Wearable Tech Still Big Coin And Growing
By Mat Dirjish
Wearable electronics is an ever expanding market. Since the early days of wireless earbuds through the expanding physical fitness, medical, and healthcare markets, and even the fashion industry, wearables are a lucrative business to say the least.
Research firm Valuates Reports more than agrees. According to a study by the company, the wearable tech market is cruising to a market share of $57,653 million by the end of 2022, growing at a CAGR of 16.2%. That’s a formidable leap from $19,633 million recorded in 2016. The researchers say technological advances are driving the wearables market grow with the only foreseeable impedance being limited battery life and some safety/health concerns.
- Wearable tech market consists of wristwear, eyewear, wearables, bodywear, and neckwear based on the product type.
- Smartwatch devices are set for the fastest growth, with a CAGR of 19.9%.
- Market segments include lifestyle, healthcare, consumer applications, security, fitness and sports, entertainment and enterprise, and industrial.
- Fitness & sports segment dominates the market and will sustain this trend throughout the forecast period.
- Entertainment sector set to grow at the highest CAGR of 35.7%.
- Growth drivers include unique designs, innovations, and growing healthcare awareness.
- North America will dominate the wearable industry with Europe and the Asia Pacific region close behind.
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