Wearable Sensors Market Poised for Rapid Expansion, Forecasted Worth $4.2 Billion by 2028

At a compound annual growth rate (CAGR) of 21.1%, the Wearable Sensors Market is expected to rise from USD 1.6 billion in 2023 to USD 4.2 billion by 2028.

Pune, 17/04/2024 (informazione.it - comunicati stampa - scienza e tecnologia)

The Wearable Sensors Market is expected to rise at a remarkable compound annual growth rate (CAGR) of 21.1% from its projected USD 1.6 billion in 2023 to an anticipated USD 4.2 billion by 2028.

The growing need for more affordable, more intelligent, and smaller sensors is a major factor driving this expansion. As wearable technology advances, there's been a noticeable shift towards smaller, more affordable, and more functional wearables. Wearable sensors continue to be essential for tracking and improving human performance, health, and well-being, and these developments are spurring innovation in a wide range of industries, including consumer electronics, healthcare, and fitness.

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Wearable Sensor Market Dynamics : 

Drivers: The increasing trend toward smaller, smarter, and cheaper sensors

The growing ubiquity of smart platforms such as the Internet of Things (IoT) and Machine-to-Machine (M2M) communication is driving a significant surge in the demand for sensors. There is a clear trend towards sensors with cutting-edge smart technology capabilities that are both reasonably priced and compact. The rise in demand is additionally driven by the widespread usage of smart mobile devices, including smartphones and tablets, which have helped lower the cost of sensors and made it easier to introduce cutting-edge, user-friendly next-generation sensors. Furthermore, over the past ten years, major technological advancements have resulted in a dramatic reduction in the size of various sensors, such as pressure, level, and image sensors.

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Opportunity: Increasing number of connected devices

The way that people use the Internet has changed significantly over the last five years; about one-third of people on the planet are now using faster Internet connections. Smart gadgets with Internet access are becoming more and more common, especially in developing countries, as a result of this increase in Internet usage. The use of smartphones has notably increased dramatically, with a growth rate of almost 25% recorded in 2014 alone. Smartphones are essential to the wearable technology ecosystem since they are commonly used as portable devices for tracking fitness and health, particularly by individuals 60 years of age and older as well as youngsters between the ages of 0 and 9. Furthermore, wearable technology has become an essential part of networks such as the Machine-to-Machine (M2M) and Internet of Things (IoT), propelling the global proliferation of devices that are connected.

Market for Gyroscopes is expected to witness the fastest growth during the forecast period.

Since gyroscopes are essential for detecting angular velocity, angle, and controlling mechanisms, the market is expected to develop at the fastest rate possible during the course of the forecast period. Gyroscopes, which consist of a rotor that rotates freely, are essential for identifying the orientation of the Earth and are used widely in digital cameras, motion detection, automobile navigation, and mobile gaming. They are very helpful for big boats and aerial vehicles when it comes to navigation. Furthermore, gyroscope demand in bodywear applications—like smart gloves and headpiece displays—becomes a major factor driving market expansion in this sector.

Market for Wrist wear to have largest market size during the forecast period.

In addition to being convenient to use at home and at work, wristwatch devices are essential for keeping an eye on a person's health. These wearable devices, which include smart bands and smartwatches, were first primarily used for health, fitness, and lifestyle applications but have since developed into chic and stylish accessories. Their ability to link to smartphones through a variety of apps makes it possible for health-related data to be shown seamlessly, giving users the ability to efficiently monitor and control their wellness. Wristwear emerges as a versatile tool that easily and stylishly caters to a variety of health monitoring demands, be it those of fitness fanatics looking to optimise exercises or persons monitoring medical issues.

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North America to have the largest share of wearable sensors market during the forecast period.

North America is considered to be a key hub for technological developments because of its rapid adoption of novel ideas. Numerous factors, such as the significant presence of major industry players, the growing demand for wearable devices like fitness bands and activity trackers, and the rising popularity of augmented reality (AR) and virtual reality (VR) technologies, are driving the growth of the wearable sensor market in the region. Out of all the countries in North America, the US stands out as a major market for wearable sensors, especially when it comes to applications like fitness trackers, wristwatches, and health and wellness monitoring. The US is leading the way in wearable sensor technology acceptance and advancement, which is a result of consumers' growing preference for gadgets with fitness and health-related features. Accordingly, wearable sensor adoption in the US is on the rise.

Key players in the wearable sensors market include STMicroelectronics (Switzerland); Infineon Technologies (Germany); Knowles Electronics (US); NXP Semiconductors (Netherlands); Texas Instruments (US); TE Connectivity (Switzerland); Broadcom (Switzerland); Analog Devices (US); Panasonic (Japan); and Asahi Kasei (Japan) among others.

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