Albany, NY, April 10, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research "Wearable Sensor Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020," global wearable sensors market was valued at USD 50 million in 2013, growing at a CAGR of 45.2% from 2014 to 2020 to account for USD 656.7 million in 2020.
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The wearable sensor market is primarily driven by growing demand from the health care sector. With the increase in awareness of health issues faced across the globe, the demand for wearable sensors has grown substantially. In addition, rising demand from sports industry, consumer electronics and gaming industry has also contributed to the growth of wearable market globally. The need for security and fitness in the form of smart wearable devices has also augmented the worldwide demand for wearable sensors significantly. Moreover, technological advancements in the industry verticals have also contributed to the growth in wearable sensor market. High end technology devices such as smartwatches and fitness band are fuelling the growth of wearable sensor market constantly.
Motion sensor held the highest market revenue share accounting to USD 24.7 million in 2014 and is expected to remain high during the forecast period. Demand for motion sensor is attributed to their wide range of applications in smart watches, biometric wearable, smart glass, fitness band and consumer durables. Growing needs in fitness and healthcare industries is the emerging trends of North America is also expected to drive the growth in wearable sensor market over the forecast period from 2014 to 2020.
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The wrist wear segment led the wearable sensor market in 2014, by accounting for USD 32.6 million. The dominance of this segment is due to the rise in demand of smart watches across the globe which has increased by 31.6% in 2014 as compared to the previous year. Body wears is analyzed to be the fastest growing application segment for wearable sensors and is expected to attain a significant growth in the recent future. The wrist wear segment is about to grow with a CAGR of 45% during the forecast period.
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Geographically, North America led the wearable market in 2014 and the region is expected to continue its dominance in 2020. The region's dominance is due to the urge to maintain a healthy lifestyle in countries such as US, Canada and Mexico. Moreover, rapid increase in technological advancements in this region is also contributing to growth of wearable sensors market. Europe and Asia- Pacific collectively account for more than 50% of the global wearable sensors market.
The report provides company market share analysis of the various regions participants. Key players have also been profiled on the basis of company overview, financial overview, business strategies and recent developments in the field of wearable industry. Major market participants profiled in this report include Texas instruments, Freescale semiconductor Inc, Analog Devices Inc, Infineon Technologies AG, NXP Semiconductors and Panasonic Corporation among others.
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The report studies the global wearable sensors market, and provides estimates in terms of revenue (USD Million) from 2014 to 2020. Market estimates on the basis of application and product type for each region.
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The market has been segmented as follows.
Wearable Sensor Market: By Geography
- North America
- Asia Pacific
- Rest of the World
Wearable Sensor Market: By Product type
- Motion sensor
- Pressure sensor
- Temperature sensor
- Image sensor
- Position sensor
- Medical based sensor
Wearable Sensor Market: By Application
- Wrist wear
- Eye Wear
- Foot Wear
- Body Wear
The report provides a cross-sectional analysis of all the above segments with respect to the following regions:
- North America
- Asia Pacific
- Rest of the World (RoW)
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About Us :
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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Source:Transparency Market Research