SAN FRANCISCO, CA — (Marketwired) — 08/18/15 — (also known as wearable gadgets) is a category of technology devices which is worn by a consumer that enables wireless networking and mobile computing services. The main purpose of this technology is to keep user connected with Digital market and to monitor bodily makers. According to Hexa Research, Global Wearable technology Market was worth US$749 million in 2012.This market is expected to grow in coming years at the CAGR of 40.7% from 2012 to 2018.This technology works with synchronization of human actions.
This industry is growing rapidly due to increase in market of various applications such as advertising, cycling, running, surgery, remote patient monitoring, sports brain and project planning. In 2018, the wearable technology is expected to reach around US$ 5 billion globally.
The medical and healthcare industry end use industry was counted dominant in 2012, with contribution of 35.1 % of the market share. Followed by Healthcare and medical industry, Wellness and fitness sector was the largest end user for wearable electronics. Insulin delivery devices play and significant role of dominance of healthcare and medical sector in wearable technology market. Due to high market share of Population of US and Canada, wealthy enough to purchase wearable device, North America is estimated to be the leading regional section of Wearable technology market globally. These regions are expected to contribute for 43.2% of Market share by 2019 globally.
Asia Pacific is stated to be the fastest growing area, owing the technology development in Korea, China and Japan.UK and Germany, dominates the Wearable technology market in Europe, enabling the European region to promote market growth. The Market is categorized into neck wear, eye wear, body wear and finger and wrist wear. These devices are capable of tracking the user–s calories burnt, activity level, and user–s heart rate these devices integrate with Smartphone to receive and make phone calls. Smart glasses assists users in navigation, sending message, taking pictures and videos.
Wearable electronic devices are integrated with highly developed electronic technologies attached or worn to the human body allowing mobile computing and wireless networking. They work simultaneously with human actions and are connected to smart applications in a network. This technology has possible for growth as it makes daily tasks easier and enhances customer experience. Increased popularity of numerous applications served such as advertising, infotainment, running (navigation) and cycling, surgery, label reader, telemedicine, accessing patient records, project planning, sports brain, remote patient monitoring and among others.
Depending on the body parts and wearable technology, the market is segmented into finger & wrist wear, body wear, eye wear, neck wear, foot wear and others. The devices under finger & wrist wear segment are smart watches smart rings and wrist bands among others. These devices are able of tracking the patient–s heart rate, activity level, sleep pattern, calories burned, and they are integrated with smart phones where patient can receive and make phone calls. The eye wear category includes devices such as eye tap, smart glasses, and contact lenses among others.
Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.
Ryan Shaw
Hexa Research
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