Global Wearable Technology Market is Estimated to Reach $58.3 Billion by 2024, Says Accurize Market Research
Global wearable technology market report published by Accurize Market Research forecast that the global market is expected to reach $58.3 billion by 2024; growing at a CAGR of 15.8% from 2017 to 2025. By geography, Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
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Growing popularity of connected devices and IoT, launch of advanced devices by major companies, and increasing disposable incomeacross the globe to drive the growth of the market
Growing popularity of connected devices and IoT, launch of advanced devices by major companies, and increasing disposable incomefuels the demand for the global wearable technology market. Moreover,increasing health attentiveness and need for sophisticated devices also boosts the growth of the market.
The global wearable technology market has been bifurcated on the basis of application and geography. Application segment comprises of healthcare and medical (monitors, wearable patches, drug delivery, continuous glucose monitor, and others), infotainment (smart glasses, smart watches, augmented reality headsets, and others), industrial and military (hand worn terminals, augmented reality headsets, and others), and fitness and wellness (activity monitors, smart clothing and smart sports glasses, sleep sensors, and others).
By geography the market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). The U.S., Canada, and Mexico are covered under North America wherein Europe covers UK, Germany, France, Italy, and others. Asia-Pacific covers China, India, Japan, South Korea, and others. Rest of the world covers South America, Middle East, and Africa.
“North Americadominated the global market with the highest market share over the forecast period", says Accurize
In 2017, North America dominated the global market with highest market share of 42%, and is expected to continue its dominance with the fastest growth rate during the forecast period 2017-2025, driven by increasing improvements and technologies, and increasing demand and awareness towards fitness. Europe accounted for the second largest share in the market with 29.2% in 2017.
Top players in the market
The key market players include Qualcomm Technologies, Inc., Xiaomi Technology Co. Ltd., Huawei Technologies Co., Ltd., Adidas AG, Fitbit, Inc., Alphabet, Inc., Garmin Ltd., Apple Inc., Sony Corporation, and LifeSense Group B.V.among others.
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