Global Wearable Computing Devices Market will Witness Robust Growth through 2020

Wearable computing devices refer to electronic computers or technologies that are incorporated into clothing and other accessories. Wearable computing devices can be worn on the body and these allow users to gain access to information on a real-time basis. Some of the commonly used wearable computing devices include watches, e-textiles, smart fabrics, rings, and bracelets. Wearable computing devices are projected to have far-reaching effects in the field of health and fitness, education, finance, and transportation.

Positive Outlook on the Global Wearable Computing Devices Market

The global wearable computing devices market is projected to witness stellar growth in the next five years. It is projected that the market will witness a CAGR of 36.8% through 2020. Furthermore, the number of shipments in the global wearable computing devices market is anticipated to reach over 160 Mn units by 2020.

Key Drivers for theGlobal Wearable Computing Devices Market

Innovations in manufacturing technology are anticipated to lower the cost of the wearable computing devices and this will provide an impetus to the global wearable computing devices market. Furthermore, greater awareness among users about the benefits of using wearable computing devices is forecasted to augur well for the prospects of the market. The wearable computing devices market is also anticipated to receive a boost from the increasing adoption of smart accessories.

Market Segmentation of the Global Wearable Computing Devices Market

The global wearable computing devices market is segmented into product category and vertical. The product category segment is further sub-segmented into smart fitness accessories, smart accessories, and smart textile. Among these, the smart fitness accessories is the most dominant and has a market share of over 70%.

The smart accessories segmented is also projected to witness a healthy CAGR through 2020. Smart accessories can be further categorised into smart bands and smart watches. The smart bands category is currently the dominant one, and has a market share of over 50%.

The vertical segment of the global wearable computing devices market includes business to business (B2B) – and consumer-vertical. Currently, the consumer vertical segment has a market share of over 50% in the global wearable computing devices market.

Key Regions for the Wearable Computing Devices Market

North America, Western Europe, and Asia Pacific are the key regions for the growth of the global wearable computing devices market. Among these key regions, Asia Pacific is projected to witness the fastest CAGR on account of decline in the prices of wearable devices and accessories.

Innovation is the key to the growth of the global wearable computing devices market. The leading players in the global wearable computing devices market are constantly coming up with new, advanced wearable devices in order to cater to the demand. Some of the key players in the global wearable computing devices market include Apple Inc., Samsung Electronics Co. Ltd., Adidas AG, Fitbit Inc., and Nike Inc. These leading players account for a market share of over 50% currently and it is anticipated that they will further consolidate their position through 2020.

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