[Research Report] The wearable technology market size is expected to grow from US$ 26.19 billion in 2015 and is expected to reach US$ 170.91 billion by 2025. The market for wearable technology market is estimated to be growing at a CAGR of 20.8% from the year 2016 to 2025.
Analyst Perspective:
The wearable technology market has witnessed substantial growth in recent years, driven by technological advancements, growing awareness of fitness and wellness, and the increasing demand for healthcare gadgets in healthcare facilities. Wearable products incorporate advanced features and functionalities to enhance the overall consumer experience. One of the major factors driving the wearable technology market is the growing internet and mobile penetration.
The wearable technology market growth is driven by the growing penetration of smartphones, mobile devices, tablets, and devices used for Machine-to-Machine communications, growing business models and evolving software ecosystems. Almost all standard wearable devices are paired with smartphones, which have become the primary part of wearable technology user’s day-to-day life. Wearable technology products such as smartwatches are mainly synced with smartphones, helping end-users to check messages and attend calls without taking out their smartphones. Nowadays, companies like Samsung, OnePlus, and others are launching smartphones with corresponding wearable devices to provide end users with enhanced experiences.
Market Overview:
Wearable technology is one of the most well-known advancements, integrating technology with regular accessories, enabling users to make their lives easier. It helps the users in achieving their goals. These wearable devices are projected to benefit the different classes of people in their daily lives. Currently, people are living in a highly connected and networked world. Most of the population globally have internet access and possess mobile devices. People increasingly use mobile devices for various purposes, such as knowledge exploration, communication, shopping, entertainment, etc. In addition, rising urbanization and increasing consumer disposable income are major drivers expected to fuel the adoption of smartphones and wearable devices connected over the internet.
Growing machine-to-machine (M2M) communication due to improvements in sensor technology and easily accessible high-speed networks are finding high applications in various sectors, such as manufacturing, electronics, and other sectors. The rise in connected devices and expanding M2M communication affect the development of wearable devices and technologies. A range of wearable devices, such as industrial safety devices and health monitoring devices, are experiencing an optimistic adoption rate, as they offer end users improved real-time actionable data and enhanced operational efficiency of the device. The wearable technology market is experiencing increasing numbers of new entrants providing highly innovative, advanced and different varieties of wearable solutions at competitive prices. Increasing demands and designing innovations in wearable fashion accessories, such as smart luxury watches, rings, bracelets, necklaces etc., are also driving the wearable technology market.
The wearable technology market’s supply chain analysis captures all the stages of manufacturing and supplying wearable technology products and solutions. The applications of the wearable technology market are segmented into infotainment, safety & security, industrial & military, healthcare & medical, fitness & wellness, and fashion & lifestyle. The raw materials used for manufacturing wearable devices and other hardware components include ICs, PCBs, power systems & batteries, sensors, electronic adhesives, textile materials, glasses, antennas, LED and other electronic components and materials. Some existing raw material suppliers and providers in the wearable technology market are Alpha-Fit, Adhesives Research and others that supply raw materials to the component manufacturers and integrators. The manufacturers and integrators then develop the final product and deliver it to the end users. The manufacturers and integrators of wearable technology also focus on vertical integration to improve their product offering via self-owned physical and online retail stores through various processes such as R&D, fabricating the device, quality control and test and standardization are used to manufacture various kinds of wearable technology solutions to meet the end-user requirements.
A wearable technology solution provider uses multichannel distribution systems such as online and offline channels. The entire system functions on internet connectivity. Few wearable technology providers also design web applications for mobile phones and other devices.
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Wearable Technology Market: Strategic Insights
Market Size Value in US$ 26.19 Billion in 2015 Market Size Value by US$ 170.91 Billion by 2025 Growth rate CAGR of 20.8% from 2016-2025 Forecast Period 2016-2025 Base Year 2016
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Wearable Technology Market: Strategic Insights
| Market Size Value in | US$ 26.19 Billion in 2015 |
| Market Size Value by | US$ 170.91 Billion by 2025 |
| Growth rate | CAGR of 20.8% from 2016-2025 |
| Forecast Period | 2016-2025 |
| Base Year | 2016 |
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Market Driver:
High adoption of wearable technology across various application areas and rising investment by the wearable ecosystem players to drive the growth of the wearable technology market.
Wearable technology encourages enormous potential for process advancement and advancing work effectiveness and efficiency. Wearable technology has wide application areas and can be used in various industries such as retail, medical and healthcare, manufacturing, fitness, etc. In the retail industry, wearable devices improve sales processes, customer experiences, and services. In the manufacturing industry, this technology helps provide hands-free guidance tools, which eventually help enhance the production process and streamline processes, improving the accuracy of information to lessen healthcare costs in medical facilities and centers significantly.
In recent years, several wearable technology market players worldwide and companies working towards delivering innovative and advanced wearable solutions have received high funding from various financial houses and established technology firms. For instance, in June 2023, Dubai-based Endefo, an electronic brand under the Ashtel Group of Companies, announced the plan to invest US$ 24.06 million (Rs 200 crore) in the Indian wearable technology market by the end of 2024.
In addition, according to the Department of Defense (DoD) in April 2023, the DoD is investing in wearable technology that can rapidly detect diseases. In partnership with the private sector, its Defense Innovation Unit (DIU) launched a wearable device that was successful during the pandemic in detecting infections. Now, it plans to expand its technological capabilities and develop advanced products. Moreover, other wearable technology market players have received high investments to develop technologically advanced and innovative wearable solutions further. Hence, the promising benefits of using wearable technology across various application areas and the high level of investment fueling the innovation that is projected to foster the global wearable technology market.
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Segmental Analysis:
Based on product type, the wearable technology market is segmented into smart clothing & smart glasses, sleep sensors, smart watches, activity monitors, augmented reality (AR) headsets, continuous glucose monitors (CGM), heart rate monitors (HRMs), drug delivery devices, hand-worn terminals, wearable patches, and jewelry.
Digital eyeglasses, also known as smart glasses, are wearable devices that allow the user to add information to what the user sees via an optical head-mounted display or AR overlay, which reflects the projected digital images and lets the wearer see through the device or see better with it. Google Glass is one of the leaders in smart glasses, and many market players are currently developing smart glasses. Some of the smart glass manufacturers have their own production houses. These smart glasses consist of features such as tiny lens space with the help of nanotechnology, AR, AI, camera, wireless technologies, and others, leading to their adoption by the end users.
Smart clothing or e-textiles, smart textiles or smart fabrics are the clothes that allow digital and electronic components to be embedded into them. These fabrics have been made with innovative and advanced technology to deliver value to the wearer. It comes under two categories, namely performance enhancing and aesthetic. Performance-enhancing fabrics help regulate the body temperature, control music vibration and decrease wind resistance, which enhances athletic comfort and performance, greatly impacting extreme sports, defense and athletics. Aesthetic, on the other hand, are the fabrics that can change color and collect energy from the environment by sound or heat, harnessing vibrations reacting to this input. Other fabrics include clothes developed and designed to safeguard against environmental hazards such as radiation.
Market players in wearable technology are developing such devices. For example, in May 2021, Nextiles launched smart fabrics that capture biometric and biomechanics data. They integrate traditional sewing techniques with PCBs to make comfortable material with sensors rooted within fabrics, such as everyday sportswear.
Regional Analysis:
According to global wearable technology market analysis, North America holds the largest market share. The market is propelled by the spreading awareness of fitness and health, where wearable devices play a crucial role. The declining price of wearable devices, increased adoption among the end users and increasing competition and advancement in technology make wearable technologies economical. Further, growing demand for several application sectors, such as wearable technology for healthcare, security and fitness, is fostering the demand for wearable technology in North America.
The rising adoption of tablets and smartphones supports integrating smartphones with wearable devices. The wear segment in the wearable technology market captures the largest share and is predicted to lead the market during the forecast period. The launch of smartwatches by companies such as Nike, Apple, and Samsung, among others, has influenced the market's growth. For instance, in July 2023, Biostrap launched a new Kairos wearable device wrist-worn digital health monitoring device for data visualization of the autonomic nervous system. As North America is an early adopter of technologies, it has wide penetration for wearable technologies. The main reason for the region's dominance is the passion to maintain a healthy lifestyle in North American countries, mainly in the US and Canada. Also, continuous technological advancement, high disposable income and purchasing power in this region fuel the development of the North American wearable technology market.
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Key Player Analysis:
The Wearable Technology Market analysis consists of the players such as Fitbit Inc., Xiaomi Inc., Apple Inc., Garmin Ltd., Samsung Electronics Co., Adidas Group, Google Inc., Intel Corporation, Jawbone, Koninklijke Philips N.V., LG Electronics Inc., Medtronic, Inc., Microsoft Corporation, Nike, Inc., Pebble Technology Corporation, Qualcomm Inc., Sony Corporation, Suunto Oy are the top two players owing to the diversified product portfolio offered.
Recent Developments:
Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the wearable technology market. A few recent key market developments are listed below:
- In May 2020, GOQii announced the launch of the world’s first smart wristband with sensors to detect body temperature during the pandemic. It helped to detect the early symptoms of coronavirus.
- In May 2023, Nodis unveiled smart glass technology with instantly electrically switchable color, infrared filtering, and tinting.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Products and Applications
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Table of Contents
1.1 List of Tables
1.2 List of Figures
2 Introduction
2.1 TIP Research Report Guidance
3 Key Takeaways
4 Wearable Technology Market Landscape
4.1 Overview
4.2 Definitions
4.3 Value Chain Analysis
5 Wearable Technology Market - Key Industry Dynamics
5.1 Key Market Drivers
5.2 Key Market Restraints
5.3 Key Market Opportunities
5.4 Future Trends
6 Wearable Technology Market - Five Forces Analysis
6.1 Overview
6.2 Global Wearable Technology Market - Five Forces Analysis
7 Global Wearable Technology Market Analysis
7.1 Global Sales Revenue and Forecasts to 2025
7.2 Global Wearable Technology Market, Competitive Landscape
7.2.1 Market Share or Market Positioning of Key Players, 2014
8 Global Wearable Technology Market Revenue and Forecasts to 2025 - Applications
8.1 Overview
8.1.1 Segment Share (%), 2014 & 2025
8.2 Infotainment
8.3 Fitness & Wellness
8.4 Healthcare & Medical
8.5 Industrial & Military
8.6 Safety & Security
8.7 Fashion & Lifestyle
9 Global Wearable Technology Market Revenue and Forecasts to 2025 - Products
9.1 Overview
9.1.1 Segment Share (%), 2014 & 2025
9.2 Smart Clothing & Smart Glasses
9.3 Sleep Sensors
9.4 Smart Watches
9.5 Activity Monitors
9.6 Augmented Reality Headsets
9.7 Continuous Glucose Monitor
9.8 Heart Rate Monitors (HRMs)
9.9 Drug Delivery Devices
9.10 Hand Worn Terminals
9.11 Wearable Patches
9.12 Jewelries (Ring, Bracelets, Neck Pieces, Pendants, Earrings, Clutches, etc.)
10 Global Wearable Technology Market Revenue and Forecasts to 2025 - Geographical Analysis
10.1 Overview
10.1.1 Segment Share (%), 2014 & 2025
10.2 North America
10.2.1 U.S.
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 France
10.3.2 Germany
10.3.3 Italy
10.3.4 Spain
10.3.5 UK
10.3.6 Rest of Europe
10.4 Asia Pacific (APAC)
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 Rest of APAC
10.5 Middle East & Africa (MEA)
10.5.1 Saudi Arabia
10.5.2 cUAE
10.5.3 South Africa
10.5.4 Rest of MEA
10.6 South America (SAM)
10.6.1 Brazil
10.6.2 Rest of SAM
11 Global Wearable Technology Market, Key Company Profiles
11.1 Google Inc.
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Financial Overview
11.1.4 SWOT Analysis
11.1.5 Key Developments
11.2 Nichia
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Financial Overview
11.2.4 SWOT Analysis
11.2.5 Key Developments
11.3 Apple Inc.
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Financial Overview
11.3.4 SWOT Analysis
11.3.5 Key Developments
11.4 Nike Ltd.
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Financial Overview
11.4.4 SWOT Analysis
11.4.5 Key Developments
11.5 Microsoft Cooperation
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Financial Overview
11.5.4 SWOT Analysis
11.5.5 Key Developments
11.6 Xiaomi Inc.
11.6.1 Key Facts
11.6.2 Business Description
11.6.3 Financial Overview
11.6.4 SWOT Analysis
11.6.5 Key Developments
11.7 Adidas Group
11.7.1 Key Facts
11.7.2 Business Description
11.7.3 Financial Overview
11.7.4 SWOT Analysis
11.7.5 Key Developments
11.8 Sony Cooperation
11.8.1 Key Facts
11.8.2 Business Description
11.8.3 Financial Overview
11.8.4 SWOT Analysis
11.8.5 Key Developments
11.9 Zephyr Technology
11.9.1 Key Facts
11.9.2 Business Description
11.9.3 Financial Overview
11.9.4 SWOT Analysis
11.9.5 Key Developments
11.10 Suunto Oy
11.10.1Key Facts
11.10.2Business Description
11.10.3Financial Overview
11.10.4SWOT Analysis
11.10.5Key Developments
11.11 Medtronic
11.11.1Key Facts
11.11.2Business Description
11.11.3Financial Overview
11.11.4SWOT Analysis
11.11.5Key Developments
11.12 Garmin International Inc.
11.12.1Key Facts
11.12.2Business Description
11.12.3Financial Overview
11.12.4SWOT Analysis
11.12.5Key Developments
11.13 Eurotech S.p.A.
11.13.1Key Facts
11.13.2Business Description
11.13.3Financial Overview
11.13.4SWOT Analysis
11.13.5Key Developments
11.14 Fitbit Inc.
11.14.1Key Facts
11.14.2Business Description
11.14.3Financial Overview
11.14.4SWOT Analysis
11.14.5Key Developments
11.15 Cerora Inc.
11.15.1Key Facts
11.15.2Business Description
11.15.3Financial Overview
11.15.4SWOT Analysis
11.15.5Key Developments
11.16 CuteCircuit Ltd.
11.16.1Key Facts
11.16.2Business Description
11.16.3Financial Overview
11.16.4SWOT Analysis
11.16.5Key Developments
11.17 Mio Global
11.17.1Key Facts
11.17.2Business Description
11.17.3Financial Overview
11.17.4SWOT Analysis
11.17.5Key Developments
11.18 Epson America Inc.
11.18.1Key Facts
11.18.2Business Description
11.18.3Financial Overview
11.18.4SWOT Analysis
11.18.5Key Developments
12 Appendix
12.1 About TIP
12.2 Glossary of Terms
12.3 Methodology
12.3.1 Coverage
12.3.2 Secondary Research
12.3.3 Primary Research
12.4 Contact Us
12.5 Disclaimer
List of Tables
Table 1: Number of Connected Devices 28
Table 2: Wearable Technology Market - Porters Five Forces Analysis 36
Table 3: Global Wearable Technology Market Revenue (US$ Bn), 2014 - 2025 39
Table 4: North America Wearable Technology Revenue and Forecasts to 2025 - By Product (US$ Bn) 72
Table 5: North America Wearable Technology Market Revenue and Forecasts to 2025 - By Application (US$ Bn) 74
Table 6: Europe Wearable Technology Revenue and Forecasts to 2025 - By Product (US$ Bn) 84
Table 7: Europe Wearable Technology Revenue and Forecasts to 2025 - By Application (US$ Bn) 86
Table 8: Asia Pacific Wearable Technology Market Revenue and Forecasts to 2025 - By Product (US$ Bn) 95
Table 9: Asia Pacific Wearable Technology Market Revenue and Forecasts to 2025 - By Application (US$ Bn) 97
Table 10: Middle East & Africa Wearable Technology Market Revenue and Forecasts to 2025 - By Product (US$ Bn) 105
Table 11: Middle East & Africa Wearable Technology Market Revenue and Forecasts to 2025 - By Application (US$ Bn) 107
Table 12: South America Wearable Technology Market Revenue and Forecasts to 2025 - By Product (US$ Bn) 113
Table 13: South America Wearable Technology Market Revenue and Forecasts to 2025 - By Application (US$ Bn) 115
Table 14: adidas Group, Key Facts, 2015 116
Table 15: adidas Group, SWOT Analysis 118
Table 16: Apple, Inc. Key Facts, 2015 121
Table 17: Apple, Inc. SWOT Analysis 123
Table 18: Fitbit Inc., Key Facts, 2015 126
Table 19: Fitbit Inc., SWOT Analysis 128
Table 20: Garmin International Inc., Key Facts, 2015 131
Table 21: Garmin International Inc., SWOT Analysis 133
Table 22: Google, Inc. Key Facts, 2015 136
Table 23: Google, Inc. SWOT Analysis 138
Table 24: Intel Corporation, Key Facts, 2015 141
Table 25: Intel Corporation, SWOT Analysis 143
Table 26: Jawbone, Key Facts, 2015 146
Table 27: Jawbone, SWOT Analysis 147
Table 28: Koninklijke Philips N.V., Key Facts, 2015 150
Table 29: Koninklijke Philips N.V., SWOT Analysis 152
Table 30: LG Electronics, Inc., Key Facts, 2015 155
Table 31: LG Electronics, Inc., SWOT Analysis 157
Table 32: Medtronic, Inc., Key Facts, 2015 160
Table 33: Medtronic, Inc., SWOT Analysis 162
Table 34: Microsoft Corporation, Key Facts, 2015 164
Table 35: Microsoft Corporation, SWOT Analysis 166
Table 36: Nike, Inc., Key Facts, 2015 169
Table 37: Nike, Inc. SWOT Analysis 171
Table 38: Pebble Technology Corporation, Key Facts, 2015 173
Table 39: Pebble Technology Corporation, SWOT Analysis 174
Table 40: Qualcomm, Inc., Key Facts, 2015 177
Table 41: Qualcomm, Inc., SWOT Analysis 179
Table 42: Samsung Electronics Co., Ltd., Key Facts, 2015 181
Table 43: Samsung Electronics Co., Ltd., SWOT Analysis 183
Table 44: Sony Corporation, Key Facts, 2015 186
Table 45: Sony Corporation, SWOT Analysis 188
Table 46: Suunto Oy, Key Facts, 2015 191
Table 47: Suunto Oy, SWOT Analysis 193
Table 48: Xiaomi Inc., Key Facts, 2015 196
Table 49: Xiaomi Inc., SWOT Analysis 197
Table 50: TAG Heuer, Key Facts, 2015 200
Table 51: TAG Heuer, SWOT Analysis 202
Table 52: Glossary of Terms, Wearable Technology Market 204
List of Figures
Figure 1: Wearable Technology Market, Global Revenue (US$ Bn), 2015 & 2025 18
Figure 2: Wearable Technology Market Segmentation 21
Figure 3: Wearable Technology Market Segmentation 22
Figure 4: Wearable Technology Market - Supply Chain Analysis 24
Figure 5: Global Mobile Devices, 2015 26
Figure 6: Global Mobile Devices, 2020 27
Figure 7: Wearable Technology Market, Patents Registered 34
Figure 8: Wearable Technology Market - Porters Five Forces Analysis 36
Figure 9: Global Wearable Technology Market Revenue (US$ Bn), 2014 - 2025 39
Figure 10: Global Wearable Technology Market - Market Share of Key Players, 2015 40
Figure 11: Global Wearable Technology Market Breakdown By Product, 2015 (%) 43
Figure 12: Global Wearable Technology Market Breakdown By Product, 2025 (%) 43
Figure 13: Global Smart Clothing & Smart Glasses Market Revenue and Forecasts to 2025 (US$ Bn) 45
Figure 14: Global Sleep Sensors Market Revenue and Forecasts to 2025 (US$ Bn) 46
Figure 15: Global Smart Watches Market Revenue and Forecasts to 2025 (US$ Bn) 47
Figure 16: Global Activity Monitors Market Revenue and Forecasts to 2025 (US$ Bn) 48
Figure 17: Global Augmented Reality Headsets Market Revenue and Forecasts to 2025 (US$ Bn) 49
Figure 18: Global Continuous Glucose Monitor Market Revenue and Forecasts to 2025 (US$ Bn) 50
Figure 19: Global Heart Rate Monitors (HRMs) Market Revenue and Forecasts to 2025 (US$ Bn) 51
Figure 20: Global Drug Delivery Devices Market Revenue and Forecasts to 2025 (US$ Bn) 52
Figure 21: Global Hand Worn Terminals Market Revenue and Forecasts to 2025 (US$ Bn) 53
Figure 22: Global Wearable Patches Market Revenue and Forecasts to 2025 (US$ Bn) 54
Figure 23: Global Jewelries Market Revenue and Forecasts to 2025 (US$ Bn) 55
Figure 24: Global Wearable Technology Market Breakdown By Application, 2015 (%) 56
Figure 25: Global Wearable Technology Market Breakdown By Application, 2025 (%) 56
Figure 26: Global Infotainment Market Revenue and Forecasts to 2025 (US$ Bn) 57
Figure 27: Global Fitness & Wellness Market Revenue and Forecasts to 2025 (US$ Bn) 59
Figure 28: Global Healthcare & Medical Market Revenue and Forecasts to 2025 (US$ Bn) 60
Figure 29: Global Industrial & Military Market Revenue and Forecasts to 2025 (US$ Bn) 61
Figure 30: Global Safety & Security Market Revenue and Forecasts to 2025 (US$ Bn) 62
Figure 31: Global Fashion & Lifestyle Market Revenue and Forecasts to 2025 (US$ Bn) 63
Figure 32: Wearable Technology Market, Global Breakdown by Regions, 2015 (%) 64
Figure 33: Wearable Technology, Global Breakdown by Regions, 2025 (%) 64
Figure 34: North America Wearable Technology Market Revenue and Forecasts to 2025 (US$ Bn) 66
Figure 35: North America Wearable Technology Market Breakdown by Key Countries, 2015 (%) 67
Figure 36: North America Wearable Technology Market Breakdown by Key Countries, 2025 (%) 67
Figure 37: U.S. Wearable Technology Market Revenue and Forecasts to 2025 (US$ Bn) 68
Figure 38: Canada Wearable Technology Market Revenue and Forecasts to 2025 (US$ Bn) 69
Figure 39: Mexico Wearable Technology Market Revenue and Forecasts to 2025 (US$ Bn) 70
Figure 40: North America Wearable Technology Market Breakdown By Product, 2015 (%) 71
Figure 41: North America Wearable Technology Market Breakdown By Product, 2025 (%) 71
Figure 42: North America Wearable Technology Market Breakdown By Application, 2015 (%) 73
Figure 43: North America Wearable Technology Market Breakdown By Application, 2025 (%) 73
Figure 44: Europe Wearable Technology Market Revenue and Forecasts to 2025 (US$ Bn) 75
Figure 45: Europe Wearable Technology Market Breakdown By Key Countries, 2015 (%) 76
Figure 46: Europe Wearable Technology Market Breakdown By Key Countries, 2025 (%) 76
Figure 47: France Wearable Technology Market Revenue and Forecasts to 2025 (US$ Bn) 77
Figure 48: Germany Wearable Technology Market Revenue and Forecasts to 2025 (US$ Bn) 78
Figure 49: Italy Wearable Technology Market Revenue and Forecasts to 2025 (US$ Bn) 79
Figure 50: Spain Wearable Technology Market Revenue and Forecasts to 2025 (US$ Bn) 80
Figure 51: U.K Wearable Technology Market Revenue and Forecasts to 2025 (US$ Bn) 81
Figure 52: Rest of Europe Wearable Technology Market Revenue and Forecasts to 2025 (US$ Bn) 82
Figure 53: Europe Wearable Technology Market Breakdown By Product, 2015 (%) 83
Figure 54: Europe Wearable Technology Market Breakdown By Product, 2025 (%) 83
Figure 55: Europe Wearable Technology Market Breakdown By Application, 2015 (%) 85
Figure 56: Europe Wearable Technology Market Breakdown By Application Market, 2025 (%) 85
Figure 57: Asia Pacific Wearable Technology Market Revenue and Forecasts to 2025 (US$ Bn) 87
Figure 58: Asia Pacific Wearable Technology Market Breakdown by Key Countries, 2015 (%) 88
Figure 59: Asia Pacific Wearable Technology Market Breakdown by Key Countries, 2025 (%) 88
Figure 60: Australia Wearable Technology Market Revenue and Forecasts to 2025 (US$ Bn) 89
Figure 61: China Wearable Technology Market Revenue and Forecasts to 2025 (US$ Bn) 90
Figure 62: India Wearable Technology Market Revenue and Forecasts to 2025 (US$ Bn) 91
Figure 63: Japan Wearable Technology Market Revenue and Forecasts to 2025 (US$ Bn) 92
Figure 64: Rest of APAC Wearable Technology Market Revenue and Forecasts to 2025 (US$ Bn) 93
Figure 65: Asia Pacific Wearable Technology Market Breakdown By Product, 2015 (%) 94
Figure 66: Asia Pacific Wearable Technology Market Breakdown By Product, 2025 (%) 94
Figure 67: Asia Pacific Wearable Technology Market Breakdown By Application, 2015 (%) 96
Figure 68: Asia Pacific Wearable Technology Market Breakdown By Application, 2025 (%) 96
Figure 69: MEA Wearable Technology Market Revenue and Forecasts to 2025 (US$ Bn) 98
Figure 70: Middle East & Africa Wearable Technology Market Breakdown by Key Countries, 2015 (%) 99
Figure 71: Middle East & Africa Wearable Technology Market Breakdown by Key Countries, 2025 (%) 99
Figure 72: South Africa Wearable Technology Market Revenue and Forecasts to 2025 (US$ Bn) 100
Figure 73: Saudi Arabia Wearable Technology Market Revenue and Forecasts to 2025 (US$ Bn) 101
Figure 74: UAE Wearable Technology Market Revenue and Forecasts to 2025 (US$ Bn) 102
Figure 75: Rest of MEA Wearable Technology Market Revenue and Forecasts to 2025 (US$ Bn) 103
Figure 76: Middle East & Africa Wearable Technology Market Breakdown By Product, 2015 (%) 104
Figure 77: Middle East & Africa Wearable Technology Market Breakdown By Product, 2025 (%) 104
Figure 78: Middle East & Africa Wearable Technology Market Breakdown By Application, 2015 (%) 106
Figure 79: Middle East & Africa Wearable Technology Market Breakdown By Application, 2025 (%) 106
Figure 80: South America Wearable Technology Market Revenue and Forecasts to 2025 (US$ Bn) 108
Figure 81: South America Wearable Technology Market Breakdown by Key Countries, 2015 (%) 109
Figure 82: South America Wearable Technology Market Breakdown by Key Countries, 2025 (%) 109
Figure 83: Brazil Wearable Technology Market Revenue and Forecasts to 2025 (US$ Bn) 110
Figure 84: Rest of SAM Wearable Technology Market Revenue and Forecasts to 2025 (US$ Bn) 111
Figure 85: South America Wearable Technology Market Breakdown By Product, 2015 (%) 112
Figure 86: South America Wearable Technology Market Breakdown By Product, 2025 (%) 112
Figure 87: South America Wearable Technology Market Breakdown By Application, 2015 (%) 114
Figure 88: South America Wearable Technology Market Breakdown By Application 2025 (%) 114
Figure 89: adidas Group, Annual Revenue (US$ Bn) 117
Figure 90: adidas Group Gross Profit (US$ Bn) and R&D Expenses (US$ Bn) 117
Figure 91: Apple, Inc. Annual Revenue (US$ Bn) 122
Figure 92: Apple, Inc. Gross Profit (US$ Bn) and R&D Expenses (US$ Bn) 122
Figure 93: Fitbit Inc. Annual Revenue (US$ Bn) 127
Figure 94: Fitbit Inc. Gross Profit (US$ Mn) and R&D Expenses (US$ Mn) 127
Figure 95: Garmin International Inc., Annual Revenue (US$ Bn) 132
Figure 96: Garmin International Inc., Gross Profit (US$ Bn) and R&D Expenses (US$ Bn) 132
Figure 97: Google, Inc. Annual Revenue (US$ Bn) 137
Figure 98: Google, Inc. R&D Expenses (US$ Bn) 137
Figure 99: Intel Corporation, Annual Revenue (US$ Bn) 142
Figure 100: Intel Corporation, R&D Expenses (US$ Bn) 142
Figure 101: Koninklijke Philips N.V., Annual Revenue (US$ Bn) 151
Figure 102: Koninklijke Philips N.V., R&D Expenses (US$ Bn) 151
Figure 103: LG Electronics, Inc., Annual Revenue (US$ Bn) 156
Figure 104: LG Electronics, Inc., Gross Profit (US$ Bn) and R&D Expenses (US$ Bn) 156
Figure 105: Medtronic, Inc., Annual Revenue (US$ Bn) 161
Figure 106: Medtronic, Inc., Gross Profit (US$ Bn) and R&D Expenses (US$ Bn) 161
Figure 107: Microsoft Corporation, Annual Revenue (US$ Bn) 165
Figure 108: Microsoft Corporation, R&D Expenses (US$ Bn) 165
Figure 109: Nike, Inc., Annual Revenue (US$ Bn) 170
Figure 110: Nike, Inc., Gross Profit (US$ Bn) 170
Figure 111: Qualcomm, Inc., Annual Revenue (US$ Bn) 178
Figure 112: Qualcomm, Inc., R&D Expenses (US$ Bn) 178
Figure 113: Samsung Electronics Co., Ltd., Annual Revenue (US$ Bn 182
Figure 114: Samsung Electronics Co., Ltd., R&D Expenses (US$ Bn) 182
Figure 115: Sony Corporation, Annual Revenue (US$ Bn) 187
Figure 116: Sony Corporation, R&D Expenses (US$ Bn) 187
Figure 117: Amer Sports Corporation, Annual Revenue (US$ Bn) 192
Figure 118: Amer Sports Corporation, R&D Expenses (US$ Bn) 192
Figure 119: LVHM, Annual Revenue (US$ Bn) 201
Figure 120: LVHM Operating Profit (US$ Bn) 201
The List of Companies
- Google Inc.
- Nichia
- Apple Inc.
- Nike Ltd.
- Microsoft Cooperation
- Xiaomi Inc.
- Adidas Groups
- Sony Cooperation
- Zephyr Technology
- Suunto Oy
- Medtronic
- Garmin International Inc.
- Eurotech S.p.A.
- tbit Inc.
- Cerora Inc.
- CuteCircuit Ltd.
- Mio Global
- Epson America Inc.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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