Wearable Technology Market by Device (Smart watch, fitness & wellness devices, Smart glasses, Smart clothing), by Product type (Wrist wear, eyewear, hearables, neckwear, bodywear) and Geography - Global Opportunity Analysis and Industry Forecast, 2014-2022Wearable technology refers to electronics devices that are designed to be worn anywhere around the body thereby enabling hands free operations. Wearable technology products have gained popularity over the past few years, with advancements in technology and growth in the trend of innovation. From healthcare to military & defense sector, this technology is prevalent due to ease of use, flexibility, and convenience. It also saves time, enables real-time data monitoring, and offers operational efficiency. Fitness tracking, security profiling, and network monitoring are some of the major factors contributing towards the higher adoption of wearable technology. The wearable technology market is expected to reach a market value of $57,653 million by 2022 from $19,633 million in 2016, growing with a notable CAGR of 16.2% during the forecast period.
Increase in healthcare awareness, portable and convenient usage of wearables, and entry of large smartphone manufacturers are expected to drive growth in the wearable technology industry. Demand for sophisticated devices with innovative features further supplements the market growth. However, factors such as security concerns and high cost of manufacturing in the global wearable technology industry are likely to hamper the market growth. Moreover, due to increase in smartphone penetration, the demand for wearable technology is expected to grow at a faster rate. Furthermore, the introduction of smart shirts and smart rings, owing to rapid technological advancements are expected to supplement the growth of wearable technology market.
The global wearable technology market is segmented based on devices, product type, application, and geography. Based on devices the market is segmented into smart watches, smart glasses, activity trackers, smart clothing, and others. The smart watch market is expected to grow with the fastest CAGR of 19.9% during the forecast period and is likely to reach a market size of $17,883 million by 2022. Factors such as large players entering the global market, advancement in research and development, higher manufacturing cost, demand for high end devices, increasing competition, and standardization will have a significant impact on the smart watch market. Based on product type the wearable technology market is segmented into wrist wear, eyewear, hearables, body wear, and neckwear. Based on application, the wearable technology market is segmented into lifestyle, healthcare, consumer application, defense, fitness and sports, entertainment and enterprise, and industrial. Based on geography, the global wearable technology market is segmented into North America, Europe, Asia-Pacific, and LAMEA.
Key players operating in the market include Apple Inc., Fitbit, Inc., Garmin Ltd., Adidas AG., Nike Inc., Samsung Electronics Co., Ltd., Sony Corporation, Huawei Technologies Co., Ltd., LG Electronics Inc., and Motorola Solutions Inc. The constant innovation by the market players and introduction of new technologies intensifies the inter-market rivalry. The key strategies adopted by various players in the wearable technology market are analyzed based on the competitive scenario of the market. For instance, in September 2016, Garmin international Inc. a unit of Garmin Ltd, has launched the vivofit jr. which is an activity tracker for kids to motivate and encourage them for fitness. The design for this product is durable, and has a long battery life. Many companies are collaborating with leading jewelry brands to enhance the appearance of wearable technology. For instance, in January 2016, Huawei and the jewelry brand Swarovski Zirconia, launched a new range of smart watches. These are available in two stylish options made exclusively for women. The watch comes with Italian leather straps and is compatible with both Android and IOS.
The report provides an in-depth analysis of wearable technology industry to identify the potential investment pockets.
The key drivers, restraints, and opportunities along with their detailed impact analyses have been elucidated.
Porter’s five forces model helps in analyzing the potential buyers & suppliers and the competitive sketch of the market, which is expected to guide the market players to develop strategies accordingly.
Wearable technology market analysis includes market size estimates from 2014 through 2022 including market size by device, product type, application and geography value in $ million.
Wearable Technology Market Key Segments
Fitness & wellness devices
Others (Earphones, body monitors, and wearable cameras)
By Product type:
Fitness & sports
Enterprise & industrial
Rest of Europe
Rest of Asia-Pacific
1.1. REPORT DESCRIPTION
1.2. KEY BENEFITS TO STAKEHOLDERS
1.3. KEY MARKET SEGMENTS
1.4. RESEARCH METHODOLOGY
1.4.1. Secondary research
1.4.2. Primary research
1.4.3. Analyst tools and models
CHAPTER 2. EXECUTIVE SUMMARY
2.1. CXO PERSPECTIVE
CHAPTER 3. MARKET OVERVIEW
3.1. MARKET DEFINITION AND SCOPE
3.2. KEY FINDINGS
3.2.1. Top impacting factors
3.2.2. Top winning strategies
3.2.3. Top investment pocket
3.3. PORTERS FIVE FORCES ANALYSIS
3.3.1. Moderate bargaining power of suppliers
3.3.2. Moderate bargaining power of buyers
3.3.3. Moderate threat of substitution
3.3.4. High threat of new entrants
3.3.5. High competitive rivalry
3.4. MARKET SHARE ANALYSIS, 2015
3.5. MARKET DYNAMICS
220.127.116.11. Portable and convenient usage
18.104.22.168. Entry of large players
22.214.171.124. Increased health awareness
126.96.36.199. Spending power
188.8.131.52. Threat of security
184.108.40.206. High cost of manufacturing
220.127.116.11. High market potential for cross selling
18.104.22.168. Technological advancements
22.214.171.124. Declining wearable prices
CHAPTER 4. WEARABLE TECHNOLOGY MARKET, BY DEVICE
4.1.1. Market size and forecast
4.2. SMART WATCHES
4.2.1. Key market trends
4.2.2. Key growth factors and opportunities
4.2.3. Market size and forecast
4.3. SMART GLASSES
4.3.1. Key market trends
4.3.2. Key growth factors and opportunities
4.3.3. Market size and forecast
4.4. FITNESS & WELLNESS DEVICES
4.4.1. Key market trends
4.4.2. Key growth factors and opportunities
4.4.3. Market size and forecast
4.5. SMART CLOTHING
4.5.1. Key market trends
4.5.2. Key growth factors and opportunities
4.5.3. Market size and forecast
4.6.1. Key market trends
4.6.2. Key growth factors and opportunities
4.6.3. Market size and forecast
CHAPTER 5. WEARABLE TECHNOLOGY MARKET, BY PRODUCT TYPE
5.1.1. Market size and forecast
5.2. WRIST WEAR
5.2.1. Key market trends
5.2.2. Key growth factors and opportunities
5.2.3. Market size and forecast
5.3.1. Key market trends
5.3.2. Key growth factors and opportunities
5.3.3. Market size and forecast
5.4.1. Key market trends
5.4.2. Key growth factors and opportunities
5.4.3. Market size and forecast
5.5. BODY WEAR
5.5.1. Key market trends
5.5.2. Key growth factors and opportunities
5.5.3. Market size and forecast
5.6. NECK WEAR
5.6.1. Key market trends
5.6.2. Key growth factors and opportunities
5.6.3. Market size and forecast
5.7.1. Key market trends
5.7.2. Key growth factors and opportunities
5.7.3. Market size and forecast
CHAPTER 6. WEARABLE TECHNOLOGY MARKET, BY APPLICATION
6.1.1. Market size and forecast
6.2.1. Key market trends
6.2.2. Key growth factors and opportunities
6.2.3. Market size and forecast
6.3.1. Key market trends
6.3.2. Key growth factors and opportunities
6.3.3. Market size and forecast
6.4.1. Key market trends
6.4.2. Key growth factors and opportunities
6.4.3. Market size and forecast
6.5. FITNESS & SPORTS
6.5.1. Key market trends
6.5.2. Key growth factors and opportunities
6.5.3. Market size and forecast
6.6.1. Key market trends
6.6.2. Key growth factors and opportunities
6.6.3. Market size and forecast
6.7. ENTERPRISE AND INDUSTRIAL
6.7.1. Key market trends
6.7.2. Key growth factors and opportunities
6.7.3. Market size and forecast
CHAPTER 7. WEARABLE TECHNOLOGY MARKET, BY REGION
7.1.1. Market size and forecast
7.2. NORTH AMERICA
7.2.1. Key market trends
7.2.2. Key growth factors and opportunities
7.2.3. Market size and forecast
7.3.1. Key market trends
7.3.2. Key growth factors and opportunities
7.3.3. Market size and forecast
126.96.36.199. United Kingdom
188.8.131.52. Rest of Europe
7.4.1. Key market trends
7.4.2. Key growth factors and opportunities
7.4.3. Market size and forecast
184.108.40.206. Rest of Asia-Pacific
7.5.1. Key market trends
7.5.2. Key growth factors and opportunities
7.5.3. Market size and forecast
220.127.116.11. Latin America
18.104.22.168. Middle East
CHAPTER 8. COMPANY PROFILES
8.1. APPLE INC.
8.1.1. Company overview
8.1.2. Business performance
8.1.3. Operating business segments
8.1.4. Key strategic moves and developments
8.2. FITBIT INC.
8.2.1. Company overview
8.2.2. Business performance
8.2.3. Key strategic moves and developments
8.3. SONY CORPORATION
8.3.1. Company overview
8.3.2. Business performance
8.3.3. Operating business segments
8.3.4. Key strategic moves and developments
8.4. SAMSUNG ELECTRONICS CO., LTD.
8.4.1. Company overview
8.4.2. Business performance
8.4.3. Operating business segments
8.4.4. Key strategic moves and developments
8.5. GARMIN LTD.
8.5.1. Company overview
8.5.2. Business performance
8.5.3. Operating business segments
8.5.4. Key strategic moves and developments
8.6. HUAWEI TECHNOLOGIES CO., LTD
8.6.1. Company overview
8.6.2. Business performance
8.6.3. Operating business segments
8.6.4. Key strategic moves and developments
8.7. LG ELECTRONICS
8.7.1. Company overview
8.7.2. Business performance
8.7.3. Operating business segments
8.7.4. Key strategic moves and developments
8.8. MOTOROLA SOLUTIONS, INC.
8.8.1. Company overview
8.8.2. Company snapshot
8.8.3. Business performance
8.8.4. Key strategies & developments
8.9. NIKE INC.
8.9.1. Company overview
8.9.2. Business performance
8.9.3. Operating business segments
8.9.4. Key strategic moves and developments
8.10. ADIDAS AG
8.10.1. Company overview
8.10.2. Business performance
8.10.3. Operating business segments
8.10.4. Key strategic moves and developments
The growth of the global wearable technology market is driven by convenient usage of wearables and entry of various smartphone manufacturers. In addition, rise in health concerns among consumers fuels the adoption of wearable devices, which enable them to provide real-time information on their overall health. Multiple benefits offered by these devices such as GPS tracking, heart monitoring, and notification alert further supplement the wearable devices market growth. Moreover, rise in disposable income of consumers and increase in standard of living propel the growth of the global wearable technology market. However, increase in security concerns is projected to hamper the market growth, as the risk of data leakage is a major issue for users. Moreover, the limited battery life and high manufacturing cost restrain the market growth. Advancement in wearable devices technology is expected to provide numerous growth opportunities for the market.
In 2015, wrist wear segment accounted for the maximum revenue shares in the overall wearable technology industry, owing to the flexibility provided by wearables. Moreover, wearables can be used to monitor heart rate and blood pressure, thus reducing the hospital bills. In addition, rise in demand for wearable devices from North American and European countries is expected to have a positive impact on the market growth, as these regions have strong economic base. The smartwatch segment is expected to witness the fastest growth, registering a CAGR of 19.9%. Technological advancements in wearable electronics such as introduction of smart rings, innovative body wear, baby monitors, and others are anticipated to provide growth opportunities for the market.
The fitness & sports segment dominated the wearable technology market with over 39% share in 2015, and is projected to maintain this trend throughout the forecast period. However, Entertainment sector is anticipated to grow at a highest CAGR of 35.7% during the forecast period. The growth of the consumer application is expected to be driven by increase in awareness of wearables and innovative features & benefits provided by the wearable product manufacturers.
North America accounted for the major share of the global wearable technology industry in 2015, and is expected to maintain its dominance during the forecast period, owing to rise in demand for convenient wearables. Asia-Pacific is estimated to grow at the highest rate due to increase in the adoption of technologically advanced products; growth in demand for smart wearables; and extensive economic growth in developing countries such as China and India.
Key findings of the Wearable Technology Market
In 2015, the wrist wear segment accounted for the maximum revenue, and is projected to grow at a notable CAGR of 16.6% during the forecast period.
North America held the highest market share in 2015, and is anticipated to dominate the global wearable technology market throughout the forecast period.
China is the major shareholder in the Asia-Pacific wearable technology market, accounting for more than 34% share in 2015.
The key players profiled in the wearable technology industry include Apple Inc., Fitbit, Inc., Garmin Ltd., Adidas AG., Nike, Inc., Samsung Electronics Co., Ltd., Sony Corporation, Huawei Technologies Co., Ltd., LG Electronics Inc., and Motorola Solutions Inc. These players have adopted various strategies such as product launch, collaboration & partnership, and acquisition to expand their foothold in the wearable technology market. Apple introduced Apple Watch Nike+, which is an important tool for runners, pairing exclusive Nike Sport Bands with Apple Watch Series 2, which features GPS, a two times brighter display, water resistance up to 50 m, a powerful dual-core processor, and watchOS 3. The introduction of technologically advanced products is likely to gain acceptance among the tech savvy people, specifically in developed regions of North America and Europe.
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.