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Global Industry Insight: Wearable Sensors Market Development and Demand Forecast to 2020
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The global wearable sensors market is increasing at a steady rate due to advancements in sensor technologies, wireless communication, power supply technologies and others. The global wearable sensors market was valued at $157 million in 2014. With the increase in innovation techniques, the global wearable sensors market is expected to grow at a CAGR of 46.6% during 2015 to 2020, to reach market size of $1,630.3 million by 2020. With increasing personal care and health consciousness, for tracking biometrics such as calories burnt, heart rate and others, the demand for wearable fitness trackers and other wearables are increasing. Rapid expansion of internet of things (IoT) is driving demand of wearable sensors devices in various application areas such as healthcare and fitness, consumer electronics and others. High power usage, privacy and security concerns, and technical difficulties are some of the major hindrance in wearable sensors market.
With the miniaturization of sensors and continuous on-chip integration of sensors, such as image sensor, motion sensor, proximity sensor and others, the demand of wearable sensors market is growing. Whereas, the high prices of body and eye wears are limiting the growth of sensors in wearables.
Based on types, the global wearable sensors market has been breakdown into motion sensors, image sensors, medical based sensors, position sensors, temperature sensors, inertial sensors, pressure sensors, and others. While the motion sensors had the largest share in the global wearable sensors market in 2014, the medical based sensors witnessed highest growth rate during the period 2012 to 2014.
The wearable sensors find application in various areas including smart wristwear, smart body-wears, smart foot-wears, smart glasses and other wearable devices. In terms of application, the smart wristwear contributed maximum revenues to the global wearable sensors market in 2014. The end-user industries of the wearable sensors include consumer applications, healthcare applications, enterprise & industrial, and others. The consumer applications accounted for the highest revenue in global wearable sensors market in 2014 and it is expected to witness a CAGR of 47.1% during the period 2015 to 2020.
The North American wearable sensors market holds the largest share in global wearable sensors compared to other regions. It is then followed by Europe and Asia-Pacific. High adoption of smart sensors in wearable is due to the high adoption rate of digital components in consumer electronics, smart textiles, fitness and sports market in North America. Large population and high obesity rate is further propelling the market growth of smart wearable devices in this region.
The growth of the European wearable sensors market is driven by several factors, such as the technological innovations leading to the introduction of new products, increasing incidences of chronic diseases and surging population of diabetic patients. Consumers of Europe are more likely to use either watches or health monitors on their wrists than gadgets that are built-in their clothes or eyewear. The Asia-Pacific region is estimated to be the fastest growing market for wearable sensors during the forecast period. The growth of wearable sensors market in this region is due to growing healthcare industry, consumer awareness towards health and fitness, coupled with technology and computing in daily life.
The major companies operating in the wearable sensors market include InvenSense, Inc., NXP Semiconductors, Panasonic Corporation, Robert Bosch GmbH, STMicroelectronics, Texas Instruments Incorporated, KIONIX, INC. (ROHM Co., Ltd.), Measurement Specialties, Inc., Analog Devices, Inc., ZOLL Medical Corporation (Asahi Kasei Corporation), Freescale Semiconductor, Inc., and Infineon Technologies AG.
Wearable Sensors Market Segmentation
Wearable Sensors Market by Application
Wearable Sensors Market by End-users
Wearable Sensors Market by Type
Wearable Sensors Market by Region