Published Date : Mar 26, 2018
ALBANY, New York, March 26, 2018: MarketResearchReports.biz has announced the addition of a new market study to its repository, titled, “Wearable Computing Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017–2025.” Smart watches, smart fabrics, e-textiles, smart contact lenses, and smart glasses are some of the wearable computing devices that have caught the fancy of buyers these days, and the report throws light on their overall market. It does so by factoring in various growth drivers and restraints and also the competitive dynamics of the market. It presents information on the market size and its possible trajectory in the near future.
Such wearable computing devices serve various areas such as medicine, health and fitness, music, gaming, education, and transportation, among others. And they are seeing surging uptake in all of the aforementioned domains on account of a rising crop of tech savvy people. Features and functionalities such as interesting user interface, real time data monitoring, and light weight designs are leading them to buy the products.
In order to grow their sales, the report finds that keen players are pulling out all stops to take it a notch higher. For example, at present they are unveiling wearable computing devices that can be linked with smartphones. They are also leveraging various other latest IT technologies and incorporating developments in material sciences to better their wearable computing devices.
However, posing a challenge to the market, on the downside, is the concerns over privacy related to data churned out by the wearable devices. Their steep cost is also another factor hampering their growth. Further, limited battery backup of wearable computing devices is another con posing a challenge to their sales. To overcome such hurdles, deep pocketed global software behemoths of the likes of Google Inc., Microsoft Corporation, and Apple Inc. are pouring money to come up with superior wearable computing devices and enhanced production technologies to bring down manufacturing costs.
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Wearable computing devices are useful in both consumer applications and non-consumer applications. Smart clothing, smart glasses, smart watches, activity trackers, gaming devices, and wearable cameras are the various consumer applications. Defense, healthcare, and industrial are some of the non-consumer applications. Growing popularity and consequent sales of smart watches, smart fitness gears, and activity trackers for fitness activities is primed to bolster the consumer applications segment in the next couple of years.
Geography-wise, the key segments of the global market for wearable computing devices are Europe, North America, Asia Pacific, South America, and the Middle East and Africa. Of them, North America is predicted to emerge as a market leader on the back of many key players, constantly focused on product development, being domiciled in the region. High spending capacity of its tech savvy population is also proving a boon for the sales of wearable computing devices. Asia Pacific is another attractive region on account of the impressive strides being made in wireless internet connectivity in the region. China and India are mainly powering the market in Asia Pacific.
Alongside big players, the global market for wearable computing devices also has many startups operating in it. The major companies are seen strengthening of intellectual property, and banking on mergers and acquisitions to expand their outreach. Fitbit Inc., Apple Inc., Nike, Inc., Adidas AG, LG Electronics, Inc, Garmin, Ltd., Zephyr Technology Corporation, Samsung Electronics Co., Ltd, Sony Corporation, Pebble Technology Corporation, and AiQ Smart Clothing Inc. are to name a few of the prominent participants in the global market for wearable computing devices.
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