wearable technology is an emerging trend that integrates electronics to the daily activities and fits into the changing lifestyles. It can be worn on any part of the body, but it is usually used as an accessory. The ability to connect to the Internet and enable data exchange between a network and a device is the driving factor that leads to the wearable technology trend.
- Advancements in recent research causing increased innovation were instrumental in increasing the demand for the wearable market, which has led to new product categories like the smart fabrics, smart shoes, etc., that incorporate high-end technology and design in daily living. Lately, the focus has been on providing aesthetic design to devices to attract the customers.
- The smartwatch category is also experiencing a boom owing to additional features, like the brand that suits everyday lifestyle. Companies competing in this category are Apple, Asus, LG, Huawei, Samsung, and Sony. Strong brands, such as Apple and Fossil, are keep pricing consistent with the price bands of traditional watches to maintain the revenues. With Google’s WearOS, many other premium watchmakers, such as TAG, Armani, etc., have entered the segment.
- Although the wearable technology is still in its early stages, the niche segments are expected to have a longer-term perspective. Changing consumer lifestyles and shift toward fitness, along with the need for advanced technologies for healthcare and security applications, are expected to drive the market over the forecast period.
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Key Market Trends:
Smart Clothing to Hold Significant Share
-Smart clothing is revolutionizing the healthcare practices, and it is expected that the growing adoption of smart clothing to monitor health or help with treatment could reduce reliance on costlier equipment and healthcare system.
-Increasing R&D in wearable textile-based personal systems allowing health monitoring, protection, and safety, and healthy lifestyle gained strong interest over the last few years.
-Smart fabrics, i.e., specially-made garments infused with sensors that collect data and integrate with a smartphone, are getting traction owing to the added functionality the clothing offers. The advancements in nano-technology and micro-fabrication technologies have enabled miniaturization process, which made smart sensors cost-effective and led to the emergence of smart fabrics.
-With an increase in chronic disease cases, such as diabetes, cancer, respiratory disorders, and heart disease globally and growth in the number of surgeries performed in key matured healthcare markets such as the United States and Europe, the demand for smart fabric in healthcare will grow exponentially.
-In 2019, Nike launched the HyperAdapt smart sneakers at an affordable price compared to its previous version. The shoe self-tightens to an athlete's preference, which can be adjusted via an app. The data from the user is collected from components like sensors, accelerometers, and gyroscopes that can give Nike full, personalized information of its user’s performance.
North America Region to Hold Major Share:
- North America is known as the hub for all significant technological improvement in the world. With the advent of smart gadgets, the demand is growing for more active and sophisticated wearable technologies. Moreover, there is rapid growth for low-cost smart wireless sensor networks, which is boosting the market in the North America region.
- Increasing growth opportunities of E-commerce distribution channels, changing consumer lifestyles and shift toward fitness, along with the need for advanced technologies for healthcare and security applications, are driving factors for wearable technologies which provides a significant contribution for the market growth in North America.
- Continuous improvements in the design and functionality of Smartwatches are the driving factor for wearable device usage in the United States. According to a report, older Americans can detect a severe heart condition such as a fast heartbeat that can lead to the risk of heart attack or stroke, by Apple Watch which allows wearers to have a heart-rate monitor on their wrist.
- As the defense sector is rapidly integrating toward an all-digital mindset across the board, wearable devices and technologies are primary drivers. Recently, the Canadian Armed Forces test a mobile ad-hoc network with Google Glass head-up displays and smartphones for dispersed operations.
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Competitive Landscape:
- On March 2018, Garmin Ltd announced tactix Charlie, a new and improved ruggedized GPS wearable that combines specialized tactical functionality with mapping-enhanced navigation and advanced fitness training features. The third-generation tactix watch introduces preloaded full-color TOPO mapping, wrist-based heart rate, advanced performance metrics, and a specific “Tactical” activity profile, along with more than 26 built-in activities for any type of adventure.
- On March 2019, Apple updated watchOS 5.2 software in Apple Watch Series 4, through which direct-to-consumer product can enable customers to take an electrocardiogram right from their wrist by their ECG app.
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Wearable Computing Devices Market-Growth, Trends, and Forecast (2019-2024)
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Scope of the Report:
Wearable computing devices are small electronic devices worn by users which enable mobile computing and wireless networking. These devices collect data, track activities, and provide customized experiences to the user’s needs and desires. The rising popularity of the internet of things and the growing adoption of smartwatches and wristbands are some of the factors fueling market growth. More than designer accessories, these devices are gaining popularity owing to smart and advanced features such as easy synchronization, and high portability.
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