The market for wearable electronics is expected to grow at a significant rate during the period 2013-2020. The market for wearable electronics was largely dominated by North America, followed by the European Union and Asia Pacific.
Overall, the market is poised to grow at a CAGR of 26% during the forecast period. Growth of this industry is majorly driven by factors such as high adoption rate of digital devices, convergence of technologies, and penetration of wireless connectivity.
Major challenges include lack of design features, higher power consumption of wearable devices, high initial cost and users’ concerns regarding data privacy.
Wearable electronics refers to an integrated computing device or product, which helps the person or the user wearing it to enhance day to day activities. The technological advancement in wearable electronics, help the user to avail advanced features and characteristics.
The first form of electronic wearable electronic device was a calculator watch. Wearable devices such as wrist bands, and watches, which can record audio, video and process data on the go, were seen as something very futuristic; however, advancements made in the past decade has made it possible for users to realize the potential of these devices in the current age.
‘Wearable technology’ forayed in as a technological advancement only a decade ago, and the interest in this sector still continues to grow. The interest is mostly led by wearable fitness trackers, smart watches, and bands. Lately, such is the impact of these wearable devices that, now mobile operators are moving towards offering smart watches along with fitness trackers, or smart phones with smart watches as a part of a bundled deal to woo customers.
Presently, wearable electronics are only deemed to be an important advancement in terms of luxury; however, the way this innovation is catching up the imagination of current users, the global conglomerates and businesses see this as a major opportunity to expand and increase their market.
Wearable devices find their usage in a variety of applications. In this report, the segments are broadly classified into two segments which are:
MARKET BY PRODUCT SEGMENT (BY VALUE AND VOLUME)
MARKET BY APPLICATIONS (BY VALUE AND VOLUME)
MARKET BY COMPONENTS (BY VALUE AND VOLUME)
MARKET BY GEOGRAPHY (BY VALUE AND VOLUME)