Wearable Technology Market Global Forecast to 2020

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The wearable technology market is expected to reach USD 31.27 billion by 2020, at a CAGR of 17.8% between 2015 and 2020. There is an increasing demand for smart wearable products such as wrist bands and smartwatches because of consumer preference for sophisticated gadgets, trend of continuous fitness monitoring, and growing popularity of Internet of Things.

"Market for the Enterprise and industrial application is expected to grow at the highest rate during the forecast period"

Enterprise and industrial wearable devices include compact, mobile, and wireless computing systems that can be worn on a body and also various image scanners that find applications in enterprise and industrial processes. The wearable computer, in the form of wristwear and fingerwear, is an enabling device in the logistics, packaging, and warehouse applications where it is employed to increase workers' productivity.

Wearable devices are either worn as a ring or around the wrist to give a hands-free functionality for improving operational efficiency in warehouses, logistics, packaging, and distribution centers or retail stores.

In the process of determining and verifying the market size for several segments and su-segments gathered through secondary research, extensive primary interviews were conducted with key people. Breakup of profile of primary participants is given below:

- By Company Type: Tier 1 – 35%, Tier 2 – 40% and Tier 3 – 25%
- By Designation: C-level – 35%, Director level – 25%, Others – 40%
- By Region: Americas – 43%, Europe – 19%, APAC – 29%, RoW – 9%