Pune, India, July 19, 2022 (GLOBE NEWSWIRE) — The global wearable technology market size is set to expand due to the rising popularity of the internet of things (loT) and the increasing occurrence of obesity & chronic diseases. Fortune Business Insights presents this information in its report titled “Wearable Technology Market, 2022-2029.”
Wearable technology is commonly known as wearables. They are electronic products or devices which are hand free and can be worn as an accessory. The advanced device is microprocessor powered, and it can send and receive data via the internet. Additionally, it has practical uses on a real-time basis.
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March 2021 – Shimmer Research has released Verisense Pulse+. It is a new sensor for the Verisense platform. Photoplethysmogram (PPG), inertial measurement unit, and galvanic skin response (GSR) are all included in Verisense Pulse+ (IMU).
Drivers & Restraints:
Growing Popularity of Advanced Technology to Drive Market Growth
Wearable technology market growth is increasing due to the rising popularity of the internet of things (loT) and the increasing occurrence of obesity & chronic diseases. In addition, the growing popularity of smartphones, mobile accessories, and mobile applications will boost the market growth. The technology is becoming increasingly affordable and includes advanced features that are likely to boost the market growth in the coming years.
On the contrary, products with limited battery life may hinder the market growth.
Outbreak of COVID-19 Pandemic Increased Market Growth
COVID-19 pandemic had a positive impact on the market growth due to growing health concerns among consumers. During the pandemic period, various sectors such as healthcare and fitness boosted the product demand worldwide. Increasing health concerns to control the spreading of the disease encouraged economic growth of the market.
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The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into the regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Latest industry developments include product launches, partnerships, mergers, and acquisitions.
Based on type, the market is classified into eyewear, wristwear, bodywear, neckwear, and wearables.
On the basis of product, the market is split into smart glasses, smart watches, earphones, fitness & wellness devices, and others.
By application, the market is divided into healthcare, consumer applications, defense, fitness & sports, lifestyle, and others.
Region-wise, the market is segregated into South America, North America, Europe, Asia Pacific, and Middle East & Africa.
Increasing Health Concerns in North America to Drive Market Share
Wearable technology market share is expected to grow in North America during the forecast period (2022-2029). The factors responsible for driving the market growth are increasing health concerns and growing technological advancement.
Asia Pacific is expected to grow at the highest CAGR during the projected timeframe. The increasing demand for wearable medical devices and growing health concerns among the population will drive the regional market share.
South America and European countries are expected to show steady growth due to the increasing health awareness and growing tech-savvy population. In addition, the growing adoption of technology in the healthcare industry drives the market in these regions.
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Market Players Focus on New Product Launches to Strengthen Market Position
Leading players in the market are adopting various strategies to expand their presence. These include the launch of new, technologically-advanced products and R&D investments. Some companies are also adopting partnerships, mergers, collaboration and acquisitions to strengthen their market position.
The Report Lists the Key Players Profiled in the Market Report:
- Apple Inc. (U.S.)
- Samsung Group (South Korea)
- Xaiomi Inc. (China)
- Fitbit Inc (U.S.)
- Shimmer Research (U.S.)
- Sony Corporation (Japan)
- Huawei Technologies Co., Ltd (China)
- LG Electronics Inc. (South Korea)
- Motorola Solutions Inc. (U.S.)
- Fossil Group, Inc.(U.S.)
- Google Inc. (U.S.)
- Pebble Technology Corp. (U.S.)
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Major Points from TOC:
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1 Global Statistics — Key Countries
4.2 New Product Launches
4.3 Pipeline Analysis
4.4 Regulatory Scenario — Key Countries
4.5 Recent Industry Developments — Partnerships, Mergers & Acquisitions
5. Global Wearable Technology Market Analysis, Insights and Forecast
5.1. Key Findings/ Summary
5.2. Market Analysis — By Product Type
5.3. Market Analysis — By Distribution Channel
5.4. Market Analysis — By Countries/Sub-regions
11. Competitive Analysis
11.1. Key Industry Developments
11.2. Global Market Share Analysis
11.3. Competition Dashboard
11.4. Comparative Analysis — Major Players
12. Company Profiles
12.1 Wearable Technology Market Size Overview
12.2 Products & Services
12.3 SWOT Analysis
12.4 Recent developments
12.5 Major Investments
12.6 Regional Market Size and Demand
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