Witnessing a CAGR of 46.6% during the forecast period (2015–2020), the wearable sensors market is predicted to grow to $1,630.3 million by 2020, registering a massive jump in its revenue from $157.4 million in 2014.
Major drivers of the market are the rising disposable income, rising preference of consumers toward next-generation wearable devices, increasing technological advancements in the consumer electronics industry, and growing adoption of wearables for healthcare applications, especially in infants.
Based on application, the wearable sensors market is categorized into smart footwear, smart bodywear, smart glasses, smart wristwear, and other wearable devices. The largest revenue share in 2014 was accounted for by the smart wristwear category, which was attributed to their high adoption for numerous healthcare applications, such as monitoring of blood pressure and heartbeat.
Smart glasses are wearable computing devices, which besides helping people see clearly, also help in retrieving real-time information about the object they are seeing. The highest CAGR in the forecast period is expected to be witnessed by the smart glasses category.
On the basis of end user, the wearable sensors market is classified into enterprise and industrial, healthcare, consumer, and others. The largest contribution to the market, in terms of revenue, was accounted for by consumer applications throughout the historical period (2012–2014).
Certain products, such as heart rate monitors, exercise trackers, and step counters are some of the popular products among consumers and help them make informed choices, in terms of lifestyle. In the forecast period, the fastest growth is predicted to be exhibited by the enterprise & industrial applications.