Published on : Mar 20, 2017
ALBANY, NY, March 20, 2017: The report offers a complete overview of the global and Chinese market for wearable technology, along with the growth drivers, challenges, growth opportunities, and key trends in the market. The leading companies are discussed in detail, wherein the Porter’s Five Force analysis is leveraged to gauge the level of competition. The market shares and product portfolios of these companies have also been discussed.
Also known as ‘wearable gadgets’ and ‘wearables’, wearable technology refers to the category of technological devices designed to be worn by a person, often with a view to tracking health and fitness-related information. In other words, these electronics can be worn on our body, as an accessory or as a part of clothing material. Apart from healthcare, devices for entertainment and educational purposes are launched. For instance, Google Goggles, an image recognition application, can search the web via images captured on handheld devices.
Believed to be the biggest new technological innovation since the emergence of the smartphone, wearable devices are likely to gain substantial popularity over the forthcoming period, as these devices feature numerous advantages. Ability to connect to the Internet is one of the key features of these devices. Wearable technologies such as web-enabled glasses, smart watches, and Bluetooth headsets allow people to have access to data hands-free via Wi-Fi networks. The popularity of Internet of Things (IoT) will play a key role in the expansion of the market.
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Wearable technologies offer significant opportunities to business organizations, both in terms of data collection and new markets. Retailers can deploy these devices to find out which sections of a store consumers visit, while advertisers can lure consumers on the basis of application and location of the device. On the contrary, issues pertaining to privacy and security might have a negative impact on the growth of the market. However, the rising preference of people for these devices might outpace this restraint.
Based on geography, the major segments of the global market for wearable technology can be China, the U.S., Japan, the Netherlands, Germany, Russia, India, Australia, Spain, and the U.K. China is a budding market, with the rising disposable incomes of the middle class population, technological advancement, and availability of low-priced products triggering increasing demand. North America will also exhibit considerable growth opportunities for the market. The growth of this region can be attributed to the widespread desire for fitness, health, and wellbeing, coupled with the rising incidence of diseases.
Some of the major companies operating in the global and Chinese market for wearable technology are Xiaomi Inc., Fitbit, Inc., LifeSense Group, Apple Inc., Samsung Group, Garmin Ltd., Alphabet, Inc., Jawbone, Inc., Adidas Group, Guangdong BBK Electronics Co., Ltd, and Garmin Ltd.
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