Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
Wearable sensors are devices that collect input information about the physical and biological properties of the body and environment. Further this information is utilized to do calculations which yields output information. Wearable sensors are implanted in wearable devices to track fitness, environmental and health activities such as heart rate, blood pressure, body temperature, stress level, movements, speed, local temperature etc. Wearable sensors are used in many devices such as fitness watch, smart shoes, glasses, VR headsets, jewelry (rings), hearable, sleep mask, body wear and others. The key factors driving the global wearable sensors market are compact size, low cost and miniaturization of sensors. Further, technological integration of wearable sensors with textiles is emerging trend in the market. Compact and advanced product development and merger and acquisition are the major strategies which the companies have adopted from the past 4-5 years. Innovation of specific sensors such as PIQ Multi –Sport wearable sensor is expected to boost the wearable sensor market in the upcoming years.
The market of wearable sensors is anticipated to grow at considerable CAGR during the forecast period 2017-2024. The global wearable sensors market is expected to garner USD 1,943.68 million by 2024. Further, the market is expecting gigantic rise in the demand due to the miniaturization of sensors and advancement in healthcare industries. Further, the bolstering market of smartphones is going to augment the integrated wearable devices.
Currently, North-America and Europe region are the largest market occupying more than 60% market share in the global market. North-America is the leader in the global wearable sensor market and it is anticipated to maintain the dominance during the forecast period. Being a developed region, they encourage and adopt the new innovations and technologies. Moreover, rising concern towards health and fitness is another factor which is driving the market in North-America. European market captures the second place in the global wearable sensor market. With ongoing technological advancements and rise in demand of body wearable devices, Europe is expected to witness a robust growth in the global sensors market over the next five to six years.
On the other hand, Asia-Pacific is the swiftest emerging market of wearable sensors. The market of Asia-Pacific is driven by the increasing consumer awareness about the benefit and usage of wearable devices and low cost of sensors. In forecast period, Latin America is expected to showcase a remarkable rise in terms of demand for wearable sensors. Further, the Middle East and Africa is anticipated to witness a positive growth over the forecast period. Low cost of wearable sensors is the major factor which is driving the wearable sensors market in Latin America and The Middle East and Africa. CLICK TO DOWNLOAD SAMPLE REPORT
Based on region, global wearable sensors market id further classified as follows:
Low cost of sensors, evolving advancement of technologies and rising consumer awareness towards health are few factors which are driving the growth of global wearable sensors market. In addition to that, growing smart clothes technology is anticipated to boost the demand for wearable sensors. Moreover, rising healthcare sector and integration of new technologies like emergency cardiac arrest alarm and pre detection of diseases is expected to propagate the growth of wearable sensor market.
However, high cost of advanced technological sensors is likely to hamper the growth of wearable sensors market globally. Likewise, less awareness among the population towards smart wearable and low availability of wearable products in the market are also some of the major factors which re restraining the growth of global wearable sensor market.
Overview of the Parent Market
Analyst View
The Global Sensors Market is segmented as follows:
Market Dynamics
Supply & Demand Risk
Competitive Landscape
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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