Global Wearable Sensors Market to Reach $656.7M in 2020
Transparency Market Research (TMR) has recently published “Wearable Sensor Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020”. According to the market study from TMR, the global wearable sensors market
is projected to reach US$656.7 million in 2020, increasing from US$50 million in 2013 and displaying a phenomenal 45.2% CAGR from 2014 to 2020.
Advancement of the healthcare sector and growing health awareness worldwide is the primary factor driving demand for wearable sensors. Wearable sensors enable remote patient monitoring, which is also driving demand for the devices from the healthcare sector.
Additionally, increasing demand from the consumer electronics, sports, and gaming industries is fueling the wearable sensors market. Increasing demand for advanced smartphones and tablets, which enables integration of smart devices such as wearable sensors, is contributing heavily to the global demand for wearable sensors.
Wearable sensors are implanted in a large range of wearable devices that enables the device to sense images, motion, pressure, temperature, and other stimuli. Wearable sensors are embedded in wearable devices that are categorized into body wear, foot wear, wrist wear, and eye wear, among others.
The need to monitor personal security and fitness using smart wearable devices has also accentuated demand for wearable sensors substantially. Moreover, plummeting component prices and technological advancements has boosted demand for high-end devices such as smartwatches and fitness bands, which is fuelling the wearable sensors market.
Motion sensors accounted for the highest revenue share, which was US$24.7 million in 2014, and are expected to remain dominant in the wearable sensors market in the coming years. Motion sensors have widespread applications, including smartwatches, smart glass, consumer durables, biometric wearables, and fitness bands.
Based on applications, wrist wear accounted for the highest revenue, totaling US$32.6 million in the wearable sensors market in 2014. The increasing demand for smartwatches worldwide, which increased by 31.6% in 2014 compared to the previous year, has led to the dominance of this application segment.
Introduction of smartwatches from Sony, Samsung, Nike, etc. has given a boost to this market. Owing to such reasons, the wrist wear application segment will demonstrate a 45% CAGR between 2014 and 2020.
Body wear application is expected to exhibit the fastest growth in the wearable sensors market. The footwear application segment is also anticipated to enjoy rapid growth in the coming years.
Geographically, North America is known for early adoption of new technology and hence emerged as the largest market for wearable sensors in 2014. Increasing demand from the healthcare sector and from the fitness sector for a healthy lifestyle will drive demand for wearable sensors from the U.S., Mexico, and Canada in the region. Additionally, rapid technological advancement in North America is also contributing significantly to the growth of the overall wearable sensors market.
Europe and Asia Pacific together account for more than 50% of the overall wearable sensors market. However, development in healthcare facilities and increasing health awareness among individuals will make Asia Pacific the fastest growing market for wearable sensors.
Wearable Sensor Market: By Geography
- North America
- Asia Pacific
- Rest of the World
Wearable Sensor Market: By Product type
- Motion sensor
- Pressure sensor
- Temperature sensor
- Image sensor
- Position sensor
- Medical based sensor
Wearable Sensor Market: By Application
- Wrist wear
- Eye Wear
- Foot Wear
- Body Wear
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