In the current busy world, the majority of the people wish to track their day to day activities
for improving their life. This has propelled the growth of the wearable technology market
which is predicted to grow at an alluring USD 50 Billion at 16% CAGR during the assessment
period (2016-2022). The wearable devices can be worn on the body either as accessories or
implant for using the wearable apps for different functionalities and allows hands free
operations. From healthcare, sports, fitness, lifestyle, consumer applications to defense and
military sector, this technology gained immense recognition owing to technological
advancements and innovation and also its convenience, flexibility and ease of use. In short,
the wearable technology has turned into a fashion statement.
The growing popularity of broadband connectivity, computing, mobile applications, mobile
networks and smart phones are contributing towards the growth of the wearable
technology market. Apart from this, some of the market trends and factors in this market as
per an analysis conducted by Market Research Future (MRFR) include niche markets, low
barriers, less competitors and no standard device type. However, data security issues,
limited battery life, durability and high price of devices are likely to hinder the growth of the
wearable technology market over the forecast period.
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In MFRF’s report, the global wearable technology market is segmented on the basis of
product, technology, components and application.
Based on product, it is segmented into implants, wearable cameras, smart clothing,
neckwear (smart jewellery), headwear and eyewear (augmented reality and virtual reality)
and wrist wear (fitness trackers and smart watch). Of these, the wrist wear products have
the maximum market share while the smart clothing is likely to see a substantial increase.
Based on technology, the wearable technology ma