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According to a new market research report "Wearable Technology Market by Product (Wristwear, Eyewear, Footwear, Neckwear, Bodywear, and Others), Application (Consumer Electronics, Healthcare, Enterprise & Industrial, and Others), Type (Smart Textile, Non-Textile), & Geography - Global Forecast to 2020", published by MarketsandMarkets, the overall market for wearable technology is expected to reach USD 31.27 Billion by 2020, at a CAGR of 17.8% between 2015 and 2020.
The driving factors for the growth of this market include consumer preference for sophisticated gadgets, increasing popularity of smartwatches and wrist bands in the consumer market, increasing growth prospects of next-generation displays and integrated consumer wearables, increasing popularity of wearable fitness and medical devices, and growing popularity of Internet of Things.
In 2014, consumer electronics was the biggest segment in terms of market size:
The growth of wearable technology in the consumer electronics sector is mainly attributed to increasing demands for wearable scanners and computing devices in warehouse, logistics, and the other operations where efficiency is inevitable. Consumer wearable devices include a host of products that are used in varied applications such as fitness and sports, entertainment & multimedia, multi-function, and garments & fashion. Wearable electronic devices find compelling applications in fitness and sports. From smart wristwatches that record heart rates to intelligent bands that track physical activities; wearable technology in the form of fitness monitoring devices attract increasing attention from health-conscious consumers.
Wristwear segment is expected to dominate the wearable technology market during the forecast period:
Wrist wearable products are likely to explode in popularity in the coming years. The market is abuzz with the talk of smartwatches expected to be launched by leading players. Many leading companies have already launched smartwatches and wrist bands. It is expected that with major companies foraying into the market such as Apple and Samsung, the look and feel for wearables would increase immensely. These devices won't be just a computing device but a style statement. It is no surprise that sports apparel and fitness brands such as Nike and Adidas are also launching smart wristwear that not only monitors health parameters but also magnifies the aesthetics sense of users.
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