In the recent past, wearable technology has witnessed an overwhelming attention from various industries and researchers across the globe. From smart watches to headphones to eye-wear and fitness bands, trends of wearable technology is continually growing. These products today are expected to deliver valuable services providing individuals better lifestyle.
Wearable sensors are small but crucial components of wearable technology which enable smart wearable devices to track and monitor several parameters such as movements, temperature, speed, muscle activity blood pressure, and others. Key sensors such as accelerometer, gyroscope, magnetometer, photoplethysmogram sensor, pressure sensors, and temperature sensor, among other are required for smart wearable devices.
The wrist worn wearable for entertainment, wellness and fitness related applications, are key contributor to the rapidly growing market traction for these devices. Moreover, high demand and penetration of smart wearable devices have resulted in increasing demand for wearable sensors.
Increasing adoption of wearable devices globally are thereby increasing the demand for wearable sensors alongside. In addition to this some of the prominent drivers for wearable sensor market are factors such as high demand for medical wearable devices, miniaturization of sensors and trends of internet of things, augmented reality and machine to machine connected platforms among others.
On the other hand, factors such as high cost of wearable devices, and concerns regarding reliability and privacy issues may act as a major restraint for the wearable sensor market.
Wearable sensor market can be segmented on the basis of type, application, vertical and regions. On the basis of type the wearable sensor market can be segmented into accelerometers, magnetometers, pressure sensor, motion sensors, force sensors, temperature, humidity sensors, gyroscopes, biosensor, image sensors, touch sensor and others.
On the basis of application, the wearable sensor market can be segmented as wrist wear, eyewear, body wear, footwear, and other. Whereas the vertical segment in the wearable sensor market may include consumer, healthcare, industrial and others. Regionally, wearable sensor market can be segmented into North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan, Japan, and Middle East and Africa.
Wearable sensor market is dominated by the North America region. North America dominance is attributed to rising demand for smart watches and fitness bands as well as high investments in R&D activities pertaining to wearable technologies by key players based in the region.
On the other hand, Asia Pacific Excl. Japan, and Japan is expected to grow at a significantly as compared to the other region in the wearable sensor market and will see a good growth rate in the future. Asia Pacific Excl. Japan is expected to great opportunities wearable sensor market due to the wide presence of key wearable sensor providers as well as high population rate in the region. Eastern Europe, Latin America and MEA is expected to see a moderate growth rate in the wearable sensor market.
Among the prominent players involved in wearable sensor market, companies such as NXP Semiconductors N.V., STMicroelectronics N.V., TE Connectivity Ltd., Broadcom Ltd., among others are focusing on organic as well as inorganic strategies to strengthen their position in the wearable sensor market.
For instance, in January 2017, STMicroelectronics N.V. launched three smart motion sensors for fitness wearables that are capable of record the progress data accurate and enable applications to run for longer periods of time, thereby enhancing the efficiency of the device.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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