Global wearable sensor market to see 45.20% CAGR through 2020
A new report from Transparency Market Research argues that the global wearable sensor market will see a 45.20% CAGR through 2020.
Growth in the global wearable sensor market is mostly on account of increasing health awareness and advancements in the healthcare sector, the researchers argue. Wearable sensors are utilised to monitor patients suffering from a variety of diseases. Demand for wearable sensors is anticipated to increase from many industries, such as sports, gaming, and consumer electronics. Worldwide demand for wearable sensors will grow on account of growth in associated industries such as advanced tablets and smartphones.
A rise in the number of applications where wearable sensors are used will boost the market for these components. Growth in the smart wearable devices market is expected to accelerate worldwide demand for the global wearable sensor market during the period from 2015 to 2020. Additionally, technological advancements and dropping prices of wearable devices have boosted the demand for wearable sensors in the recent past.
Based on geography, the global wearable sensor market is classified into Europe, Asia Pacific, North America, and Rest of the World. In 2014, the North American wearable sensor market played a major role the global wearable sensor market. Quick technical advancements in wearable sensors are expected to drive the North America wearable sensor market by 2020. Asia Pacific and Europe together accounted for a 50% share in the global wearable sensor market in 2014. Development in healthcare services will make Asia Pacific the fastest developing region by 2020.
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