Technical advancements in sensors and expanding application of wearable’s in brand engagement would create new growth opportunities in wearable electronics market.

Wearable technology is fast growing prominence across regions

Wearable technology has long been fascinating to technology enthusiasts for myriad reasons–all leading to transform human interaction interface with the technology. Market analysts do not consider this as yet another easily passable phase in electronics devices market; wearable have a range of application across sectors such as fitness, medical, gaming, lifestyle, and infotainment. The market is a game changer for many industries as well-transforming our day-to-day life in unimaginable ways.

The collection and collation of data through wearables has given brands owner gain a useful insight into the consumer’s behavior and create a highly focused communication strategy. Smart watches and bands are among the many wearable devices to monitor the fitness of individuals. Non-invasive devices such as implants and transplants have already started revolutionizing the healthcare industry.  Use of sensors in wearables devices to make highly programmable prosthetic limbs have endowed greater flexibility and control in movements and has transformed the wearable electronics market

Applications

Wearables has given us more power to consumers to provide them with useful information anytime that helped to lead a better life. Personalized wearables include sensor-equipped apparels and various medical devices that employ the cutting-edge 3D printing technology for personal adaptation. Marketers in collaboration with various technology companies are engaging in personalized advertising models, integrating them through various health and fitness applications, and creating touch points offline so that consumers can benefit through them. For instance, an Apple Watch allows the user to swipe through the airport without having to carry a boarding card. Some of the other popular wearable tech devices are Jawbone, Misfit, Fitbit, Withings, and Pebble. World over smart wearables are gaining prominence among marketers to take brand engagement to new levels.

Strategic landscape & market growth prospects

Collaborating with various wearable technology devices manufacturers can not only track consumer behavior patterns but unlock ample growth opportunities for brands owners in health, food, fitness and lifestyle sectors to make effective targeting strategy. Key technology players have integrated wearable technologies to form an integral part of the “Internet of things”- the natural progression for cloud technology.

High adoption rate of digital devices, convergence of high-end technologies, and increased penetration of wireless connectivity across regions are the key factors that would foster the market growth. Overall, the world wearable electronics market is forecast to reach $25.19 billion, growing at a significant pace to reach a volume of 142.6 million units by 2023. In terms of revenue, the market would grow at a CAGR of 26%, with Europe being the fastest growing region along the forecast period.