Market Synopsis
Global Wearable Sensors Market is anticipated to expand at a significant rate over the assessment period (2017-2020), as per a new report by Market Research Future (MRFR). Owing to the increasing health consciousness and personal care for tracking biometrics like heart rate, calories burnt, and others, the demand for such wearable devices are increasing at a rapid pace. Wearable sensors facilitate both biological and physiological sensing and are incorporated into fashion accessories and garments like wristbands, shoes, socks, hats, headphones, eyeglasses, and several others to suit the need of the user. Several technology and gadget providers offer customization to products to attract the young crowd.
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Drivers and Challenges Affecting the Market Growth
With continuously evolving sensor technology and growing demand for wearables for infants is driving the market growth. Besides, rapid expansion of Internet of Things (IoT) is driving the market in several application areas like fitness, healthcare, consumer electronics, and others. The market is gaining prominence due to technological advancements over the assessment period.
With the rising demand for compact wearables, sensor manufacturing and miniaturization have gained popularity. The motion-sensing capacity that can record and track movement is a major factor driving the growth of the market. Moreover, with the presence of key players like Google, Apple, Microsoft, and Samsung, the market is expected to boom in the years to come. With the usage of smart electronic devices like smartphones and tablets, monitoring and gathering of data have been made easy as these sensors can be paired with other devices which are expected to boost the market growth. Also, strict mandates regarding data storage are affecting the market positively.
Meanwhile, privacy concerns, high cost, and data integrity associated with wearable sensors are expected to hinder the market growth. Lack of responsiveness and awareness of consumers about benefits of such devices might hamper the market growth. Also, lack of clarity in protocols and communication standards in the health industry coupled with unfavorable government mandates can act as a hindrance to the growth of the global market for wearable sensors.
Global Wearable Sensors Market – Segments
The market can be segmented into four key dynamics for enhanced understanding;
By Types : Comprises Medical Based Sensors, Motion Sensors, Image Sensors, Pressure Sensors, Position Sensors, and Inertial Sensors among others.
By Applications : Smart Glasses, Smart Wristwear, Smart Bodywears, Smart Footwear and Other Wearable Devices among others.
By End-Users : Healthcare, Consumer, Enterprises and Industrial among others.
By Regions : Europe, North America, APAC and Rest-of-the-World.
Global Wearable Sensors Market – Regional Analysis
The North American region is believed to be the largest market for wearable sensors. The region holds a significant share in the global wearable sensors market and is expected to a create a large revenue pocket by 2020.
The wearable sensors market in the European region stands the second position, growing continuously.
The Asia Pacific region is rapidly emerging as a promising market for wearable sensors. The increasing adoption of smart and connected wearable devices in some of the Asian countries such as Japan, South Korea, China and India is fostering the market growth in the region. Due to increase of internet of things (IoT), the demand of wearable sensors is increasing in various application areas such as healthcare and fitness, consumer electronics and others.
On the other hand, the wearable sensors market in the Rest-of-the-World is likely to witness a limited but steady growth.
Global Wearable Sensors Market – Competitive Analysis
The well-established wearable sensors market appears to be competitive and fragmented owing to the presence of many small & big players forming a competitive landscape. Those players compete based on product features, innovation, quality, cost, and financial stability. They focus on developing their product portfolio with the help of advance technologies so as to gain a competitive advantage and to maintain their position in the market.
Innovation, M&A, and brand reinforcement remain the key trends for leading players. These
players are investing on internal R&D and, most of all, in acquiring other promising firms. Prominent manufacturers of wearable sensors are targeting to invest more in technology and research and development activities to innovate and improve their existing product line. The rising government funding is motivating key companies to manufacture new sensors that match the changing trends and needs of the customers.
Key Players:
Some of the eminent leaders of the market include Panasonic Corporation, InvenSense, Inc., Robert Bosch GmbH, Texas Instruments Incorporated, STMicroelectronics, KIONIX, INC. (ROHM Co., Ltd.), Analog Devices, Inc., Measurement Specialties, Inc., ZOLL Medical Corporation (Asahi Kasei Corporation), Infineon Technologies AG., and Freescale Semiconductor, Inc.
Industry/ Innovation/ Related News:
November 02, 2018 –- Cardiac Insight, Inc. (US), a leading global provider of wearable cardiac biosensors and clinical diagnostic software systems announced its partnership with VivoSense (US), leading company focused on integration and specialised analysis of wearable sensor data for research and clinical trials.
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