The global wearable sensors market is projected to witness a considerable growth, at CAGR 32.4% during the forecast period attaining a market size of USD 4 billion by 2024. The primary factors responsible for the leading growth of the market include rise in usage of biosensors; increasing adoption of wireless sensing and continuous monitoring devices with the advent of technological platforms such as internet of things (IoT), virtual reality (VR) and augmented reality (AR); and surge in demand of compact and cost-effective sensors.
Market Report "Global Wearable Sensors Market – Analysis and Forecast (2018 – 2024)
Moreover, major players are inclining their focus towards the wearable sensing technology and incorporating it into their product portfolio to offer smart solutions to their consumers, which is boosting the market growth.
Based on type, the wearable sensors market is fragmented into medical based sensors, image sensors, motion sensors, pressure sensors, position sensors, inertial sensors and others. Among these, motion sensors lead the market by size and are also anticipated to witness a significant growth, at CAGR 33.1% during the forecast period. The advantages of motion sensors in monitoring and tracking have led to its increased usage across residential, commercial and varied industrial application.
During the forecast period, it is expected that the largest application area of wearable sensors will be bodywear. The incorporation of bodywear sensors across healthcare, electronic, and commercial industries is expected for the faster growth of the category during the forecast period. Apart from bodywear, wearable sensors find its application in wristwear, eyewear, footwear, neckwear, and others.
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On the basis of vertical, the wearable sensors market is categorized into industrial, consumer, healthcare and others. Consumer is estimated to lead as the fastest category during the forecast period, owing to the increasing demand of smart gadgets and wearables across sports, gaming, and clothing industry.
Asia-Pacific is expected to project the fastest growth in the wearable sensors industry during the forecast period. The increasing number of original equipment manufacturer (OEMs) across the region that focus on the development of cost-effective sensors using IMUs (inertial measurement unit) and MEMS (micro electro mechanical systems) technology is primarily driving the growth of wearable sensors market in APAC.
Some of the leading players in the wearable sensors industry include InvenSense, Inc., NXP Semiconductors N.V., Panasonic Corporation, Robert Bosch GmbH, STMicroelectronics N.V., Texas Instruments Incorporated, KIONIX, Inc. (ROHM Co., Ltd.), TE Connectivity Ltd., Analog Devices, Inc., ZOLL Medical Corporation (Asahi Kasei Corporation), and Infineon Technologies AG.
Global Wearable Sensors Market Coverage
Type Insight and Forecast 2014-2024
Application Insight and Forecast 2014-2024
Vertical Insight and Forecast 2014-2024
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