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Type: PDF
Status: Syndicate
Categories: Consumer Goods
Report Code : CG23
No. of Pages : 150
Wearables are electronic technology which is integrated with devices and can be conveniently worn on the body. These devices are accessories or a part of clothing. These devices use sensors and can track information on the basis of real-time. These are integrated with sensors to keep a track of distance, speed, stamina, breathing, blood pressure, cholesterol, heart rate, calories, and altitude among others.
The global wearable technology market in 2023 was approximately USD 115 billion. The market is expected to grow at a CAGR of 14.8 % and is anticipated to reach around USD 250 Billion by 2030. Increasing consumer inclination towards physical fitness activities has also accelerated a significant rise in the wearable devices market growth rate. Besides that, the issues associate to security and privacy will confine the market growth.
Comfortable to use, convenient handling, delivering real-time data information and pliable operational efficiency are the key highlights of wearable devices. This has resulted in the surge in demand for wearable devices around the world. The rising popularity of the internet of things along with the increasing technological advancements in the smart electronic field has generated lucrative market growth opportunities for the wearable devices market.
The market for wearable technology is intensely competitive and is highly fragmented. The vendors in the Wearable Technology market compete based on product portfolio, product differentiation, applications, and the pricing of products. The rise in technological innovations in designing the products for better quality, ease of use and better performance is expected to continue to intensify the level of competition among the companies to expand their product portfolios by incorporating innovative features, into their product.
Key players in the market are Fitbit, Qualcomm Technologies, Garmin, Apple, LG Electronics, Xiaomi Technology, Jawbone, Alphabet, Samsung Electronics, Sony, Misfit, Guangdong Bbk Electronics, Lifesense Group and others.
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