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Friday, February 21, 2014 3:05:47 PM
"Wearable computers are small electronic devices worn by the user, which enable mobile computing and wireless networking. The term “Wearable technology” refers to any electronic device or product which can be worn by a person to integrate computing in his daily activity or work and use technology to avail advanced features & characteristics. Concerted efforts from industry and academia for over two decades have resulted into host of sophisticated products and devices being launched in the market. The potential of the industry can be gauged by the fact that both - the big and established players and small start-ups have up their ante in wearable technology market.
The market was worth $2.7 billion in revenue in 2012 and is expected to reach $8.3 billion in 2018, growing at an estimated CAGR of 17.71% from 2013 to 2018. In terms of product, wrist-wear accounted for the largest market revenue at $876.70 million, while neck-wear enjoyed the least market share, all as of 2012. For application segment, consumer application sector accounted for the largest market revenue at $2,367.99 million, while enterprise and industrial application enjoyed the least market share with revenue of $73.04 million as of 2012. However, enterprise and industrial application is expected to grow at the highest CAGR of 21.14%, during the forecast period, i.e. 2013 to 2018. North America, with U.S. accounting for more than 80.00% of the market is the single largest one and expected to continue with its dominance during the forecast period as well. However, Asia–Pacific, with China leading the way, is likely to grow at the highest CAGR during the same time.
The industry experts opine that the wearable technology, which includes a host of products right from sophisticated gadget to smart textiles (smart fabric) and skin patches, would be the next big market opportunities after smartphones. The Smart textile market is segmented by material types, by material properties and by material’s embedded function. The total market revenue for Smart textile material is expected to reach over $ 2 billion by 2018 growing at an estimated CAGR of 21.54 % from 2013 to 2018.This growth is attributed to the concerted industry’s effort on developing self-powered smart textiles (smart fabric) and also to the improvement in energy harvesting mechanism in the coming years. Smart textiles (smart fabric) is poised to witness staggering growth in the coming years.
Key Take-Aways
•The global market’s volume is expected to reach 134.27 million units by 2018, growing at a CAGR of 30.36% for the five year period of 2013 to 2018.
•The wearable technology ecosystem market revenue was $4.3 billion as of 2012 and is expected to reach to $14.0 billion by 2018, growing at an estimated CAGR of 18.93 % from 2013 to 2018.
•The global smart, intelligent, digital & interactive fabrics market revenue was $708.31 million as of 2012 and is expected to reach to $2.03 billion by 2018, growing at an estimated CAGR of 17.7 % from 2013 to 2018.
•Components accounted for the largest percentage share of the overall revenue of global wearable technology, i.e. 66.2% in 2012 ($1.83 billion) in 2012 and is expected to account for 73.0% of the total market in 2018.
•Product shipments are likely to experience the highest growth at a CAGR of 53.07% from 2013 to 2018, reaching a volume of 2.7 billion units in 2018.
•Market statistics with detailed classifications and splits by revenue and volume
•The key trends related to the product technology, prices, and the applications that shape and influence market
•Analysis of the global market with special focus on high growth application in each vertical and fast growing application market segments
•Impact analysis of the market dynamics with factors currently driving and restraining the growth of the market, along with their impact in the short, medium, and long term landscapes
•Detailed Porter's analysis, market life cycle analysis of wearable technology, and its respective markets
•Detailed segmentation of global market by product and component with a focus on cross segment markets like application and industry verticals
•Illustrative segmentation, analysis, and forecast of the major geographical markets to give an overall view of the global market
•The future of the global market & industry from both - technical and market-oriented perspectives with techno-market oriented roadmaps till 2018
•Detailed competitive landscape with identification of the key players with respect to each type of market, in-depth market share analysis with individual revenue, market shares, and market share rankings
•Competitive intelligence from the company profiles, key player strategies, game-changing developments such as product launches, and acquisitions"
DD22
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