ALBANY, New York, September 11, 2018 /PRNewswire/ --
Transparency Market Research (TMR) observes that the global wearable sensor market has fragmented landscape. Some of the key players operating in the wearable sensors market are NXP Semiconductors N.V., Infineon Technologies AG, InvenSense, Inc., Freescale Semiconductor Inc., and Panasonic Corporation. These key players are focusing on the adoption of new technology to improve existing wearable devices to be used in numerous applications. The launch of smartwatches and other smart consumer devices are offering lucrative opportunities for players which is further intensifying the competition.
According to a report by Transparency Market Research (TMR), the global wearable sensor market stood at US$70 mn in 2014 and expected to expand with impressive CAGR of 45.20% over the forecast period from 2014 to 2020. Based on application, in 2013, wrist wear segment accounted for the majority of the share in terms of revenue and is expected to continue its dominance over the forecast period. Based on region, in 2014, North America dominated the global market for wearable sensor and is expected to continue its dominance over the forecast period. This growth is attributable to the increasing adoption of sensors in the smart wearable devices mainly to track various health parameters.
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Wide Applications of Wearable Sensors in Healthcare to Emerge as Key Growth Driver
Wearable sensors are used in the wearable devices which are worn by the individuals mainly for tracking information related to fitness and health factors. The sensors can be integrated to the clothes or other fashion accessories and can be contacted by the wired or wireless connections for monitoring the basic sings of the body such as heart rate, metabolic components, and their activity, and blood pressure. Furthermore, these are used in the diagnosis and observation of various treatments for diseases such as asthma, hypertension, and others. Rising awareness about health and fitness is augmenting adoption of the smart wearable devices. The aforementioned factors are fuelling growth of the global market for wearable sensor.
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Additionally, widening applications of wearable sensors across an increase in adoption of home and remote patient monitoring are augmenting adoption for patient monitoring and infant monitoring. Rising demand for these devices is expected to boost growth of the global wearable sensor market over the forecast period. In addition, ease of monitoring and gathering data by pairing with tablets and smartphones is further augmenting adoption which is likely to bolster the growth of the global wearable sensor market.
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Concerns over Privacy and Data Security to Hamper Growth
Despite these growth prospects, the high cost of wearable sensors and device hampering growth of the global wearable sensor market. Additionally, some of the concerns over privacy and data integrity are hampering growth of the market. Nevertheless, stringent regulations over the data security are helping to overcome the security concerns of numerous consumers. This factor is creating lucrative growth opportunities for key players over the forecast period.
This information is encompassed in the new report by TMR, titled "Wearable Sensor Market (Type - Motion Sensors, Pressure Sensors, Temperature Sensors, Image Sensors, Position Sensors, and Medical-Based Sensors; Application - Wrist Wear, Eye Wear, Foot Wear, and Body Wear)- Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020."
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For the study, the market has been segmented as follows:
- Motion Sensors
- Pressure Sensors
- Temperature Sensors
- Image Sensors
- Position Sensors
- Medical-Based Sensors
- Wrist Wear
- Eye Wear
- Foot Wear
- Body Wear
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
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