(EnergyIndustry.Net, March 19, 2017 ) According to a new market research report "Wearable Computing Market by Application (Fitness and Wellness, Medical and Healthcare, Enterprise and Industrial, Infotainment, and Others), by Technology (Computing, Display, Networking, and Others), & Geography - Global Forecast to 2020"
The total wearable computing market is expected to reach up to $34.61 Billion by 2020, growing at a CAGR of 20.7% between 2015 and 2020.
Wearable computers or products are small electronic devices worn by users which enable mobile computing and wireless networking. Wearable technology is poised to revolutionize the way humans interact with the world around them. Wearable products comprise smart devices equipped with microchips, sensors, and wireless communication capabilities. These devices collect data, track activities, and provide customized experiences to userís needs and desires.
The wearable computing market in this report is segmented into fitness and wellness, medical and healthcare, enterprise and industrial, infotainment, and other applications. The infotainment application is expected to grow at the highest value of $16.7 Billion by 2020. The increasing adoption of wearable devices such as smartwatches and augmented devices in the consumer market is contributing to the growth of the wearable market.
The wearable computing market by geography is categorized into four regions including the Americas, Europe, Asia-Pacific (APAC), and Rest of the World (RoW). During the forecast period between 2015 and 2020, APAC region is expected to grow at the highest CAGR with 33.9% mainly due to the rapid expansion of Chinese economy as its government is planning to modernize its economic infrastructure.
On the other hand, the factors that slow down the growth of the wearable market are the high initial prices for various products including activity trackers, smartwatches, and smart glasses among others. Thus, the wearable device is limited to only high-end consumer space in most of the products.
This report profiles all the major companies involved in the wearable computing market such as Adidas AG (Germany), Apple, Inc. (U.S.), Fitbit, Inc. (U.S.), Pebble Technology Corporation (U.S.), Garmin Ltd. (U.S.), Jawbone (U.S.), LG Electronics Inc. (South Korea), Motorola Mobility Holdings, Inc. (U.S.), Sony Corporation (Japan), Samsung Electronics Co., Ltd. (South Korea) and Zephyr Technology Corporation (U.S.)., among others.