Growing Application of Wearable Technology Products Helps In Growth Of Wearables Technology Demand

 

Wearable Technology

Wearable Technology, also known as wearables, refers to smart electronic devices worn close to or on the surface of the skin that can detect, analyse, and transmit information about the body such as vital signals. Wearable devices, such as activity trackers, are prime examples of the Internet of Things, as they allow the object to exchange data with the manufacturer via the Internet. Wearable technology products provide these benefits, which are likely to increase the demand for wearable technology products. Aside from that, hand-worn terminals are now used in the industrial and military sectors to provide information about maps and routes.

Wearable device compactness and portability are expected to drive growth in wearable technology demand. Wearable devices have become increasingly compact and portable over the years. This can be attributed to technological advancements in the wearable technology sector. Previously, computing devices were bulky; however, the size of these devices has gradually decreased, and now a new era of technology has arrived in which computing technology-enabled products can be worn in a slim and sleek fashion. These cutting-edge devices, such as sleep sensors, smart glasses, smartwatches, and military heads-up displays, are small but multi-functional.

According to a study by Coherent Market Insights, The global Wearable Technology Market is estimated to be valued at US$ 17,142.3 million in 2021 and is expected to exhibit a CAGR of 45.4 % over the forecast period (2021-2028).

Product innovations can provide lucrative growth opportunities. Improved product quality design will lead to greater acceptance of wearable technology products. In the current scenario, only a few players are present in this market, which has complete dominance. Products such as Google Glass, Nike+ Fuelband, and others currently available provide multi-functionality to users but are expensive, making them unaffordable to middle-class consumers. This is a niche market, and new entrants are likely to improve product quality while lowering prices.

Smart glasses, smartwatches, sleep sensors, smart clothing, activity monitors, wearable patches, drug delivery, continuous glucose monitors, hand-worn terminals, and other products are currently available on the market. Additional wearable technology products are likely to enter this market as major players continue to invest in research and development in this area. However, new entrants are likely to enter this market as well. Microsoft, for example, is working on its own augmented reality headset, which is expected to be a direct competitor to Google's Glass headset.