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Wearable technology is also known as wearables. They are the electronic products or devices that are hand free and can be implanted in user’s body or can be worn as accessories as well as can be embedded in the clothing. Wearable technology products are microprocessor powered which has ability to send and receive data via internet, and have practical uses on real time basis.
Wearable technology aims to have an effect on fields such as health and medicine, wellness, ageing, disability, education, transportation, business, finance, gaming, and music, among others. The aim is to synchronize into people's everyday lives and become a useful part of them.
The high requirement for brightness and high power consumption are the major challenges that businesses face. However recently, it has been possible to create compact and affordable electronic displays, and recent product releases by a variety of market players indicate that display technology in wearable devices is improving. Smart watch category among the wearables is showing rapid growth owing to the additional features it provides into daily life improving the lifestyle.
Key Market Driver -
• By the increasing popularity of the Internet of Things (IoT) and connected devices the demand is expected to grow. • Rise in obesity and other chronic diseases may lead to the adoption of wearable products. • Rising popularity of smart phones, mobile applications and mobile accessories can boost the growth.
Key Market Restraint -
• Products having limited battery life.
The manufacturing companies of wearable devices are investing huge amount in R&D Iin order to come up with best ideas and best products to achieve larger market share. Some of the key players among others in the wearable device market are Apple Inc., Samsung Group, Xaiomi Inc., Fitbit Inc, Shimmer Research, Sony Corporation, Huawei Technologies Co., Ltd. LG Electronics Inc., Motorola Solutions Inc., Fossil Group, Inc., Google Inc. and Pebble Technology Corp. In April 2021 Fitbit has announced Fitbit Luxe. A stylish fitness and wellbeing tracker that encourages user to take a more holistic approach towards health and wellness. With everything from stress management tools to automated activity and sleep monitoring, Luxe provides the inspiration and help user need to remain safe in today's world.
Currently North America dominates the wearable device market and is expected to grow attractively in the forecasted period 2021-2028 owing to the early adoption of the technology and the factor that the region is hub for technological advancement across the globe. Also increasing health concerns and awareness of the usage of products are the factor of growth.
Asia Pacific wearable device market is expected to grow at highest CAGR and is expected to dominate the market in future owing to the lifestyle change, increasing requirement of wearable medical devices and the region is well known for fitness and sports. China and India would hold the maximum share of the growth from rest of the Asia Pacific region as both of the countries has highest population across the globe. Also China and India provide wearable devices at low and affordable price which could increase the overall rate of consumer electronics adoption and be the driving factor.
South America and Europe is expected to steady and considerable growth in the market for forecasted period owing to factors such as raising awareness and increased awareness, and growing tech-savvy population. Similarly, Middle East and Africa wearable market are expected to show significant growth in the forecasted period owing to increase in adoption of the technology by hospitality industry by providing wristbands to their guest which they can use to open doors, pay for meals, and do a variety of other things during their stay. Along with that the current market is witnessing huge transition from fitness bands to smart watches.
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