Wearable Devices Market is projected to grow at a CAGR 21.63%
Knowledge Sourcing Intelligence announces the publication of a new report on “Wearable Devices Market – Forecast from 2020 to 2025” to their offering.
The increasing adoption of wearable devices for personal use and enterprises coupled with smartphone compatibility, ubiquitous internet connectivity, and driven by the inclination track biometric information are the key drivers for this market.
According to the report, the Wearable Devices Market is expected to reach US$80.438 billion by 2025, from US$24.486 billion in 2019.
The factors that are influencing the growth of the wearable devices market
Consumer electronics products that are made of electronic components and software, which can bee incorporated in accessories and clothing that can be practically worn by individuals are called wearable devices. Currently, a variety of wearable devices Viz smartwatches, smart glass, and the likes have been developed and are further necessitating research and development leading product development and fuelling exponential growth in which the wearable devices market is poised to witness. The main reason for the growing demand is the convenience at which consumers can track biometric information pertaining to health or fitness. Besides convenience, the players in the wearable devices market also offer affordability at which the greater number of consumers can be abreast of their vital statistics and enabling them to continuously track various types of data irrespective of the environment that consumers find themselves in.
Wearable devices are becoming increasingly popular due to their widely recognized and growing applications in the health care segment. This global cognizance is expected to drive the demand for wearable medical devices thus augmenting the growth of the global wearable device market, over the course of the years to come. The main reason for such an uptick is the profusion of wearable technology that has been subjected to continuous research and development that has enabled wearable devices to exceed the threshold of its capability to monitor and transition into the applications of diagnostics and therapeutics. Further e the quantum of information that is gathered also has the potential to classify the patient population leading to greater efficacy of treatment coupled with enhanced safety. The wearable devices and healthcare monitoring are also expanding into daily lives as well as being increasingly sought after for the infirmed because of the latter’s advantage of remote patient monitoring have led to numerous possibilities.
Various developments in the wearable devices market are as follows:
Product Launch Through collaboration: In March, Huawei had reportedly launched its first smart glasses collection in collaboration with Gentle Monster, which is a South Korean fashion brand and is available in 5 variants to the consumers in China. Among the key features, this product is reportedly equipped with a single-sided dual-microphone along with the utilization of AI to reduce background noise.
Product Innovation: In March it was announced that a product was launched that was made by Adidas (FWB: ADS) which is one of the world lead brand in sports, gamified by EA Sports™ a division of globally leading American video game company Electronic Arts Inc., that publishes sports video game and powered by Jacquard™ by Google that reportedly weaves new digital experiences into wearables have jointly created a brand new category of football innovation that enables players to impact virtual performance. The product called adidas GMR comprise of a smart insole that is placed in any adidas footwear powered by a Jacquard Tag utilizes advanced machine learning algorithms making the predict capable of recognizing real-time physical movements that include footballers’ distance and speed, measuring kicks as well as shot power. Which when connected to EA Sports™ FIFAMobile allows the players to complete various challenges. This product leverages technology to improve the experience of football fans.
Platform Innovation: In June, the subsidiary of Qualcomm Incorporated (NASDAQ: QCOM) Qualcomm Technologies, Inc., had reportedly released Qualcomm® Snapdragon Wear™ 4100 platforms which comprise of Snapdragon Wear 4100+ and Snapdragon Wear 4100, which are based on their proprietary ultra-low power hybrid architecture that employs a super-fast System-on-Chip (SoC), a smarter Always On (AON) co-processor and brings about a considerable improvement to platform power, due to 12nm process technology. These collectively will reportedly provide consumers with an unprecedented improved and rich experience across ambient, interactive, sports, and watch modes. This new launch is intended for next-generation connected smartwatches
The major players operating within the wearable device market, which have been covered as a part of the report are Apple, Inc., Zephyr Technology Corporation, AiQ Smart Clothing, Fitbit, Xiaomi Technology Co. Ltd., LG Electronics, Garmin Ltd., Luxottica, Huawei Technologies Co., Ltd, and Fossil Group.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/wearable-devices-market
In this report the Wearable Devices Market has been segmented based on the following:
- Fitness Trackers
By End Users
- Personal Users
- Computer Technology
- Display Technology
- Networking Technology
- Positioning Technology
- Sensor Technology
The Middle East and Africa
- Saudi Arabia
- North America
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