Reading time ( words)
The global wearable sensors market size is anticipated to reach $2.86 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a phenomenal CAGR of 38.8% during the forecast period. Wearable sensors are a vital aspect of wearable devices owing to growing focus on health and fitness monitoring activities. Wearable sensors are emerging as a revolution in monitoring healthcare and fitness parameters and reducing overall hospital cost for patients.
Wearable sensors are expected to gain traction over the forecast period. The application of these sensors in fitness bands is estimated to hold largest market share in 2016. However, the smart watch segment is anticipated to exhibit the highest CAGR during the forecast period. The growth of the segment is accredited to its capabilities in monitoring and rendering a comprehensive analysis of user activities. As technology advances, end users such as Apple, Samsung, and Fossil are focusing on providing game-changing products, which is a key determinant driving the popularity of wearable sensors.
The consumer segment is expected to remain dominant with fitness tracking emerging as a key trend among users in the recent past. Increase in demand for wearable sensors for remote monitoring of health and fitness through motion sensing technologies and data analysis techniques is anticipated to be a major factor driving segment growth. The healthcare vertical is anticipated to grow at a healthy CAGR over the forecast period, fueled by technological developments in remote monitoring.
Further key findings from the report suggest:
- The global wearable sensors market accounted for $149.3 million in 2016 and is expected to grow at a CAGR of 38.8% from 2017 to 2025
- The smart watch segment is anticipated to reach $1,083.3 million by 2025 and is expected grow at a high rate over the forecast period
- The fitness band segment dominated the market in 2016, with an estimated $48.5 million
- The consumer vertical emerged as the largest segment and is estimated to generate revenue over $1,253.5 million by 2025
- Demand for wearable sensors in defense is anticipated to witness moderate growth over the forecast period
- Asia Pacific is expected to be the fastest-growing region over the forecast period. Numerous enterprises and several new players within China and Japan have been investing in advanced sensor manufacturing. The regional market is expected to exhibit a CAGR of 41.0% over the forecast period
- Key players in the wearable sensors market include Robert Bosh GmbH, STMicroelectronics N.V., NXP Semiconductors N.V., Texas Instruments, and Knowles Electronics, LLC.