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Wearable Technology Market Growing at a CAGR of 15.5% and Expected to Reach $51.6 Billion by 2022
July 2, 2019 | PRNewswireEstimated reading time: 1 minute
The wearable technology market is estimated to grow from $21.7 billion in 2016 to $51.6 billion by 2022; it is expected to grow at a CAGR of 15.5%. The emergence of wearable technology is expected to transform the outlook of computing on-the-go. Application areas for wearable technology range from consumer durables and healthcare to enterprise, industrial, and so on. As the technology matures, it is expected to find new application verticals and increased applications in existing ones such as the wearable technology used in medical surgery.
Wearables products type to hold largest size during forecast period
The growth of this segment is attributed to the increase in awareness of fitness and healthcare as well as increase in consumer expectations. The consumer preference is expected to grow stronger with the participation of new players and launch of new products in the wearable technology market. Key industry players are introducing new advanced wearable products which cater to various new application areas. For instance, wearable devices are currently used in medical surgery and oil and refinery plants.
Headwear & eyewear to witness fastest growth during forecast period
Headwear & eyewear includes augmented and virtual reality products, both of which have multiple applications in consumer and enterprise industries. Headwear & eyewear devices have major applications in the commercial sector such as sports and video games. Hence, this market is expected to grow at the highest rate during the forecast period.
Americas is expected to hold the largest market size of wearable technology market during forecast period
The market growth is attributed several factors technological innovations and advancements leading to the introduction of new products. Other factors promoting the growth of the market are the increasing prevalence of chronic diseases and lifestyle diseases such as diabetes, and ease of use.
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