Recently, Research and Markets issued a report, Wearable Electronics Market and Technology Analysis (2013 – 2018): By Components (Sensors, Battery, Display, Networking); Applications (Consumer, Healthcare, Enterprise); Products (Smart -Textiles, Glasses, Watches);e-Materials & Geography.
Wearable computers are small electronic devices worn by the user, which enable mobile computing and wireless networking. The term 'Wearable technology' refers to any electronic device or product which can be worn by a person to integrate computing in his daily activity or work and use technology to avail of advanced features and characteristics. Concerted efforts from industry and academia for over two decades have resulted into host of sophisticated products and devices being launched in the market. The potential of the industry can be gauged by the fact that both - the big and established players and small start-ups have up their ante in wearable technology market.
The market was worth $2.7 billion in revenue in 2012 and is expected to reach $8.3 billion in 2018, growing at an estimated CAGR of 17.71% from 2013 to 2018. In terms of product, wrist-wear accounted for the largest market revenue at $876.70 million, while neck-wear enjoyed the least market share, all as of 2012. For application segment, consumer application sector accounted for the largest market revenue at $2,367.99 million, while enterprise and industrial application enjoyed the least market share with revenue of $73.04 million as of 2012. However, enterprise and industrial application is expected to grow at the highest CAGR of 21.14%, during the forecast period, i.e. 2013 to 2018. North America, with U.S. accounting for more than 80.00% of the market is the single largest one and expected to continue with its dominance during the forecast period as well. However, Asia–Pacific, with China leading the way, is likely to grow at the highest CAGR during the same time.
Industry experts believe that wearable technology - which includes a host of products right from sophisticated gadget to smart textiles (smart fabric) and skin patches - could be the next big market opportunities after smartphones. The smart textile market is segmented by material types, by material properties and by material’s embedded function. The total market revenue for Smart textile material is expected to reach over $ 2 billion by 2018 growing at an estimated CAGR of 21.54 % from 2013 to 2018.This growth is attributed to the concerted industry’s effort on developing self-powered smart textiles (smart fabric) and also to the improvement in energy harvesting mechanism in the coming years. Smart textiles (smart fabric) is poised to witness a staggering growth in the coming years.
The wearable technology report, a culmination of extensive primary and secondary research, provides the current size of the global wearable technology market (both - shipments and market revenue wise) and also forecasts the same from 2013 to 2018. The report analyzes the global market and presents detailed insights of the market by technology, products and components, applications and form factor, and geographies. Besides, detailed analysis on the drivers, restraints, and opportunities of the market are also presented along with an insightful quantitative Porter’s analysis of the market forces. Apart from these, the concept of electronic textiles (e-textiles)/Smart textiles has recently emerged from the concept of integration of wearable computers in clothing and apparel and is also discussed in greater details.