Report: Wearable electronics market likely to grow at a CAGR of 23.30% globally by 2022
TEMPE, AZ—According to a report by Million Insights, The global wearable electronics market is estimated to grow at a CAGR of 23.30% in the forecast period owing to the rise in demand for sophisticated gadgets with innovative features and speedy developments in computing technology in the past years. These devices come in many forms and complexity levels, but they comprise four major components such as controllers, peripherals, power and programs. Some of the products from wearable sensors market that have gained attraction in the recent years are fitness bands, smart watches and smart glasses.
Wearable electronics are mostly used in healthcare and medical as blood pressure monitors, for consistent glucose monitoring, hearing aids, smart glasses, etc. In fitness and sports, they are used in activity monitors, head up display, foot pods and pedometer, emotional measurement, smart clothing, smart watches, sleep sensors and others. For entertainment, the wearable electronics are used in head-up display, smart clothing, hand-worm terminals, smart glasses and others. In military segment, they are used in head-up display, smart glasses, smart clothing and others.
Wearable electronics market is majorly driven by growing customers’ inclination towards innovative features like networking, communication, recognition technologies and positioning in compact and portable form, progress in material science, amplified reality, chip evolution, low powered inter device connectivity, etc.
Along with the growth of sensors, especially in the medical and health segment, the probable uses of wearable technologies are extensive. Wearable electronic devices are expected to increase their level of adoption in various segments like gaming, fashion, health and fitness, education, mobile money, and transportation.
Growing average life expectancy and large number of patients that need elongated treatment are a few major drivers in the medical and healthcare sector, whereas rising demand from athletes, corporate wellness programs and recreational fitness customers are impelling wearable electronics market. In addition, the current military upgradation across the globe is expected to stimulate the growth of market in defense and military segments. Despite the speedy growth of these products, the everyday consumer market is failing to prove its reliability.
Even though these products hold several benefits, few downsides are yet to be resolved. They comprise issues involving fashion and technology, potential security threats and suspicion regarding overload of information. Owing to these drawbacks, the everyday consumer market is unable to offer potential benefits to public. The major challenges for wearable electronics market include radiation effect on health, thermal issues and device protection.