Wearable Technology and IOT Wearable Device Market is foretold to witness lucrative business prospects owing to the ever-increasing demand for wearable devices.

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Wearable Technology and IOT Wearable Device
Market Scope Analysis, Growth, Trends, Forecast
2024
Nikita Godse
The global wearable technology and IoT wearable device market is foretold to witness
lucrative business prospects owing to the ever-increasing demand for wearable
devices. Wearable technology includes smart electronic devices that can be worn on
the body as accessories.
Wearable devices such as smart watches are a good example of Internet of Things. The
application base of wearable technology is expanding with the expansion of the
technology itself. Consumer electronics such as activity tracker and smart watch are
some prominent examples of wearable technology. Apart from applications in
consumer goods, wearable technology finds application in navigation systems,
healthcare, and advanced textiles.
Wearable devices are gaining traction due to their capability of identification and
security. For instance, badge worn at work places provide identification and security
features that are useful for work environment. Wearable devices could even include
biometric capabilities such as fingerprint identification to improve security of critical
accounts. Badges could also include location sensing capabilities in the event of an
emergency to prevent loss of life. A wearable bracelet is more reliable to obtain
indication of location in the event of an emergency as it is less likely to be left in a
jacket or in a handbag.
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The capability of health and fitness centered wearable devices is expanding. The
adoption of wearable devices for biometric readings such as heart rate, perspiration
levels, to complex measurements such as level of oxygen in the bloodstream is leading
to their increased availability. With further advancement in technology, wearable
devices could even be used to detect alcohol levels or for some other similar
measurements. The ability of wearable devices to sense, store, and track biometric
values could be another interesting possibility of these devices.
Wearable technology is regularly made known as one of the best application of the
(IOT) Internet of Things. The commodities that contain wearable innovation are
called wearable. Wearable technology consists of applicationa which includes smart
clothing, wearable cameras, smart glasses, wearable apps platforms, smart watches,
activity trackers, and health & happiness wearable. Wearable technology represents
clothing and individual accessories that integrate both computer and electronic
technologies. Gadgets from Fitbit and its associated organizations enable individuals
to track their exercise and health progress in before impossible ways. Smart watches
bring the ability of smartphones specifically to the wearer’s wrist. Wearable
technology offers several benefits like gathering information of the buying behavior of
a consumer with the help of smart glass, thereby reducing the cost incurred in
performing statistical surveys. Moreover, integration of wearable technology in
traditional business provides enhanced productivity and expanded work efficiency.
Wearable hardware that shoppers can display on their bodies has potential to change
the way of living. With the help of IOT, numerous wearable technologies and sensors
are expected to help individuals to interact with other devices and wireless nodes
around them.
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Technology companies are making their devices lighter, sleeker, smaller, and more
intuitive by perceiving the demands from the customers which is projected to drive
the growth of the wearable technology and IOT wearable device market in the forecast
period. There are enormous business opportunities where a considerable measure of
new and existing players are investing in the market and are teaming up with each
other to provide several services as well as products. Development of wearable
technology has been mainly driven by the level of market diffusion of smartphones
assisted by technological improvements of battery life and size. Nearly all ordinary
wearable devices are paired with smartphones these days. However, the wearable
technology and IOT wearable device market is witnessing a restraint in the form of
balancing the prices of the product and the growth of highly specialized wearable for
different body parts. Through wearable technology, individuals receive messages;
however, it does not allow to see it and reply to it. Also, it does not provide detailed
information to users on any activity. This is restraining the market for wearable
technology and IOT wearable device in regions. However, ongoing investments in
research and development will provide an opportunity to strengthen the wearable
technology and IOT wearable device market during the forecast period.
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The global wearable technology and IOT wearable device market has been segmented
by wearable type, product type, technology, component, application, and regions. By
wearable type, the market has been bifurcated into wearable smart textiles and
wearable non-textiles. The market can be categorized by product type into wrist wear,
headwear, and eyewear, footwear, neckwear, body wear, and other wearable
technology. On the basis of technology, the market is further divided into computer
technology, display technology, networking technology, positioning technology, and
sensor technology. According to components, the market is further divided into
software, services, and cloud & data analysis. By application, the market has been
bifurcated into consumer electronics, healthcare, enterprise and industrial
applications, and other applications. The wearable technology and IOT wearable
device market is divided into five regions namely North America, Europe, Asia Pacific,
Middle East & Africa (MEA), and South America.
Some of the vendors in the global wearable technology and IOT wearable device
market include Fitbit, Inc., Apple, Inc., Xiaomi Technology Co. Ltd., Garmin Ltd.,
Samsung Electronics Co., Ltd., Guangdong BBK Electronics Co., Ltd, Misfit Inc.,
Alphabet, Inc., LG Electronics Inc., Qualcomm Technologies, Inc., Adidas Group,
Sony Corporation, Jawbone, Inc., and Lifesense Group.
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