The global market for wearable sensor market is emerging at a rapid rate and is expected to experience a high level of competition among the leading players in the next few years, states a new study by Transparency Market Research. The rising adoption of wearable devices, including smart watches and several other intelligent consumer devices is anticipated to support the growth of the global market in the next few years. The rise in the investments for the research and development activities and innovations is projected to enhance the market development in the near future and offer potential growth opportunities for the new entrants in the coming few years. The leading players operating in the wearable sensor market across the globe are InvenSense, Inc. (U.S.), Analog Devices, Inc. (U.S.), Freescale Semiconductor Inc. (U.S.), Panasonic Corporation (Japan), Broadcom Corporation (U.S.), Infineon Technologies AG (Germany), and NXP Semiconductors N.V. (Netherlands).
According to the research report by Transparency Market Research, in 2014, the global wearable sensors market was worth US$70 mn. The market is predicted to register a whopping 45.20% CAGR between 2014 and 2020. Amongst the geographical segments, North America is expected to hold a massive share of the global wearable sensor market and exhibit a healthy growth rate in the next few years. In terms of product type, the wearable image sensor segment is likely to witness rapid growth in the next few years.
Growing Demand from Healthcare Segment to Drive Wearable Sensor Market
The rise in the popularity of smarter, smaller, and low-cost sensors is likely to encourage the growth of the global wearable sensor market in the coming years. The increasing geriatric population and the rising number of advantages of wearable devices, especially in the healthcare segment are projected to accelerate the development of the market throughout the forecast period. In addition to this, the rising number of connected devices and the rise in the trend of smart living are estimated to enhance the growth in the near future.
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Furthermore, the increasing popularity of miniaturization in sensors is another major aspect that is likely to propel the global wearable sensor market in the next few years. Moreover, the rise in the number of applications, thanks to the rising disposable income of consumers is projected to supplement the development of the wearable sensor market across the globe. The advent of new and advanced wearable devices and the rising adoption of artificial intelligence and the Internet of Things are further estimated to ensure the growth of the global wearable sensor market throughout the forecast period.
The global market for wearable sensor is estimated to face several challenges in the coming few years, owing to which the market might witness a slight downfall in the next few years. The exorbitant cost of the wearable devices and the rising issue related to the privacy and security are considered as the key factors restricting the development of the market. In addition to this, the rising integration and the technical constraints associated with the software and hardware are predicted to curb the growth of the wearable sensor market throughout the forecast period.