The wearable devices market is expected to grow at a CAGR of 11.3% from 2019 to reach $62.82 billion by 2025.
Praveen Kumar
Managing Director & Co-Founder @ AMA Research & Media | Market Research, Team Building, Marketing Strategy
Wearable Devices comes in the category of technology devices that can be worn by a consumer and can include tracking information related to health and fitness. These devices are having small motion sensors which can synchronize with mobile devices. The revolution of technology with the utilization in daily lives and social interactions. The wearable devices are following the neuroscientific approach. Health and fitness wearable devices to offer biometric measurements such as heart rate, perspiration levels. Technology advancements in devices allow detecting to allow alcohol levels.
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Figure: Wearable Devices Market regional analysis (2018-2025)
Market Drivers
- Growth Prospects of Wearable Component Technology
- Increasing Healthcare and Enterprise Adoption
Market Trend
- Addition of Smart Elements in Traditional Watches
- Miniaturization of Electronic Devices
- The rise in Popularity of Smart Watches among Younger Population
Restraints
- Rapidly Evolving Technology and Lack of Durability of Electronic Components
Opportunities
- Growing Demand for Wearable as a Service
- Potential Growth in Emerging Countries
Challenges
- Designing Technologically Advanced Product
Key highlights of the Wearable Devices Market:
? CAGR of the market during the forecast period 2018-2025
? Detailed information on factors that will accelerate growth.
? Insights on upcoming trends and changes in consumer behavior
? Uncovering market’s competitive landscape
? Comprehensive information about factors that will challenge the growth
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