Global Smart Wearable Market to Surpass USD37 Billion by 2020
Increasing number of smartphone users,
introduction of novel products and growing demand from consumer electronics and
healthcare sectors to drive global smart wearables market
According to TechSci Research report “Global Smart Wearables Market
Forecast and Opportunities, 2020”, the global market for smart wearables is
projected to reach USD37 billion by 2020. Though the global smart wearables
market is currently in its nascent stage, growing IT spending, rising health
concerns and increasing number of smartphone users is projected to fuel demand
for smart wearables market over the next five years. Among different types of smart wearables,
demand for smartwatches and smart wristbands was the highest in 2014. With
growing adoption and rising disposable income levels, niche smart wearable
categories such as smart glasses and smart garments are also expected to gain
significant pace through 2020. Smart wearables are increasingly finding
applications across various segments including consumer electronics,
healthcare, defense and apparels. Consumer electronics and healthcare sectors
dominated the smart wearables market in 2014, and the trend is forecast to
continue over the next five years.
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Presently, Americas and Europe including countries
such as the United States, Canada, the United Kingdom, Germany, etc., are the
leading markets for smart wearables. An expanding smartphone user base, globally,
coupled with continuously declining prices of smart wearables are anticipated
to surge demand for different types of smart wearables during the forecast
period, even among price sensitive consumers in emerging economies. Rising
demand for smart garments especially among athletes, diabetic patients, etc. is
anticipated to positively impact the global smart wearables market through
2020. Few of the other emerging technologies in the smart wearables market
includes smart innerwear, smart tattoos and hologram projector based smart
wearables, among others. Various companies are increasingly focusing on the
launch of advanced technology based, easily compatible and light weight smart
wearables.
“Though smart wristbands dominated the
global smart wearables market in 2014, growing popularity of smartwatches due
to continuously expanding smartphone user base is forecast to reduce the
dominance of smart wristbands over the next five years. Traditional and luxury
watch manufacturers are foraying into the smart watch segment to capitalize on
lucrative market opportunities emerging in this segments.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
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“Global Smart
Wearables Market Forecast and Opportunities, 2020” has evaluated the future growth potential of smart wearables market across the globe and provides statistics and information on market
structure, industry behavior and trends. The report includes market projections
and demand forecasting. The report is intended to provide cutting-edge market
intelligence and help decision makers to take sound investment evaluation.
Besides, the report also identifies and analyzes emerging trends along with
essential drivers, challenges and opportunities available in the global smart
wearables market.
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