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The global wearable technology market is estimated to total $196.5 million by 2022 mainly on account of research and development undertaken by a large number of industry players, according to Grand View Research.

Increasing disposable income across the globe, technological advancement, price, quality, battery life, 3D printing and crowd funding are other factors that are expected to make a positive impact. Players in this industry include Apple, Adidas, Garmin, Fitbit, Nike, Google, Jawbone, Sony, Samsung Electronics and Xiaomi.

Smartphone penetration will also aid the development of the market on account of compatibility with wearable devices. Meanwhile, advancement in semiconductor electronics will ensure more efficient and effective products. Additionally, health and economic benefits will also have a positive effect. However, data privacy issues may have an adverse impact on the market.

The wearable market comprises wrist-wear, neck-wear, body-wear, eye-wear and foot-wear. Applications include healthcare, fitness and wellness, infotainment, enterprise and industrial, and defence. Virtual reality technology will be boon to this industry. North America is the key market and will see a CAGR of 32% over the next seven years. An upswing in awareness will boost demand in the Asia Pacific region, which will also be a key manufacturing hub on account of its cheap resources. The Asia Pacific region had a valuation of $3 billion in 2014 and is slated to see a CAGR of 36% through 2022.

 

 

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