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According to a new market report published by Transparency Market Research "Wearable Technology Market - Global Scenario, Trends, Industry Analysis, Size, Share and Forecast, 2012- 2018," the global wearable technology market stood at USD 750.0 million in 2012 and is expected to reach USD 5.8 billion in 2018, at a CAGR of 40.8% from 2012 to 2018. North America is expected to maintain its lead position at 43.0% of the global wearable technology revenue share in 2018 followed by Europe.
Wearable technology market is in early stage of evolution with growing adoption in various end-use segments such as fitness and wellness, healthcare and medical, industrial and military and infotainment sectors. Wearable fitness and wellness products include smart clothing, activity monitors, sleep sensors and others; whereas the infotainment segment includes smart watches, smart glasses and heads-up displays among others. On the other hand, products like continuous glucose monitors (CGM), drug delivery, and wearable patches are being predominantly used in healthcare and medical sector. Hand worn terminals, heads-up displays and other such products are being used in the industrial and military settings.
Among all the wearable technology end use segments, the healthcare and medical segment held the largest revenue share followed by fitness and wellness in 2012. However, in 2018, the infotainment segment is expected to surpass the fitness and wellness segment driven by robust growth of smart watches and smart glasses. The healthcare and medical segment accounted for about 35.1% of the overall wearable technology market in 2012 primarily due to the rising aging population and increase in diabetic population.
Wearable technology is driven by factors like compactness, portability and easy use along with the multi-functionality and increasing applications of these products in various sectors. The increasing adoption of such technically advanced products among youth coupled with increasing demand for real time and actionable data will also fuel the growth of the wearable technology market. However, factors including high price and lack of consumer awareness are expected to hinder the market growth.
North America led the wearable technology market growth with high adoption rate and better consumer awareness in the region. The North America region contributed over 2/5th of the global wearable technology market revenue and will consolidate its lead position during the forecast period. Europe and Asia Pacific region will collectively account for about 49% of the market revenue by 2018.
The company profiles of major players namely Medtronic, Adidas, Abbott, Nike, Eurotech, Garmin International Inc., Sony, Suunto, Google and Zephyr have been included in this report. Our company profiles provide company overview, business overview and strategy adopted by companies, financial overview, and their recent developments which will be helpful in assessing the competition in the market.
We have used secondary research for deriving our market numbers for each segment of the research report and further validated our analysis with C-level executives of major companies operating in the wearable technology market through means of primary research to finally come up with our results. This research is specially designed to estimate and analyze the performance of wearable technology in a global scenario. The research provides in-depth analysis of wearable technology, historical data and statistically refined forecast for the segments covered. The study presents a comprehensive assessment of the stakeholder strategies, winning imperatives for them by segmenting the global wearable technology market as below:
Wearable technology market segmentation
Fitness and Wellness Smart clothing and smart sports glasses Activity monitors Sleep sensors Others Infotainment Smart watches Augmented reality headsets Smart glasses Others Healthcare and Medical Continuous Glucose Monitor Drug delivery Monitors Wearable patches Others Industrial and Military Hand worn terminals Augmented reality headsets Others
The geographies covered in this report include
North America Europe Asia Pacific Rest of the World (RoW).
Featured Case Study
John Charles is the CIO of California State University, East Bay (CSUEB) and Rich Avila is Director, Server & Network Operations. In late 2007 they were both looking down the barrel of a gun. The total amount of power being used in the data center was 67KVA. The maximum power from the current plant was 75kVA. PG&E had informed them that no more power could be delivered. They would be out of power in less than six months. A new data center was planned, but would not be available for two years.
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A main impediment to storage virtualization is the lack of multiple storage vendor (heterogeneous) support within available virtualization technologies. This inhibits deployment across a data center. The only practical approach is either to implement a single vendor solution across the whole of the data center (practical only for small and some medium size data centers) or to implement virtualization in one or more of the largest storage pools within a data center.