Wearable Technology Market to Show Unprecedented CAGR of 42.1% With Rising Trends of Cashless Payment
While advances in material sciences in Europe have helped achieve unprecedented compactness in wearable devices, their adoption has received a boost because of their increasingly easy-to-use features. The prices of wearable technology products, however, continue to remain a hindrance to the growth of the European wearable technology market. The development of wearables for healthcare and fitness applications is a key opportunity that hitherto remains comparatively unexploited. By focusing on this opportunity, companies in the Europe wearable technology market can mitigate the negative impact of market restraints to some extent. Although the market for wearables continues to gallop ahead, battery technology is yet to catch up. This limits the availability of a satisfactory power source for wearable gadgets. Thus, till the time battery technology lags behind, the wearable technology market will lose out on some growth opportunities.
For the purpose of this study, the European wearable technology market has been segmented on the basis of application into into: Fitness and wellness, healthcare and medical, infotainment, and industry and military devices. The fitness and wellness segment was the largest in the European wearable technology market in 2012, and is expected to remain in this position through the report’s forecast period.
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Based on product, the market has been has been further segmented into smart clothing and smart sport glasses, activity monitors, sleep sensors, smart watches, head-up displays, smart glasses, continuous glucose monitor, drug delivery, monitors, wearable patches, hand worn terminals, and augmented reality headsets.
Among the regional markets studied in the report, Germany was the largest with a share of 32% as of 2012. Awareness about wearables is comparatively high in Germany thanks largely to wearable-tech-related conferences held here. The country is also a hotbed of innovation related to self-powering wearable devices. On the other hand, the wearable technology market in the United Kingdom, too, has been picking up consumers across demographics. The wearable technology market in the U.K. is poised to exhibit a 41.8% CAGR through the report’s forecast period.Leading players profiled in the report on the European wearable technology market are: Google Inc., Microsoft, Nike, Adidas, Samsung, and Sony.
Europe’s standing as a hotbed of innovation in technology, materials science, and augmented reality will reflect positively on the wearable technology market in the region. In its latest report on the Europe wearable technology market in , Transparency Market Research says that wearable technology will represent a US$2.54 bn opportunity in Europe by 2019. The European wearable technology market was valued at US$308.69 mn in 2013. This translates to a CAGR of 42.1% for the market between 2014 and 2019. The report is titled, ‘Wearable Technology Market – European Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019.’
The report pins the growth of the European wearable technology market to the following factors: A rising demand for wearables in defense and military, healthcare, and infotainment applications. The report points out that the high demand for mobile devices will indirectly benefit the wearable technology market in Europe.Browse the full European Wearable Technology Market – Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019 report at http://www.transparencymarketresearch.com/europe-wearable-technology-market.html
The research study has been segmented as below:
Wearable technology Market: By applications
Fitness and Wellness
Healthcare and Medical
Industrial and Military
Wearable technology Market: By products
Smart clothing and smart sport glasses
Continuous glucose monitor
Hand worn terminals
Augmented reality headsets
Major regions analyzed under this research report are: