Target Audience of Wearable Sensors Market: Manufacturer / Potential Investors, Traders, Distributors, Wholesalers, Retailers, Importers and Exporters, Association and government bodies.
Wearable Sensors Market Report provides key statistics on the market status of the Wearable Sensors Key-players/Manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the Industry
The wearable sensors market was valued at USD 7.44 billion in 2017 and is expected to reach a value of USD 24.62 billion by 2023 at a CAGR of 22.07% during the forecast period (2018 – 2023).
Wearable sensors are highly significant, especially among smart wearable manufacturers, due to the rising health awareness amongst the current generation. In the current scenario, wearable sensors are integrated into garments and fashion accessories, such as hats, wristbands, socks, shoes, eyeglasses, and headphones to suit the user needs. Many gadget and technology providers allocate a wide range of customization to the products in order to attract the younger population.
High availability of the wearable sensors and increasing usage of analytics in the sports and medical sectors in critically driving the growth of the market globally. With key players in the market, such as Google, Microsoft, Apple, and Samsung, experimenting with low-power, wireless technologies, which can allow real-time transfer of data between fitness monitoring applications and the wearable sensors, new opportunities are expected to emerge from the consumer electronics, healthcare, and sports and training sectors. For the next four years, the increasing number of applications in consumer electronics, increasing awareness amongst the younger population, and an immense range of customization on the wearable sensors are expected to drive the growth of wearable sensors market.
Increasing Usage in Consumer Electronics to Drive the Market
Wearable sensors are trending in consumer electronics sector extensively. The emergence of cheap wearable fitness trackers has increased the consumption of wearable sensors immensely. In some cases, multiple wearable sensors are embedded into a single gadget. The strong demand for multipurpose gadgets that can monitor more than one vitals has boosted the sales of fitness trackers and wearable sensors all over the globe in the past four years.
With the entrance of key players, such as Apple, Samsung, and Microsoft into the wearables technology, the demand for wearable sensors in the consumer electronics sector have multiplied rapidly dedicated to the strong demand from young customers. Fitbit, one of the major players for wearable technology in the market, stands to be an excellent example of the trend of increasing demand for fitness trackers. In the past four years, the number of units sold by the company grew by more than 40%. This trend is expected to prevail over the forecast period increasing the scope of wearable sensors market.
Pressure Sensors are Increasingly Becoming Popular
In the wearables industry, pressure sensors are gaining traction, due to its miniaturization factor. Sensing muscle activity helps sportsmen train specific muscles and further, gives feedback about the performance quality of exercises, for rehabilitation. Also, pressure sensing shoes are being used in motion capture technologies, which has transformed computer animation, during the past decade. Direct transfer of data is possible using detailed motion data and editing algorithms. Further, leading to an expressive performance of a real person to a virtual character, composing simple motion clips to create a repertoire of motor skills, or interpolating existing data to produce new sequences.
The pressure-sensing shoes provide high-resolution contact timing and location information, which is difficult to derive automatically from computer vision algorithms. The low power consumption and possible sizes are the major factors that give a competitive edge to the pressure sensors over others. Several commercial systems, measuring pressure distribution on the human body, are available in the market. Implementation of textiles would need modifications of the systems or remains not possible without affecting wearing comfort.
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Major companies covered in this Report:
- Infineon Technologies AG
- Texas Instruments Incorporated
- Analog Devices Inc.
- InvenSense Inc.
- Freescale Semiconductor Inc
- Panasonic Corporation
- NXP Semiconductors N.V.
- TE Connectivity Ltd
- Bosch Sensortec GmbH (Robert Bosch GmbH)
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This Wearable Sensors market report offers an overview of the market trends, drivers, and barriers with respect to the market. A detailed analysis of key players, along with key growth strategies adopted by them is also covered in this report on Wearable Sensors market.