Industry Insight
Wearable electronic devices are integrated with highly developed
electronic technologies attached or worn to the human body allowing
mobile computing and wireless networking. They work simultaneously with
human actions and are connected to smart applications in a network. This
technology has possible for growth as it makes daily tasks easier and
enhances customer experience.
Increased popularity of numerous applications served such as
advertising, infotainment, running (navigation) and cycling, surgery,
label reader, telemedicine, accessing patient records, project planning,
sports brain, remote patient monitoring and among others. The use of
cloud computing and Internet of Things (IoT) is also anticipated to
enhance the market growth. These technologies are used for remote track
incidents like mountain expeditions, natural disasters, etc. Lack of
privacy and high costs are some of the factors that restrain market
growth.
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Product Insights
Depending on the body parts and wearable technology, the market is
segmented into finger & wrist wear, body wear, eye wear, neck wear,
foot wear and others. The devices under finger & wrist wear segment
are smart watches smart rings and wrist bands among others. These
devices are able of tracking the patient’s heart rate, activity level,
sleep pattern, calories burned, and they are integrated with smart
phones where patient can receive and make phone calls. The eye wear
category includes devices such as eye tap, smart glasses, and contact
lenses among others. Eye taps are fitted with camera that records the
sight available and superimposes the original scene.
Smart glasses help user in tracking distance, translation, sending
messages, navigation, taking videos and pictures and many other
functions. The foot wear segment includes smart anklets, smart socks and
smart shoes among others. These are mainly used for fitness-tracking.
Smart textiles consists the body wear category. These are fabrics which
allow electronics and digital components to be fixed in them that offer
several purposes such as sports training data acquisition, location
tracking and health monitoring. Additionally, applications such as
recording changes in the environment, monitoring, sensing and
influencing are also made achievable by smart textiles.
Application Insights
Major applications include medical & healthcare, consumer
applications, military and industrial sectors. Consumer applications are
categorized into media & infotainment and sports & fitness.
Devices such as heart rate monitors, activity monitors, smart glasses,
smart textiles, smart clothing and smart watches enable users in
tracking of different parameters such as total calories burnt, total
distance covered, heart rate and blood pressure which are essential for
maintaining health.
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Imaging products, head-up displays and Bluetooth headsets aid in
infotainment and multimedia purposes. Medical and Healthcare
applications are facilitated by devices such as insulin pumps,
continuous glucose monitoring, blood pressure monitors, hearing aids and
ECG monitors among others. Wearable technology is broadly used in
industrial applications such as enterprise applications, warehouse &
packaging, and logistics applications. In military applications,
heads-up display, smart clothing and hand-worn terminals, offer
effective utility.
Regional Insights
North is expected to grow considerably over the forecasted period
owing to technological developments in this region. Asia Pacific
accounts for the major market share due to increasing investments in
communication technologies and technological developments in Korea,
China and Japan. Less production cost in China and India is estimated to
enhance market demand in APAC region. The U.K and Germany lead the
market in Europe owing to increasing demand of wearable technology.
Competitive Insights
The key market players in the wearable technology include BodyMedia,
Adidas AG, Fitbit, Timex Group USA Inc., Jawbone, Oregon Scientific and
Nike IncBeurer among others. Major players in the infotainment sector
include Sony Corp., Samsung, LG Corp., Motorola, Qualcomm, Google Inc.,
Martian, Pebble and GoPro among others. Major players in the medical
& health sector include Dexcom, Medtronic, Cardionet, Alive
Technologies, Abbot and LifeWatch among others.
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