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The latest market research report by Technavio on the global wearable sensors market predicts a CAGR of more than 32% during the period 2018-2022.
The report segments the global wearable sensors market by application (wristwear, headwear, and eyewear) and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global wearable sensors market, according to Technavio hardware and semiconductor researchers:
- High demand for wearable lifestyle devices: a major market driver
- Increasing number of smart wearable products: emerging market trend
- APAC accounted for more than 45% of the global wearable sensors market in 2017
- In 2017, the wristwear segment held the largest share in the market
High demand for wearable lifestyle devices: a major market driver
The high demand for wearable lifestyle devices is one of the major factors driving the global wearable sensors market. Consumers use smartwatches, smart bands, and smart rings to monitor daily fitness and health, to track activities, listen to music, watch virtual/3D videos, play virtual games, and access social networking websites. The augmented health awareness among individuals is reflected in the rapid increase in the demand for hygienic and nutritious food, gym memberships, diet programs, and use of mobile health applications. The surge in the rates of obesity and related health conditions such as diabetes, joint problems, high blood pressure, cancer, high cholesterol, gallbladder problems, breathing difficulties, and coronary artery diseases have fueled the need for a healthy lifestyle.
According to a senior analyst at Technavio for research on sensors, “Individuals have been using several connected wearable health and fitness devices such as fitness bands and sports equipment to monitor their health and reduce the risk of diseases. The popularity of wearable devices is the highest among the younger population. Wearable device providers across the world have increased their investments in R&D for the development of innovative products to improve the market revenue and remain competitive in the market.”
Increasing number of smart wearable products: emerging market trend
Wearables are the next big thing among tech enthusiasts. This has led to the proliferation of smart wearables. This ranges from technology that is worn on the wrist to fabrics and textiles that are printed with the technology. The increasing importance that is being given to health and fitness has driven the need for wearables, which is creating a highly attractive market. Major technology, fashion, and sports companies are concentrating on health and fitness needs and developing an extensive range of smart wearables. Some companies have formed a strategic partnership to support and promote the development of wearable device technology.
Global market opportunities
The APAC region accounted for more than 45% of the global wearable sensors market in 2017, and the market share of this region is expected to increase substantially by 2022. The presence of many wearable manufacturers in the region is expected to drive the demand for wearable sensors in this region during the forecast period. APAC was followed by the Americas and EMEA. The market share of these two regions is expected to decrease slightly during the forecast period.
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.