Wearable electronic devices are the products which are worn on the user’s body to increase day-to-day activities. These electronic devices use sensors to connect. Furthermore, it also contains advanced circuitry, wireless connectivity and a nominal level of independent processing capability. Several wearable electronic devices such as wrist bands, watches can also be used for recording videos and audios. Unlike the development of smartphones and tablets, wearable electronic devices have been well received by early adopters and are poised to grow into a leader of the consumer electronics market. The wearable devices market has several categories of personal devices, all of which are worn or attached to the body. The categories include smartwatches, head-mounted display, wearable cameras, Bluetooth headset, wristband, smart clothing, chest strap, sports watch, and others.
Some of the key factors contributing to the growth of this market include increasing consumer preference for sophisticated devices, growing demand for IoT and connected devices, easy communication convenience, and significant growth prospects on next-generation displays in wearable devices through innovations. In addition, the potential for data collection with wearable technology and providing insight for user interaction, an ever-growing number of apps, sleek designs in the areas of aesthetics, and rapid health monitoring with the help of these devices further expected to drive the market growth. Besides, technologists are using a combination of sensors, machine learning, and big data analysis to provide consumers more data about their bodies and lives than ever before. However, there are certain restraining factors associated with the market is expected to hinder the market growth, which includes the high cost of devices, design constraints, high power consumption, data security issues, and usage restrictions. On the other hand, advancement in technology and innovation in products are likely to generate the growth opportunity for wearable electronic devices market in upcoming years.
Geographically, North America is the leading contributor to the market and is expected to retain its position during the forecast period due to high awareness, better product availability, a well-connected distribution network and a large base of population with greater affordability to purchase and use wearable devices. Further, Asia Pacific is anticipated to be the fastest growing region owing to increasing internet mobility and high penetration of smartphones in countries such as China and India. These factors positively support the growth of this market in the Asia Pacific region.
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