Wearable Technology Sales to Reach $5.8 BJanuary 15, 2013
The Transparency Market Research report predicts the market will grow at a CAGR of 40.8% from 2012 to 2018, with North America and Europe holding the top two market shares.
ALBANY, NY /PRNewswire/ -- According to a new market report published by Transparency Market Research titled "Wearable Technology Market—Global Scenario, Trends, Industry Analysis, Size, Share and Forecast, 2012–2018," the global wearable technology market stood at $750.0 million in 2012 and is expected to reach $5.8 billion in 2018, at a CAGR of 40.8% from 2012 to 2018. North America is expected to maintain its lead position at 43.0% of the global wearable technology revenue share in 2018 followed by Europe.
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The wearable technology market is in the early stage of its evolution, with growing adoption in various end-use segments, such as fitness and wellness, healthcare and medical, industrial and military, and infotainment sectors. Wearable fitness and wellness products include smart clothing, activity monitors, sleep sensors, and others. The infotainment segment includes smart watches, smart glasses, and heads-up displays, among others. On the other hand, products like continuous glucose monitors, drug delivery systems, and wearable patches are being predominantly used in healthcare and medical sector. Hand worn terminals, heads-up displays, and other such products are being used in the industrial and military settings.
Among all the wearable technology end-use segments, the healthcare and medical segment held the largest revenue share, followed by fitness and wellness in 2012. However, in 2018, the infotainment segment is expected to surpass the fitness and wellness segment, driven by robust growth of smart watches and smart glasses. The healthcare and medical segment accounted for about 35.1% of the overall wearable technology market in 2012 primarily due to the rising aging population and increase in diabetic population.
Wearable technology is driven by factors like compactness, portability, and easy use, along with the multi-functionality and increasing applications of these products in various sectors. The increasing adoption of such technically advanced products among youth coupled with increasing demand for real-time, actionable data will also fuel the growth of the wearable technology market. However, factors including high price and lack of consumer awareness are expected to hinder the market growth.
North America led the wearable technology market growth, with a high adoption rate and better consumer awareness in the region. The North America region contributed over 2/5th of the global wearable technology market revenue and will consolidate its lead position during the forecast period. Europe and Asia Pacific region will collectively account for about 49% of the market revenue by 2018.
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