Global Wearable Technology and IoT Wearable Device Market: Snapshot
The global wearable technology and IoT wearable device market is foretold to witness lucrative business prospects owing to the ever-increasing demand for wearable devices. Wearable technology includes smart electronic devices that can be worn on the body as accessories.
Wearable devices such as smart watches are a good example of Internet of Things. The application base of wearable technology is expanding with the expansion of the technology itself. Consumer electronics such as activity tracker and smart watch are some prominent examples of wearable technology. Apart from applications in consumer goods, wearable technology finds application in navigation systems, healthcare, and advanced textiles.
Wearable devices are gaining traction due to their capability of identification and security. For instance, badge worn at work places provide identification and security features that are useful for work environment. Wearable devices could even include biometric capabilities such as fingerprint identification to improve security of critical accounts. Badges could also include location sensing capabilities in the event of an emergency to prevent loss of life. A wearable bracelet is more reliable to obtain indication of location in the event of an emergency as it is less likely to be left in a jacket or in a handbag.
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The capability of health and fitness centered wearable devices is expanding. The adoption of wearable devices for biometric readings such as heart rate, perspiration levels, to complex measurements such as level of oxygen in the bloodstream is leading to their increased availability. With further advancement in technology, wearable devices could even be used to detect alcohol levels or for some other similar measurements. The ability of wearable devices to sense, store, and track biometric values could be another interesting possibility of these devices.
Wearable technology is regularly made known as one of the best application of the (IOT) Internet of Things. The commodities that contain wearable innovation are called wearable. Wearable technology consists of applicationa which includes smart clothing, wearable cameras, smart glasses, wearable apps platforms, smart watches, activity trackers, and health & happiness wearable. Wearable technology represents clothing and individual accessories that integrate both computer and electronic technologies. Gadgets from Fitbit and its associated organizations enable individuals to track their exercise and health progress in before impossible ways. Smart watches bring the ability of smartphones specifically to the wearer’s wrist. Wearable technology offers several benefits like gathering information of the buying behavior of a consumer with the help of smart glass, thereby reducing the cost incurred in performing statistical surveys. Moreover, integration of wearable technology in traditional business provides enhanced productivity and expanded work efficiency. Wearable hardware that shoppers can display on their bodies has potential to change the way of living. With the help of IOT, numerous wearable technologies and sensors are expected to help individuals to interact with other devices and wireless nodes around them.
Technology companies are making their devices lighter, sleeker, smaller, and more intuitive by perceiving the demands from the customers which is projected to drive the growth of the wearable technology and IOT wearable device market in the forecast period. There are enormous business opportunities where a considerable measure of new and existing players are investing in the market and are teaming up with each other to provide several services as well as products. Development of wearable technology has been mainly driven by the level of market diffusion of smartphones assisted by technological improvements of battery life and size. Nearly all ordinary wearable devices are paired with smartphones these days. However, the wearable technology and IOT wearable device market is witnessing a restraint in the form of balancing the prices of the product and the growth of highly specialized wearable for different body parts. Through wearable technology, individuals receive messages; however, it does not allow to see it and reply to it. Also, it does not provide detailed information to users on any activity. This is restraining the market for wearable technology and IOT wearable device in regions. However, ongoing investments in research and development will provide an opportunity to strengthen the wearable technology and IOT wearable device market during the forecast period.
The global wearable technology and IOT wearable device market has been segmented by wearable type, product type, technology, component, application, and regions. By wearable type, the market has been bifurcated into wearable smart textiles and wearable non-textiles. The market can be categorized by product type into wrist wear, headwear, and eyewear, footwear, neckwear, body wear, and other wearable technology. On the basis of technology, the market is further divided into computer technology, display technology, networking technology, positioning technology, and sensor technology. According to components, the market is further divided into software, services, and cloud & data analysis. By application, the market has been bifurcated into consumer electronics, healthcare, enterprise and industrial applications, and other applications. The wearable technology and IOT wearable device market is divided into five regions namely North America, Europe, Asia Pacific, Middle East & Africa (MEA), and South America.
Some of the vendors in the global wearable technology and IOT wearable device market include Fitbit, Inc., Apple, Inc., Xiaomi Technology Co. Ltd., Garmin Ltd., Samsung Electronics Co., Ltd., Guangdong BBK Electronics Co., Ltd, Misfit Inc., Alphabet, Inc., LG Electronics Inc., Qualcomm Technologies, Inc., Adidas Group, Sony Corporation, Jawbone, Inc., and Lifesense Group.
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