Wearable Technology Market Precise Outlook 2020- Samsung Group, Oculus VR LLC (Facebook), Alphabet Inc., Sony Corporation
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Aug 15, 2020 (Market Insight Reports) --
The Global Wearable Technology Market Research Report 2020-2025 is a valuable source of insightful data for business strategists. It provides the industry overview with growth analysis and historical & futuristic cost, revenue, demand, and supply data (as applicable). The research analysts provide an elaborate description of the value chain and its distributor analysis. This Market study provides comprehensive data that enhances the understanding, scope, and application of this report.
The Wearable Technology Market was valued at USD 27.91 billion in 2019 and is expected to reach USD 74.03 billion by 2025, at a CAGR of 17.65% over the forecast period 2020 – 2025.
Top Companies in the Global Wearable Technology Market are Samsung Group, Oculus VR LLC (Facebook), Alphabet Inc., Sony Corporation, HTC Corporation, Fitbit Inc., Xiaomi Inc., Apple Inc., Microsoft Corporation, DAQRI Company, AIQ Smart Clothing Inc and others.
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Key Market Trends
Head-Mounted Display is Expected to Witness Significant Growth
– Owing to augmented, virtual, and mixed reality, digital projections are overlaid to real-life objects, providing contextual information, and allowing users to manipulate their surroundings visually. While these technologies are possible through smartphones, tablets, and a host of other mediums, Head Mounted Displays (HMDs) have become more popular.
– Immersive HMDs are primarily used to experience virtual reality (VR) and augmented reality (AR). Mainstream usage by consumers has been limited due to cost, availability, ergonomics, unfashionable design, and other factors. The primary driver for AR HMDs is enterprise usage, where they are used internally as hands-free tools for business process improvement and training.
– Moreover, the gaming industry across the world is increasing. For instance, according to the Ministry of Science and ICT South Korea, VR and AR gaming in the country is expected to reach KRW 5.7 trillion by 2020. Similarly, in the MENA region, the market size of virtual reality gaming is expected to increase to USD 6000 million by 2020 from USD 181.59 million in 2017, according to The National (UAE).
– Major gaming console manufacturers like Nintendo and Microsoft have realized the potentiality of AR and are leading the charge. AR can free gamers from their world and usher them into the real world to play. For instance, Human Pac-Man is a game that allows the users to wear goggles and chase each other in real life, just resembling the characters in Pac-Man. Many gamers feel that just holding a mobile device is not good enough for AR gaming. Console devices can make it up to that, to an extent.
– A report survey conducted by Ericsson Consumer Lab (2019) on 7,000 people aged between 15-69 in Brazil, China, France, Japan, South Korea, the UK, and the US, indicated that two out of three participants were interested in immersive AR gaming. Around 32% of the users agreed that AR games would be more interesting if AR technology is combined with physical activity and exercise.
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What are the market factors that are explained in the report?
Executive Summary: It includes key trends of the global Wearable Technology market related to products, applications, and other crucial factors. It also provides an analysis of the competitive landscape and CAGR and market size of the global Wearable Technology market based on production and revenue.
Production and Consumption by Region: It covers all regional markets focusing on the research study. It discusses prices and key players besides production and consumption in each regional market.
Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the global Wearable Technology market.
Market Segments: This part of the report discusses product type and application segments of the global Wearable Technology market based on market share, CAGR, market size, and various other factors.
Research Methodology: This section discusses the research methodology and approaches Wearable Technology used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.
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