Increasing wireless connectivity pushing the growth of wearable electronics market

11 Nov
2014

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Allied Market Research published a report titled “Global Markets for Wearable Electronics (Products, Components, Applications and Geography) - Strategic Analysis and Forecast, 2013 - 2020.” The report forecast the market to reach a mark of $25.19 billion, registering a CAGR of 26%.

In terms of volume, the market is expected to reach 142.6 million units with a CAGR of 23% during the forecast period. The largest market share in the overall wearable electronics market is held by North America; however, Europe would supersede North America to be the largest market by the year 2020.

Numerous factors such as technology convergence, increasing usage of digital services, and presence of wide wireless connectivity are driving the market growth for wearable electronics market.

However, factors such as higher power consumption by wearable devices, limited design features, issues related to data security and high cost of investment are impeding the market growth.

In consumer application segment, lifestyle applications had maximum share and accounted for about 20% of the overall wearable electronics market. Lifestyle & Fitness would have the highest growth rate in terms of application during the forecast period and also account for 38% of the overall market. Industrial and Defence together accounted for about 22% of the market share. Memory components share about 23% of the overall market share.

Wrist wears leads the global market for wearable electronics and contributes around 45% of the total market revenue. Currently the market is dominated by giants such as Nike, Adidas, Google, etc. Most of the market players are concentrated in U.S.A; however, the market is slowly increasing its geographic reach

Akhilesh Prabhugaonkar

Author's Bio- Akhilesh Prabhugaonkar holds a bachelor’s degree in Electronics Engineering from the reputed Vishwakarma Institute of Technology. He has a special interest in the fields of forensics, world history, international relations and foreign policy, sports, agriculture, astronomy, security, and oceanography. An ardent bibliophile and melophile, Akhilesh loves to write on topics of his interest and various other societal issues. This love for writing made him enter the professional world of content writing and pursue his career in this direction.

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