Wearable Devices Market - Global Forecast to 2025

NAVI MUMBAI, India - Dec. 13, 2019 - PRLog -- Wearable Devices Market (https://www.bharatbook.com/marketreports/wearable-devices-market-by-product-type-smartwatch-earwear-eyewear-and-others-end-use-industry-consumer-electroni/1907845) by Product Type (Smartwatch, Earwear, Eyewear, and others), End-Use Industry (Consumer Electronics, Healthcare, Enterprise & Industrial, Media & Entertainment), Connectivity Medium, and Region - Global Forecast to 2025

The global wearable devices market is expected to grow at a CAGR of 11.3% from 2019 to 2025 to reach $62.82 billion by 2025.

The growth in the wearable devices market is fuelled by several factors such as growing consumer preference for connected devices and the increasing population of IoT and related devices. Technological growth of the consumer electronics industry is further complementing the overall growth of wearable devices market. However, concerns of data privacy and security and lack of sufficient internet and associated infrastructure in developing and underdeveloped countries are the major restraining factors hindering the market growth.

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Based on product type, the overall wearable devices market is segmented into smartwatch, ear wear, eyewear, and others. Smartwatches segment is estimated to command the largest share of the overall wearable devices market and expected to witness high growth during the forecast period. Large share of this product segment is primarily attributed to the rapid technological upgradation in smartwatches by key players, growing consumer awareness pertaining to personal fitness and health, and increasing demand for wireless health monitoring devices.

On the basis of end-use industry, healthcare segment is estimated to command the largest share of the overall wearable devices market. The large share of this end use industry is mainly due to high penetration of fitness trackers among consumers and the use of activity monitors by medical industry to acquire physiological, behavioral, and contextual data for the diagnosis, treatment, and management of chronic diseases. With surge in availability of advanced devices for health and fitness monitoring and their growing adoption, the healthcare industry is expected to fuel the growth of the overall wearable devices market throughout the forecast period.

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