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(Wireless-NewsWire.Com, May 21, 2018 ) According to Research Cosmos’ forecast, the overall wearable sensors market was valued at USD 189.4 Million in 2015 and is expected to reach USD 1,654.0 Million by 2022, growing at a CAGR of 30.14% between 2016 and 2022. The growth of this market is propelled by the increasing advancement toward smaller, smarter, and cheaper sensors, miniaturization trend in sensors, rising share of aging population, and mounting benefits of wearable devices in the healthcare sector. The market is further driven by advent of platforms such as IoT, AR, and M2M, growing interest of Tier I players in wearable ecosystem, and growing trend toward smart living among end users.
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This report covers the wearable sensors market based on type, application, vertical, and geography. In terms of type, pressure and force sensors are expected to hold a major market size during the forecast period. The growing usage of wearable devices such as smart watches and fitness bands is likely to drive the market for pressure and force sensors. These devices have created awareness among people to be fit and healthy by continuous monitoring of their health. Also, smart watches have an advantage of tracking the user’s outdoor activities such as trekking, cycling, and fishing. Thus, pressure and force sensors are widely used in many sectors such as consumer electronics, medical, and healthcare for a variety of applications such as smart shoes and smart socks.
The market for the bodywear application is expected to grow at the highest rate between 2016 and 2022. Rapid changes in terms of manufacturing technology, innovation, and technical advancements in various industries are expected to drive the market for the bodywear application. The significant growth of the bodywear segment can be attributed to the growing popularity among the youth and the increasing need for continuous health monitoring and safety in sports and industrial sectors.
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The market for the consumer goods vertical is expected to grow at the highest rate between 2016 and 2022. Applications such as fitness and sports, infotainment and multimedia, and garments and fashion are majorly considered under the consumer goods vertical. The increasing demand for smart gadgets and gaming devices for interactive gaming and entertainment in the consumer goods sector is driving the growth of the wearable sensors market for the consumer goods vertical.
North America is expected to hold the major share of the wearable sensors market between 2016 and 2022. The increased R&D in the field of wearable sensors, in terms of new and improved technologies, and the rising demand for improved lifestyle are the two crucial factors driving the market in this region. The increasing R&D capabilities are broadening the application areas of wearable sensors in different industries such as consumer electronics, healthcare, and entertainment.
The major challenges for the companies in the market are technical difficulties related to hardware and software and increased integration. The major vendors in the wearable sensors market include NXP Semiconductors N.V. (Netherlands), STMicroelectronics N.V. (Switzerland), TE Connectivity Ltd. (U.S.), Broadcom Limited (U.S.), Knowles Electronics, LLC. (U.S.), Analog Devices, Inc. (U.S.), Infineon Technologies AG (Germany), Asahi Kasei Corporation (Japan), Sensirion AG (Switzerland), InvenSense, Inc. (U.S.), Robert Bosch GmbH (Germany), Texas Instruments Incorporated (U.S.), Panasonic Corporation (Japan), mCube, Inc. (U.S.), ams AG (Austria), and ARM Holdings Plc. (U.K).
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