Wearable electronics are accessories with advanced electronic technologies. Wearable devices are worn on the body, which enable wireless networking and mobile computing. These devices enable end-users to integrate computer in their daily activity and use technology to take advantage of advanced features and characteristics. Wearable electronics devices include product such as smart goggles, finger worn scanners, wrist wears such as wrist bands and electronics watches, foot wears namely fitness and sport shoes and athletic shoes, and others products such as neck-wear and head bands. Increasing proliferation of smart watches and smart glasses and their ability to share data with smart-phone are expected to drive the growth of wearable electronics market over the forecast period. However, high initial cost of these devices will restrict the growth of this market to some extent.
The wearable electronics market can be segmented into four major types into components, product, applications, and technology. The wearable electronics market can be segmented on the basis of types of components into seven major categories namely networking and positioning components, power supply components, sensing components, optoelectronic and display component, controls components and interface components.
On the basis of product the wearable electronics market can be segment into six categories namely wrist-wear, eye-wear, body-wear, foot-wear, neck wear and others (head-wear and finger wear). The wearable electronics market can be segmented on the basis of size of applications into four categories which include healthcare application, consumer application, industrial applications and commercial applications. On the basis of technology the market can be segmented into six categories namely display technologies, computing technologies, positioning technologies, networking technologies, speech recognition technology and sensor technologies. The market can also be segmented geographically into North America, Europe, Asia Pacific and Rest of the World (Latin America, Middle East and Africa).
Some of the key drivers of this market include increasing demand for sophisticated gadgets with advanced features, enhanced adoption of wearable electronic products in new applications and shifting trend towards communication and networking technologies for wearable electronics, which are the biggest revenue generators for wearable electronics market. The key restraints to this market are high initial cost, privacy concerns, and poor consumption, which are hindering the growth of this market.
Some of the key players in the wearable electronics market are Apple Inc., Adidas AG, Google Inc., AT & T Inc., Glassup SRL, Epson Corporation, Imprint Energy Inc., Infineon Technologies AG, Nike Inc., Shimmer Research Inc. and weartech S.L among others.