The global wearable technology market was worth US$749-million in 2012, according to Hexa Research, and is expected to grow in coming years at the CAGR of 40.7% from 2012 to 2018.
Working with synchronization of human actions, wearable technology is growing rapidly due to increase in market of various applications such as advertising, cycling, running, surgery, remote patient monitoring, sports brain and project planning. In 2018, the wearable technology is expected to reach around US$5-billion globally.
Medical and healthcare end-users counted heavily in 2012, with a contribution of 35.1% of the marketshare, as insulin delivery devices play a significant role. The wellness and fitness sector followed as the largest end user for wearable electronics. Due to high market share of population of US and Canada, wealthy enough to purchase wearable devices, North America is estimated to be the leading global regional of growth. These regions are expected to contribute for 43.2% of marketshare by 2019 globally.
Asia Pacific is earmarked to be the fastest growing area, driven by technology development in Korea, China and Japan. UK and Germany, dominates the wearable technology market in Europe, enabling the European region to promote market growth. The wearable market is categorized into neck wear, eye wear, body wear and finger and wrist wear. These devices are capable of tracking the user’s calories burnt, activity level, and user’s heart rate these devices integrate with Smartphone to receive and make phone calls. Smart glasses assists users in navigation, sending message, taking pictures and videos.
Wearable electronic devices are integrated with highly developed electronic technologies attached or worn to the human body allowing mobile computing and wireless networking. The devices work simultaneously with human actions and are connected to smart applications in a network.