DUBLIN--(BUSINESS WIRE)--The "Wearable Computing Devices Market - Growth, Trends, Forecast (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The global wearable computing devices market accounted for 181.5 million units in 2019, and it is expected to reach 520.1 million units by 2025, registering a CAGR of 19.9% over the forecast period (2020-2025).
Wearable technology is one of the emerging trends that integrate electronics into daily activities. According to Cisco, 500 billion devices are anticipated to be connected to the internet by 2030. The Internet of Things is the network of these connected devices. Xiaomi launched its next-generation fitness tracker called the Mi Band 4 in 2019. It features nearly 40% more prominent display than its predecessors. The gadget supports Xiao AI voice assistant that can be used to control Xiaomi's IoT or the internet of things products.
Increasing technological advancements in the wearables market are driving the market. Wearable technology is quickly evolving into a significant technology segment, owing to the growing number of technological innovations by various major vendors. The hearable segment is witnessing a significant boost via innovations. For example, in January 2020, Nuheara announced its advanced hearing buds, the IQbuds MAX, which feature hybrid active noise cancellation and unique features to personalize and enhance the wearer's soundscape.
Further, head-up displays, which find significant applications in the defense and military sector, are also extending to the consumer and enterprise segments, with the advent of AR and VR applications. For example, Light Field Lab raised USD 28 million in funding for innovating holographic display technologies for automotive and entertainment applications, which include HUD tech for smart glasses. The funding was led by Robert Bosch Venture Capital, Comcast, Liberty Global, and Khosla Ventures.
Further, the increase in health awareness among the consumers is driving the market. Owing to the growing trend of health consciousness amongst the global populous, medical features, such as heart rate fluctuation monitoring, ECG, and pulse rate tracking, are increasingly being embedded into smart wearables. Apple Watch Series 4, operated with Watch OS, comes with FDA-cleared electrocardiogram features. The device comes with three electrodes on the back of the watch, which feed the input to Watch OS, providing results in ECG.
In addition, a survey by hospital executives from HIMSS and AT&T found that 47% of hospitals provide wearables to patients with chronic diseases, and 47% conduct remote monitoring via in-home medical devices and smartphone apps. The healthcare organizations recognize the telehealth potential in wearables, and they are convinced of their cost savings.
However, with the recent outbreak of COVID-19, the global demand for electronics slumped significantly during the first quarter of 2020. According to IPC's survey of electronics manufacturers and suppliers, in February 2020, nearly 69% of the respondents reported that they were told by their suppliers that there would be delays in the shipments due to the COVID-19 outbreak.
However, some other types of wearable computing devices are witnessing significant growth in terms of demand, supported by online sales. For example, the global demand for smartwatches increased significantly during the first quarter of 2020, with Apple continuing to hold a prominent share of the market. The added benefits of health tracking enabled the demand growth.
Also, during the COVID-19 outbreak, government-deemed essential businesses are expected to adopt various wearable computing devices to enhance workplace safety, in order to remain operational under regulations. For instance, Avnet's Nodle M1 smart wearable is a device that can be clipped to an employee's shirt or worn as a necklace to alert the employees to maintain distance, as it buzzes to let employees know when they are close to other employees.
Key Topics Covered:
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Force Analysis
4.2.1 Threat of New Entrants
4.2.2 Bargaining Power of Buyers/Consumers
4.2.3 Bargaining Power of Suppliers
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Industry Value Chain Analysis
4.4 COVID-19 Influence on the Market
4.5 Market Drivers
4.5.1 Increasing Technological Advancements in the Wearables Market
4.5.2 Increase in Health Awareness Among Consumers
4.6 Market Restraints
4.6.1 Growing Complexity of Wearable Devices and Limited Use of Features, Augmented by Security Risks
5 MARKET SEGMENTATION
5.1 Product Type
5.1.1 Smartwatches
5.1.2 Head Mounted Displays
5.1.3 Smart Clothing
5.1.4 Ear Worn
5.1.5 Fitness Trackers
5.1.6 Body Worn Camera
5.1.7 Exoskeleton
5.1.8 Other Wearables (Medical/Clinical-grade Wearables and Smart Glasses)
5.2 End User
5.2.1 Fitness and Wellness
5.2.2 Medical and Healthcare
5.2.3 Infotainment
5.2.4 Industrial and Defense
5.2.5 Other End Users
5.3 Geography
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Apple Inc.
6.1.2 Samsung Electronics Co. Ltd
6.1.3 Garmin Ltd
6.1.4 Fitbit Inc.
6.1.5 Fossil Group Inc.
6.1.6 Huawei Technologies Co. Ltd
6.1.7 Sony Corporation
6.1.8 Microsoft Corporation
6.1.9 Nuheara Limited
6.1.10 Omron Healthcare Inc.
6.1.11 Huami Corporation
6.1.12 Withings
6.1.13 Medtronic PLC
6.1.14 AIQ Smart Clothing Inc.
6.1.15 Sensoria Inc.
6.1.16 GoPro Inc.
6.1.17 Transcend Information Inc.
6.1.18 Ekso Bionics Holdings Inc.
6.1.19 Cyberdyne Inc.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/4rjgkf
