The global wearable electronics market is expected to go beyond $8 billion by the year 2018 growing at an approximate CAGR of 17% between the years 2013 and 2018. Wearable technology includes wearable electronic devices which are minute devices worn by people for mobile computing and wireless networking.
The main purpose of wearable electronics is to enable the use of technology and computing in a person’s course of action. Leg wear, skin patches, glasses, wrist wear, e-textiles, headgear, foot wear, belts, and jewelry are examples of wearable electronics. The global wearable electronics market is driven by various factors like surging consumer demand towards communication, advancements in material sciences, chip evolution, networking, augmented reality, positioning and recognition technologies in portable and compact forms, and low power inter device connectivity.
Infra red and NFC, and Bluetooth 4.0 are examples of low power inter device connectivity. The wide application scope of wearable electronics is also determined by the medical and healthcare industry which uses sensors extensively.
Global Wearable Electronics Market - Uses of Wearable Electronics, and Market Segmentation
Wearable electronics are widely applied in the areas of infotainment, healthcare and medicine, military, and fitness and wellness. Infotainment includes smart glasses, head-up display, smart clothing, and hand-worn terminals. Smart glasses, blood pressure monitoring and glucose monitoring devices, and hearing aids used in the healthcare industry are examples of wearable technology devices. In the area of fitness and wellness, wearable electronics include sleep sensors, activity monitors, smart clothing, emotional measurement devices, head up displays, smart watches, and foot pods and pedometer.
The global wearable electronics market is segmented on the basis of the technologies used which include recognition technology, computing technology, positioning technology, networking technology, sensing and control technology, and display and touch technology.
The wearable electronics market is also categorized on the basis of four main application verticals which are enterprise and industrial applications, consumer applications, healthcare application, and others. Aviation applications, logistics, military, and warehouse applications are included under the others category.
Textile wearable electronics and non-textile wearable electronics are the two main segments in the form factor category of the global wearable electronics market.
Growth Drivers and Obstacles in the Global Wearable Electronics Market
The global wearable electronics market gets propelled by the wellness and fitness sector. The prominent factors in the medical and healthcare sector that drive the wearable electronics market include baby boomers population, increasing life expectancy, and a large section of the patients’ population that demands long term treatment. The rising demand for wearable electronics can also be owed to increasing corporate wellness programs, demands of professional athletes, and recreational fitness consumers.
The adoption of wearable technology is expected to increase in various sectors such as mobile money, gaming, education, health and fitness, fashion, and transportation. The factors that act as obstacles in the global wearable electronics market include device protection issues, thermal considerations, and the adverse effects of radiation on overall human health.
It is expected that the total share of wearable electronics in the area of military and defense will also rise in the near future due to the forthcoming global military up gradation programs like U.K.’s ‘Future Infantry Soldier Technology’, the U.S.’s ‘Future Force Warrior (FFW)’, Israel’s ‘Integrated Advanced Soldier (IAS)’, and Australia’s ‘Project Wundurra’.
The key players operating in the global wearable electronics market include AT&T, Inc., Adidas AG, Eurotech S.P.A, Recon Instruments, Inc., Glassup SRL, Fibretronic Ltd., Infineon Technologies Ag, Jawbone Inc., Vancive Medical Technologies, Fitbit, Inc., Shimmer Research, Inc., Nike, Inc. (U.S.), Weartech S.L, Olympus Corporation, Zoog Technologies, Inc., Weartech s.l, Texas Instruments, Inc., Vuzix Corporation, Plastic Logic Ltd., Google, Inc., O’neill Wetsuits LIC, Apple, Inc., Imprint Energy, Inc, By-Wire.Net, Imprint Energy, Inc.
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