Entry of big players, portable and convenient usage, rising healthcare awareness and advancements in technology are driving the growth
PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, USA, September 17, 2022 /EINPresswire.com/ — Allied Market Research released a report titled “wearable technology market By Device (Fitness, Smartwatches, Smart Glasses, Smart Wear, Others), By Product Type (Wristbands, Glasses, Hearing Aids, Ties, Bodywear, Others), By Application (Lifestyle, Consumer Apps, Entertainment, Healthcare Health, Fitness & Sports, Defense, Enterprise): Global Opportunity Analysis and Industry Forecast, 2020-2031″. According to the report, the global wearable technology industry generated $54.8 billion in 2020 and is expected to generate $184. $4 billion by 2031, growing at a CAGR of 12.8% from 2022 to 2031.
Main determinants of growth
Entry of major players, portable and convenient usage, rise in healthcare awareness and technological advancements are driving the growth of the global wearable technology market. However, limited battery life and security concerns restrict the market growth. Additionally, increased awareness of the benefits of wearable devices and technological advancements presents new opportunities In the years to come.
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Major Market Players:-
Samsung Electronics Co., Ltd.
Huawei Technologies Co., Ltd.
LG Electronics Inc.
Motorola Solutions Inc.
Main determinants of growth:-
Entry of major players, portable and convenient usage, rise in healthcare awareness and technological advancements are driving the growth of the global wearable technology market. However, limited battery life and security issues are limiting the market growth. Additionally, increased awareness of the benefits of wearable devices and advancements in technology present new opportunities in the coming years.
𝗥𝗲𝗾𝘂𝗲𝘀𝘁 𝗙𝗼𝗿 𝗖𝘂𝘀𝘁𝗼𝗺𝗶𝘇:- https://www.alliedmarketresearch.com/request-for-customization/355
Many growth opportunities for the market:-
The growth of the global wearable technology market is driven by the practical use of wearable devices and the entry of various smartphone manufacturers. Additionally, the increase in health issues among consumers is fueling the adoption of wearable devices, which allow them to provide real-time information about their overall health status. The multiple benefits offered by these devices, such as GPS tracking, heart monitoring, and notification alert, further complement the growth of the wearable device market. Additionally, increasing consumer disposable income and increasing living standards are propelling the growth of the wearable technology market. However, increasing security issues are expected to hamper the market growth as the risk of data leakage is a major problem for users. Additionally, limited battery life and high manufacturing costs are restraining the market growth. Advancements in wearable device technology are expected to provide ample growth opportunities for the market.
KEY FINDINGS OF THE STUDY
In 2020, the wristwear segment accounted for the maximum revenue and is expected to grow at a notable CAGR of 13.3% during the forecast period.
North America held the highest market share in 2020 and is expected to dominate the global wearable technology market during the forecast period.
China is the largest shareholder in the Asia-Pacific wearable technology market, accounting for over 55% share in 2020.
Reason to buy:
✅ Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global wearable technology market.
✅ Highlights key business priorities to guide businesses in reforming their business strategies and gaining a foothold in the vast geography.
✅ The key findings and recommendations highlight crucial progressive industry trends in the Wearable Technology Market, thereby allowing players to develop effective long term strategies in order to generate revenue from their market.
✅ Develop/modify business expansion plans using substantial growth offering in both developed and emerging markets.
✅ Dig deep into the global market trends and outlook associated with the factors driving the market, as well as those restraining the growth to some extent.
✅ Improve the decision-making process by understanding the strategies behind business interest with respect to products, segmentation, and industry verticals.
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