Wearable Sensor Market Growing at a CAGR of 45.2% From 2014 to 2020
Global wearable sensors market was valued at USD 70 million in 2014, growing at a CAGR of 45.2% from 2014 to 2020. Wearable sensor is one of the most important components of wearable technologies. Wearable sensors are embedded into wide range of wearable devices enabling it with various sensing functions including image sensing, pressure sensing, motion sensing and temperature sensing among others. It is incorporated in wearable devices which can be categorized into: wrist wear, body wear, eye wear and foot wear among others.
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The global wearable sensors market is segmented by regions into North America, Europe, Asia Pacific (APAC) and Rest of the World (RoW). The growth of wearable sensors market is primarily driven by the increasing demand for wearable devices in health care and consumer electronics industry segment. Moreover, the growing application of wearable sensors in wearable health care devices has substantially raised the demand of wearable sensors. In addition, the lowering cost of raw materials required to manufacture wearable sensors have further contributed to the growth of wearable sensors market significantly.
In 2014, North America led the wearable sensors market and the region is expected to maintain its dominance throughout the forecast period. The adoption of wearable devices which includes, smart watches, fitness bands and wearable medical monitoring devices among others is leading to the growth of wearable sensors market in the region. Europe followed North America accounting for more than 38% of the global market revenue share. Asia pacific (APAC) and RoW are analyzed as niche markets for wearable sensors during the forecast period but are expected to grow significantly during the forecast period.
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The global wearable sensors market by sensor types is categorized into motion sensors, pressure sensors, temperature sensors, image sensors, position sensors, medical based sensors and others. The motion sensors had the highest market revenue share in 2014 and are expected to continue its dominance during the forecast period. Motion sensors find its applications in wide range of wearable devices but mainly include smart watches and fitness bands. Motion sensors are used to enable wearable devices with functionalities including accelerometer, gyroscope and magnetic sensors. Further medical based sensors which include pulse and temperature sensors are expected to grow significantly during the forecast period due to increasing adoption of sensors in wearable medical devices.
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Based on the application, the wearable sensors market is segmented into wrist wear, eye wear, foot wear, body wear and others. Wrist wear has the highest market revenue share contributing more than 46% of the global market followed by foot wear. Wrist wear wearable devices mainly include smart watches and fitness band. Various multinational giants like Microsoft, Apple and Nike among others are entering into the wearable wrist wear device market, leading to the growth of this application segment. In addition, body wear segment is analyzed to be the fastest growing application segment for wearable sensors.
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