The increasing penetration and acceptance of smart devices have encouraged manufacturers to constantly integrate innovative features in smart wearable devices that can also be used along with tablets and PCs. This will create new opportunities of growth in the market. The integration of wearable sensors with applications in the medical industry is another opportunity for players to grow in the market. In the future, it is expected that these wearable devices would have the capacity to remind patients to take their medicines on time.
The use of wearable sensor technology for security purpose is possible in future as manufacturers create devices that can be used for access control and identification. A case in point would be Bionym. The company has created a bracelet based on the concept that a person’s ECG is unique. This concept can be developed further to strengthen security measures in banks, and will create growth opportunities for players in the global wearable sensors market.
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The introduction of smart devices and smart watches from leading companies such as Nike, Sony, and Samsung has created new growth opportunities in the global wearable sensor market. Some of the applications of wearable sensors are wrist wear, foot wear, body wear, and others. Over the past few years, leading players have been focusing on adopting high-end technologies for manufacturing high-quality wearable devices. In 2014, by application, the global wearable sensor market was led by the wrist-wear segment, which accounted for US$32.6 mn. The wrist-wear segment is predicted to expand at a 45.0% CAGR during the period between 2014 and 2020.
North America to Lead in Global Wearable Sensor Market in Future
According to the report, the global wearable sensors market is expected to be worth US$656.7 mn by 2020. By type, the motion sensor led in the market in the past and is expected to retain its leading position in the coming years. The segment is expected to account for 36.5% of the global wearable sensors market by 2020, followed by the medical based sensor segment. On the basis of application, the wrist wear segment was leading in the past and will continue to do so in the coming years. The segment will account for 46.2% of the global market by 2020. North America, followed by Europe, will lead in the global wearable sensors market in the coming years, predicts TMR.
Entry of Nike, Microsoft and Google in Market to Boost Demand for Sophisticated Gadgets
The use of multiple wearable sensors embedded in a single wearable device has increased, boosting the demand for these sensors. The entry of big companies such as Microsoft, Google, and Nike in the wearable device market is expected to boost the demand for these sensors. These companies are making sophisticated gadgets by making effective use of wearable sensors.
The demand for fitness and health monitoring wearable gadgets is also increasing, which will further aid the growth of the market. Additionally, the drop in the price of raw materials has enabled lower cost production of wearable devices, thus boosting sales. On the other hand, the global wearable device market is threatened by security issues. Ensuring security in wearable technology is vital as hackers can leak critical information.