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With a large pool of established players, the global market for wearable sensors displays a highly competitive business landscape, states Transparency Market Research (TMR). Analog Devices Inc., Broadcom Corp., Freescale Semiconductor Inc., Infineon Technologies AG, InvenSense Inc., NXP Semiconductors N.V., and Panasonic Corp. have emerged as the leading participants in this market. These players are focusing on developing their business through geographical expansion for which they are increasingly involving into mergers, acquisitions, and strategic alliances with start-ups and small scale companies, notes the research study.
According to this research report, the overall opportunity in the global wearable sensors market was US$70 mn in 2014. Over the forthcoming years, the market is likely to show exceptional growth, rising at a remarkable CAGR of 45.20% during the period from 2014 to 2020. The demand for wearable motion sensors is much higher than other types of wearable sensors. Researchers expect this scenario to continue in near future, thanks to the increasing application of motion sensors in smart wearable devices, such as fitness bands and trekking shoes.
Wrist Wear Sensors to Remain Key Contributor to Global Wearable Sensor Market
The research report establishes wrist wear, footwear, eyewear, body wear as the key application areas of wearable sensors. The wrist wear segment reported the most prominent demand for wearable sensors in 2014 and contributed US$32.6 mn in revenues. This segment is anticipated to maintain its dominance throughout the forecast period, thanks to the integration of advanced technologies and the increase in functionalities, such as monitoring temperature, heart rate, and blood pressure.
In terms of geography, the study considers Asia Pacific (APAC), Europe, North America, and the Rest of the World (RoW) as the main segments of the worldwide market for wearable sensors. With continual developments in technologies, North America has been leading this market. Closely followed by Europe, the regional market is expected to retain its position over the period of the forecast, states the research report.
Increasing Healthcare Expenditure to Boost Market Growth
“The global wearable sensors market is highly dynamic and is witnessing a substantial rise on the grounds of technological advancements,” says a TMR analyst. The increase in healthcare expenditure and the decline in the raw materials prices are also adding significantly to the growth of this market.
Although the augmenting number of security and compliance issues may create obstructions in the growth trajectory of this market in the near future, the escalating penetration of smart devices, advent of open data ecosystems through wearable devices, and the integration of wearable sensors for health monitoring will offer lucrative opportunities for the further growth of this market in the years to come, reports the research study.