NEW YORK and HYDERABAD, India, February 5, 2015 /PRNewswire/ --
The wrist wearable devices refer to the specific category of devices in the wearable devices market that can be worn on the wrist. These devices are battery operated devices with various sensors integrated into them for carrying out specific monitoring and tracking activities. The report on Wrist Wearable Devices market has segmented the entire market based on types of products, applications and geography for an in-depth analysis.
Based on products, the wrist wearable devices market has been classified into four key categories including: Activity Trackers, Healthcare Monitors, Lifestyle Bands and Infotainment Devices while the emerging wrist wearable devices with niche market have been segmented into a separate section as Others. These categories are further sub-classified consisting of several products. The activity trackers comprises of sports and fitness trackers while healthcare monitors consists of blood glucose monitors, blood pressure monitors, hear rate monitors, pulse oximeters and many others. Lifestyle bands category contain smart bands, wrist chargers and sun-exposure monitors as key products while the infotainment devices has been segmented into smart watches, wearable keyboard, wearable computer, and wrist-worn music players. According to a recent market study from IndustryARC, the total market for these devices is projected to grow from $11.5 billion in 2014 to $35.8 billion with a CAGR of 19.2% for the forecast period 2015-2020.
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The net market for wrist wearable devices has also been classified into geographic regions including the Americas, Europe, Asia-Pacific and Rest of the World (RoW) to provide an extensive overview. These regions are further segmented into countries having a prominent share in the global wrist wearable devices market.
Wrist wearable device manufacturers have utilized mergers and acquisitions as well as product launches to augment entry into related markets and improve core competencies through additions in product portfolio as well as leveraging capabilities of acquired companies to gain a foothold in high growth markets. The product launches have played a key role in the growth of the major players as a whole, as the growing demand for connected wrist wearable devices both technological features as well as aesthetic design propels the companies to invest into R&D. Companies have also focused on R&D and innovation of new products to enter the growing wrist wearable devices market from related consumer electronics and Smartphone markets.
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Healthcare monitoring is a notable segment for wrist wearable devices market with high growth prospects in the future primarily due to the rising health concern and awareness and surging expenditure on medical diagnosis. FitBit Inc., Jawbone, Basis Science, Pebble Technology, Sony Corporation, Apple Inc. are some of the leading players in the wrist wearable devices market with many other companies having niche products in the development phase and are expected to create a volatility in the market across the globe.
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