Wearable technology market forecast to 2022 by scalar market research

Wearable Technology Market, by Products and Application – Global Revenue, Trends, Growth, Share, Size and Forecast to 2021

October 2016

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About Scalar Market Research Scalar Market Research, Inc. is a Chicago, U.S.-based market research and consulting firm that serves Fortune 1000 companies, leading businesses, and upcoming organizations from around the world to help them achieve their business goal of sustainable revenue growth, utilizing Scalar's premium market research reports and consulting services to make critical strategic decisions.

Our real-time industry data tracking, with the help of advanced analytics and machine learning, offers our clients highly accurate 360-degree perspective of key developments in niche markets. Our team of industry experts, with a thorough

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understanding of global markets and cumulative industry experience spanning 100+

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years, work relentlessly to help our clients realize their most important business goals.

Terms of Use

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This report bears a contractual agreement between Scalar Market Research and the buyer. No part of the content of this report can be shared or published to other

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Table of Contents MARKET OVERVIEW ...................................................................................................................... 11 1.1

1.1.1

Primary Data ................................................................................................................. 11

1.1.2

Secondary Data ............................................................................................................. 12

1.1.3

Machine Learning.......................................................................................................... 13

1.1.4

Research Scope ............................................................................................................. 13

1.1.5

Years Considered .......................................................................................................... 14

1.1.6

Currency & Pricing......................................................................................................... 14

1.1.7

Market Segmentation ................................................................................................... 15

2.1.1

MARKET DYNAMICS ...................................................................................................................... 17 3.1

Drivers ................................................................................................................................... 17

3.1.1

Rising Penetration and Adoption of Smart Mobile Devices.......................................... 17

3.1.2

Wearable Ecosystem Players Profiting from Substantial Venture Capital Funding ...... 18

3.1.3

Significant Adoption of Wearable Products across Numerous Application Sectors ..... 19

3.1.4

Proliferation of IoT ........................................................................................................ 19

3.2

Restraints .............................................................................................................................. 21

3.2.1

Inadequate Battery Life................................................................................................. 21

3.2.2

Data Confidentiality and Security Concerns ................................................................. 21

3.3

Opportunities ........................................................................................................................ 22

3.3.1 3.4

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Global Wearable Technology Market – Executive Summary........................................ 16

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EXECUTIVE SUMMARY .................................................................................................................. 16

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Research Methodology ......................................................................................................... 11

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Multi-Functional and Highly Compact Wearable Products........................................... 22

Future Outlook ...................................................................................................................... 23

3.4.1

Adoption across Enterprises ......................................................................................... 23

3.4.2

Wi-Fi Everywhere .......................................................................................................... 23

3.4.3

Create New Business Opportunities ............................................................................. 23

INDUSTRY ANALYSIS...................................................................................................................... 25 4.1

Value Chain Analysis ............................................................................................................. 25

4.2

Venture Capital Funding in the Wearable Technology Marketplace.................................... 26

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4.3 5

Patents/Patent Applications - Wearable Technology Market .............................................. 29

WEARABLE TECHNOLOGY MARKET, BY PRODUCTS...................................................................... 33 5.1

Introduction .......................................................................................................................... 33

5.1.1 2021)

Smart Clothing & Smart Glasses ........................................................................................... 34

5.3

Sleep Sensors ........................................................................................................................ 35

5.4

Smart Watches ...................................................................................................................... 35

5.5

Activity Monitors................................................................................................................... 36

5.6

Augmented Reality (AR) Headsets ........................................................................................ 36

5.7

Continuous Glucose Monitors (CGMs) ................................................................................. 36

5.8

Heart Rate Monitors (HRMs) ................................................................................................ 37

5.9

Drug Delivery Devices ........................................................................................................... 38

5.10

Hand Worn Terminals ........................................................................................................... 38

5.11

Wearable Patches ................................................................................................................. 38

5.12

Jewelries................................................................................................................................ 39

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5.2

WEARABLE TECHNOLOGY MARKET, BY APPLICATIONS ................................................................ 40 6.1

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Global Wearable Technology Market Size & Forecast (US$ billion), By Products (2013 – ....................................................................................................................................... 33

Introduction .......................................................................................................................... 40

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6.1.1 Global Wearable Technology Market Size & Forecast (US$ billion), By Applications (2013 – 2021) ................................................................................................................................ 40 6.2

Infotainment ......................................................................................................................... 41

6.3

Fitness & Wellness ................................................................................................................ 41

6.4

Healthcare & Medical ........................................................................................................... 42

6.5

Industrial & Military .............................................................................................................. 42

6.6

Safety & Security ................................................................................................................... 43

6.7

Fashion & Lifestyle ................................................................................................................ 43

WEARABLE TECHNOLOGY MARKET, BY GEOGRAPHY ................................................................... 44 7.1

Introduction .......................................................................................................................... 44

7.1.1 2021) 7.2

Global Wearable Technology Market Size & Forecast (US$ billion), By Regions (2013 – ....................................................................................................................................... 44

North America ....................................................................................................................... 44

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7.2.1 North America Wearable Technology Market Size & Forecast (US$ billion), By Country (2013 – 2021) ................................................................................................................................ 45 7.2.2 North America Wearable Technology Market Size & Forecast (US$ billion), By Products (2013 – 2021) ................................................................................................................. 46 7.2.3 North America Wearable Technology Market Size & Forecast (US$ billion), By Applications (2013 – 2021) ........................................................................................................... 47 7.3

Europe ................................................................................................................................... 48

7.3.1 2021)

Europe Wearable Technology Market Size & Forecast (US$ billion), By Country (2013 – ....................................................................................................................................... 48

7.3.2 Europe Wearable Technology Market Size & Forecast (US$ billion), By Products (2013 – 2021) ....................................................................................................................................... 49 7.3.3 Europe Wearable Technology Market Size & Forecast (US$ Billion), By Applications (2013 – 2021) ................................................................................................................................ 50 Asia-Pacific (APAC) ................................................................................................................ 51

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7.4.1 Asia-Pacific Wearable Technology Market Size & Forecast (US$ billion), By Country (2013 – 2021) ................................................................................................................................ 51 7.4.2 Asia-Pacific Wearable Technology Market Size & Forecast (US$ billion), By Products (2013 – 2021) ................................................................................................................................ 52

7.5

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7.4.3 Asia-Pacific Wearable Technology Market Size & Forecast (US$ billion), By Applications (2013 – 2021) ........................................................................................................... 53 Middle East & Africa (MEA) .................................................................................................. 54

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7.5.1 Middle East & Africa Wearable Technology Market Size & Forecast (US$ billion), By Country (2013 – 2021) .................................................................................................................. 54 7.5.2 Middle East & Africa Wearable Technology Market Size & Forecast (US$ billion), By Products (2013 – 2021) ................................................................................................................. 55 7.5.3 Middle East & Africa Wearable Technology Market Size & Forecast (US$ billion), By Applications (2013 – 2021) ........................................................................................................... 56 7.6

South America (SAM) ............................................................................................................ 57

7.6.1 South America Wearable Technology Market Size & Forecast (US$ billion), By Country (2013 – 2021) ................................................................................................................................ 57 7.6.2 South America Wearable Technology Market Size & Forecast (US$ billion), By Products (2013 – 2021) ................................................................................................................. 58 7.6.3 South America Wearable Technology Market Size & Forecast (US$ billion), By Applications (2013 – 2021) ........................................................................................................... 59 8

COMPETITIVE LANDSCAPE ............................................................................................................ 60 8.1

Market Share Analysis of Key Players ................................................................................... 60

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COMPANY PROFILES ..................................................................................................................... 61 9.1

Google, Inc. ........................................................................................................................... 61

9.1.1

SWOT Analysis............................................................................................................... 61

9.1.2

Recent Developments ................................................................................................... 63

9.2

Apple, Inc. ............................................................................................................................. 65

9.2.1

SWOT Analysis............................................................................................................... 65

9.2.2

Recent Developments ................................................................................................... 67

9.3

Nike, Inc................................................................................................................................. 68

9.3.1

SWOT Analysis............................................................................................................... 68

9.3.2

Recent Developments ................................................................................................... 70

9.4

Microsoft Corporation .......................................................................................................... 71 SWOT Analysis............................................................................................................... 71

9.4.2

Recent Developments ................................................................................................... 73

Xiaomi, Inc. ............................................................................................................................ 74

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9.4.1

SWOT Analysis............................................................................................................... 74

9.5.2

Recent Developments ................................................................................................... 76

9.6

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9.5.1

adidas Group ......................................................................................................................... 78

9.6.1

SWOT Analysis............................................................................................................... 78

9.6.2

Recent Developments ................................................................................................... 80

9.7

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Sony Corporation .................................................................................................................. 82

9.7.1

SWOT Analysis............................................................................................................... 82

9.7.2

Recent Developments ................................................................................................... 84

9.8

Suunto Oy.............................................................................................................................. 86

9.8.1

SWOT Analysis............................................................................................................... 86

9.8.2

Recent Developments ................................................................................................... 88

9.9

Garmin International, Inc. ..................................................................................................... 90

9.9.1

SWOT Analysis............................................................................................................... 90

9.9.2

Recent Developments ................................................................................................... 92

9.10

Fitbit, Inc. .............................................................................................................................. 94

9.10.1

SWOT Analysis............................................................................................................... 94

9.10.2

Recent Developments ................................................................................................... 96

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9.11

Samsung Electronics Co., Ltd. ............................................................................................... 98

9.11.1

SWOT Analysis............................................................................................................... 98

9.11.2

Recent Developments ................................................................................................. 100

10 SCALAR 360 DEGREE MARKET PERSPECTIVE .............................................................................. 101 11 APPENDIX .................................................................................................................................... 102 Acronyms ............................................................................................................................ 102

11.2

Related Reports................................................................................................................... 103

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11.1

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List of Tables Primary Data ..................................................................................................................... 11

Table 2.

Primary Sources ................................................................................................................ 12

Table 3.

Secondary Data ................................................................................................................. 12

Table 4.

Advantages of Machine Learning-based Forecasts .......................................................... 13

Table 5.

Years Considered .............................................................................................................. 14

Table 6.

Global Wearable Technology Market – Executive Summary............................................ 16

Table 7.

The Rise of Connected Devices Over the Years ................................................................ 20

Table 8.

Venture Capital Funding in the Wearable Technology Marketplace ................................ 26

Table 9.

Patent/Patent Applications – Wearable Technology Market ........................................... 29

Table 10.

2021)

Global Wearable Technology Market Size & Forecast (US$ billion), By Products (2013 – ........................................................................................................................................... 33

Table 11.

– 2021)

Global Wearable Technology Market Size & Forecast (US$ billion), By Applications (2013 ........................................................................................................................................... 40

Table 12.

2021)

Global Wearable Technology Market Size & Forecast (US$ billion), By Regions (2013 – ........................................................................................................................................... 44

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Table 1.

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Table 13. North America Wearable Technology Market Size & Forecast (US$ billion), By Country (2013 – 2021) ........................................................................................................................................ 45

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Table 14. North America Wearable Technology Market Size & Forecast (US$ billion), By Products (2013 – 2021) ........................................................................................................................................ 46 Table 15. North America Wearable Technology Market Size & Forecast (US$ billion), By Applications (2013 – 2021) ................................................................................................................... 47 Table 16.

2021)

Europe Wearable Technology Market Size & Forecast (US$ billion), By Country (2013 – ........................................................................................................................................... 48

Table 17.

2021)

Europe Wearable Technology Market Size & Forecast (US$ billion), By Products (2013 – ........................................................................................................................................... 49

Table 18.

– 2021)

Europe Wearable Technology Market Size & Forecast (US$ Billion), By Applications (2013 ........................................................................................................................................... 50

Table 19.

– 2021)

Asia-Pacific Wearable Technology Market Size & Forecast (US$ billion), By Country (2013 ........................................................................................................................................... 51

Table 20. Asia-Pacific Wearable Technology Market Size & Forecast (US$ billion), By Products (2013 – 2021) ........................................................................................................................................ 52 Table 21. Asia-Pacific Wearable Technology Market Size & Forecast (US$ billion), By Applications (2013 – 2021) ........................................................................................................................................ 53

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Table 22. Middle East & Africa Wearable Technology Market Size & Forecast (US$ billion), By Country (2013 – 2021) .......................................................................................................................... 54 Table 23. Middle East & Africa Wearable Technology Market Size & Forecast (US$ billion), By Products (2013 – 2021) ......................................................................................................................... 55 Table 24. Middle East & Africa Wearable Technology Market Size & Forecast (US$ billion), By Applications (2013 – 2021) ................................................................................................................... 56 Table 25. South America Wearable Technology Market Size & Forecast (US$ billion), By Country (2013 – 2021) ........................................................................................................................................ 57 Table 26. South America Wearable Technology Market Size & Forecast (US$ billion), By Products (2013 – 2021) ........................................................................................................................................ 58 Table 27. South America Wearable Technology Market Size & Forecast (US$ billion), By Applications (2013 – 2021) ................................................................................................................... 59 Google, Inc., SWOT Analysis.............................................................................................. 61

Table 29.

Apple, Inc., SWOT Analysis................................................................................................ 65

Table 30.

Nike, Inc., SWOT Analysis .................................................................................................. 68

Table 31.

Microsoft Corporation, SWOT Analysis............................................................................. 71

Table 32.

Xiaomi, Inc., SWOT Analysis .............................................................................................. 74

Table 33.

adidas Group, SWOT Analysis ........................................................................................... 78

Table 34.

Sony Corporation, SWOT Analysis .................................................................................... 82

Table 35.

Suunto Oy, SWOT Analysis ................................................................................................ 86

Table 36.

Garmin International, Inc., SWOT Analysis ....................................................................... 90

Table 37.

Fitbit, Inc., SWOT Analysis................................................................................................. 94

Table 38.

Samsung Electronics Co., Ltd., SWOT Analysis.................................................................. 98

Table 39.

List of Acronyms .............................................................................................................. 102

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Table 28.

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List of Figures Research Methodology ..................................................................................................... 13 Global Wearable Technology Market, By Products .......................................................... 15 Global Wearable Technology Market, By Applications .................................................... 15 Global Wearable Technology Market, By Regions ............................................................ 15 Global Mobile Devices & Connections Growth, 2015 ....................................................... 17 Global Mobile Devices & Connections Growth, 2020 ....................................................... 18 Smart v/s Non-smart Devices & Connections ................................................................... 20 Value Chain Analysis ......................................................................................................... 25 Patent/Patent Applications of the Companies in Wearable Technology Market............. 31

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Market Share Analysis of Key Players ........................................................................... 60

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1 MARKET OVERVIEW The global wearable technology market is witnessing strong growth owing to rise in the penetration of smartphone devices. Growing use of smartphones along with the explosion of Internet of Things (IoT) is expected to drive the industry further. Also, growing venture capital funding for numerous emerging players is also a contributing factor for the augmentation of the market. Constant advancements in wearable technology will boost the business opportunities in this market during the forecast period. However, security concerns related to data confidentiality and insufficient battery life of the wearable devices, hinder the market to an extent. Key players highlighted in the wearable technology market report include Adidas Group, Apple Inc., Fitbit Inc., Garmin International Inc., Google Inc., Microsoft Corporation, Nike Ltd.,

1.1 Research Methodology

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Sony Corporation, Suunto Oy, and Xiaomi Inc. among others.

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We utilize a mix of primary research, secondary research, and machine learning algorithms to generate comprehensive data about market sizes and revenue

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forecasts. Our primary focus on continuous market tracking, rigorous fact-checking, data-triangulation, and multiple layers of quality control ensures high-quality data that can be leveraged for actionable research insights.

1.1.1 Primary Data Table 1.

Primary Data

Perspective Supply Side

Demand Side

Primary Research     

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Manufacturers Wholesalers Distributors End-users Consumers

Structured interviews with industry specialists, VPs, CEOs, directors, technology consultants were taken in order to collect the key primary data. The primary data is focused on both the demand and supply sides of the market. Market Engineering has been carried out from the data and excessive analysis has been done on it. Primary data is also extensively considered while validating the secondary data.

Primary Sources

Report Parameters

Primary Sources        

Secondary Data

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Table 3.

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1.1.2 Secondary Data

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Key Industry Participants (KPIs)

Suppliers Government Agencies Regulatory Bodies Research & Development Companies Investment Research Companies Business Consulting Service Providers Academic Institutions/Universities Venture Capitalists

Report Parameters

Market Size, Revenue, Industry Analysis, Value Chain Analysis, Ecosystem Analysis, Premium Industry Trends, End-user Analysis, Market Segmentation, Geographic Analysis, Key Market Players, Competitive Landscape

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Table 2.

Perspective

Supply Side

Demand Side

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Secondary Research            

Company Annual Reports SEC Filings Financial Journals Trade Journals Market Journals Press Releases Directories White Papers Company Websites Magazines Case Studies Customer References

The data from important secondary sources is utilized to obtain industry supply chains, company profiles, and other key areas such as market drivers, opportunities, trends from the market perspective. In addition, secondary data is gathered using paid databases such as Bloomberg, Hoovers, Factiva, and government publishing sources.

1.1.3 Machine Learning In addition to assigning weights to all the relevant market parameters, to quantify their market impact for generating projected market growth rate, we use advanced machine learning algorithms to collate essential market data. The machine learning method utilizes algorithms such as regression, correlation, and decision tree, among others,

Advantages of Machine Learning-based Forecasts

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Table 4.

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to derive the desired output.

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Using Machine Learning for Data Forecast

Advantages of Machine Learning-based Forecasts      

Unlimited Data Highly Detailed Forecasts Profound Knowledge of Demand Broad applicability Customizable Model Identifies Drivers Analysis - Product, Value Chain, Supply Chain, Competitor

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Perspective

1.1.4 Research Scope

We have utilized the top-down, bottom-up approach to study the market size, industry dynamics, key regional markets, and major market trends. The global market has been estimated by integrating the regional markets, estimating the market data for the base year 2015 and annual share and revenue forecasts to 2022 in US$.

Research Methodology

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Top-down Global Market Size

Global Market Size

Market-specific Revenues of Key Players

Segment-specific Market Size

Regional Total Revenues of Key Players

Market

Table 5.

Years Considered

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Market Specifics

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1.1.5 Years Considered

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Bottom-up

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Size

Report Scope

Historical Year

2014

Base Year

2015

Estimated Year

2016

Forecast Period

2016-2022

Revenue Currency

US$

1.1.6 Currency & Pricing The currency used in the report is the U.S. dollar, with market size indicated in US$ million and US$ billion.

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

Revenue is obtained from the annual company reports (For all the companies reporting their revenue in US$)



Revenue is converted as per the annual currency exchange rate for that particular year (For the companies reporting their revenue in currencies other than US$)

1.1.7 Market Segmentation Global Wearable Technology Market, By Products

Sleep Sensors

Smart Watches

Activity Monitors

AR Headsets

CGMs

Drug Delivery Devices

HRMs

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Smart Clothing & Smart Glasses

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Wearable Technology Market, By Products

Source: Scalar Market Research Analysis

Hand Worn Terminals

Wearable Patches

Jewelries

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Global Wearable Technology Market, By Applications

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Wearable Technology Market, By Applications

Fitness & Wellness

Infotainment

Healthcare & Medical

Industrial & Military

Safety & Security

Fashion & Lifestyle

Source: Scalar Market Research Analysis

Global Wearable Technology Market, By Regions

Wearable Technology Market, By Regions

North America

Europe

Asia Pacific

Source: Scalar Market Research Analysis

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Middle East & Africa

South America

2 EXECUTIVE SUMMARY 2.1.1 Global Wearable Technology Market – Executive Summary Table 6.

Global Wearable Technology Market – Executive Summary

Market Size (US$ billion) 2015

2021

CAGR% (2016 – 2021)

25.92

71.23

18.9

Global Wearable Technology Market

Largest Segment, by Revenue – Smart Watches

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Fastest Growing Segment – Hand Worn Terminals

Fastest Growing Segment – Fashion & Lifestyle

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Largest Segment, by Revenue – North America

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Largest Segment, by Revenue – Healthcare & Medical

Fastest Growing Segment – AsiaPacific

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Regions

Applications

Products

Total

Source: Scalar Market Research Analysis

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3 MARKET DYNAMICS 3.1 Drivers

3.1.1 Rising Penetration and Adoption of Smart Mobile Devices The current growth in the wearable technology market is chiefly driven by the rising level of penetration and adoption of mobile devices, tablets, smartphones, and devices used for M2M communications, evolving business models and emerging software ecosystems. Nearly all conventional wearable devices now are paired with smartphones, which have become an integral part of our daily life. Wearable devices such as smart watches synced with smartphones are helping end-users to check and

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attend calls and messages without taking out the smartphones. Companies such as

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Samsung, OnePlus, Xiaomi, and others nowadays are also launching smartphones with complementary wearable devices which will provide end-users with enhanced experiences. The growth in these categories will directly impact the adoption of

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wearable technology products, as the end-users are expected to highly embrace

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wearable products in coming years.

Global Mobile Devices & Connections Growth, 2015

Global Mobile Devices & Connections Growth, 2015 0.2%

2.0%

31.9%

49.9% 8.0% 6.0% Smartphones Phablets Other Portable Devices

M2M Nonsmartphones

Source: Cisco VNI Mobile, 2016

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2.0% Tablets PC's

3.4 Future Outlook

3.4.1 Adoption across Enterprises Wearable technology and solutions providers globally have shifted their focus to target enterprises, wherein wearable devices such as smart glasses, wearable cameras, location trackers, smart helmets, and hand own terminals possess a huge potential.

Wearable products can benefit manufacturing facilities and enterprises in numerous ways to improve productivity and streamline processes. Currently, enterprises are increasingly focusing on employer wellness programs and employee contribution and productivity enhancement methods. Thus, this trend is analyzed to bolster mass

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adoption of medical and fitness wearable devices and other associated technologies.

3.4.2 Wi-Fi Everywhere

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The rapidly growing wearable technology market that encompasses smart glasses, headsets, HRMs, medical aids, HMDs, smart clothing, and ingestible among others

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has huge potential. A majority of these products rely on the connectivity of Bluetooth technology. However, with the proliferation of IoT and advancement in digital infrastructure across the globe, internet is expected to mark its presence almost everywhere. Thus, with Wi-Fi and internet everywhere, all the wearable products can be easily connected to smart devices seamlessly and on-the-go. Governments across the world are aiming to build smart cities and also make airports, railway stations, street, and other public places smart. Thus, the connected world is expected to provide abundant opportunities for the growth of wearable technology market.

3.4.3 Create New Business Opportunities The significant growth of wearable technology is expected to create new means for marketing, including robust and smarter customer data collection, and enhanced

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4 INDUSTRY ANALYSIS 4.1 Value Chain Analysis

Value Chain Analysis

Integrators / Platform Providers

Distribution & Retail

End-users

•ICs, PCBs, Electronic Adhesives, Power Systems & Batteries •Textile Materials, Sensors, LEDs and other electronic components

•Assemblers, Manufacturers & Designers •Development Platform Providers, Standardizatio n and Test Organizations •OEMs and Integrators

•Physical Stores, International and National Retailers and Independent Retailers •Online Stores and Distribution Channels

•Fashion & Lifestyle •Safety & Security •Industrial & Military •Healthcare & Medical •Fitness & Wellness •Infotainment

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Source: Scalar Market Research Analysis

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Raw Material Providers

The value chain for wearable technology market captures all the stages of manufacturing and supplying wearable technology products and solutions. Wearable technology finds numerous applications in sectors such as fashion & lifestyle, safety & security, industrial & military, healthcare & medical, fitness & wellness, and infotainment. The raw materials required for the manufacturing of wearable devices and other hardware components include IC’s, PCB’s, electronic adhesives, power systems & batteries, textile materials, sensors, glasses, antennas, LED’s and other electronic components, and materials. There are a number of existing raw material suppliers and providers in the market (e.g. Alpha-Fit, Adhesives Research, etc.) that supply raw materials to the wearable technology component manufacturers, and integrators, who then develop the final product – ready to be delivered to the endusers.

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4.3 Patents/Patent Applications - Wearable Technology Market

The table below provides the number of patents/patent applications according to the broad technologies involved, such as connectivity, processing, network infrastructure, and also their applications in various industry segments:

Table 9.

Patent/Patent Applications – Wearable Technology Market

Level 1

Level 2

Level 3

Specially adapted services/devices

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877

Switching Systems

Access/Authentication

744 639 1,058 421 355

Resource Management

2,084

Topology Management

160

Multiplexing Methods

618

Traffic Management

142

Light Guides

223

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Connection Management

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Connectivity

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Communication Protocols EMW/Radio Waves

Patents/Patent Applications

Algorithm

Processing

Encryption

Memory Management

29

Speech Processing

1,431

Character Recognition

834

Bioinformatics

1,073

Image Processing

669

Others

1,637

Data Security

1,236

Error Correction

1,067

Data Encryption

566

Information Retrieval

591

5 WEARABLE TECHNOLOGY MARKET, BY PRODUCTS 5.1 Introduction In the present time, wearable technology is attaining high acceptance among people and the range of products offered has gone beyond from smartwatches and wristbands eyewear to smart apparels, eyewear, and other health monitoring wearables.

5.1.1 Global Wearable Technology Market Size & Forecast (US$ billion), By Products (2013 – 2021)

2014

2015

0.82

Sleep Sensors

AR Headsets CGMs

2017

2018

2019

2020

2021

CAGR% (2016 – 2021)

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Smartwatches Activity Monitors

2016

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Smart Clothing & Smart Glasses

2013

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Products

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Table 10. Global Wearable Technology Market Size & Forecast (US$ billion), By Products (2013 – 2021)

HRMs Drug Delivery Devices Hand Worn Terminals Jewelries Total Source: Scalar Market Research Analysis

The wearable product market is segmented by several product types into smart clothing & smart glasses, augmented reality (AR) headsets, sleep sensors, heart rate

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monitors (HRMs), wearable patches, activity monitors, smartwatches, continuous glucose monitors (CGMs), hand worn terminals, drug delivery devices, and jewelries.

These products are worn or attached to the human body and are divided according to the body parts such as eyewear, body wear, finger or ring wear, footwear, neck wear, and wrist wear among others.

5.2 Smart Clothing & Smart Glasses Smart glasses also known as digital eye glasses are wearable computer devices which enable to add information to what user sees through optical HMD or AR overlay, which has the ability to reflect projected digital images and allow the wearer to see through the device or see better with it. Google Glass is one of leaders for smart glasses,

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whereas, there are many companies that are currently engaged in developing smart

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glasses. Some of them are large enterprises and companies that manufacture their own components, however, other small companies may require to outsource needs and purchase the components and sensors from specialized manufacturers. The

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wearable displays are not of the same size for everyone as the distance between both the eyes of a person varies and the device is designed keeping in mind an average

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separation distance which might act as a challenge in mass adoption of a product.

Smart clothing or e-textiles, smart fabrics, or smart textiles are the clothes that enable electronic and digital components to be embedded into them. These fabrics have been developed with innovative technology to deliver value to the wearer. These fabrics come under two categories namely: performance enhancing and aesthetic.

Performance enhancing fabrics help in regulating body temperature, controlling music vibration and to reduce wind resistance which results in improving athletic performance making huge impact on extreme sports, defense, and athletic. Aesthetic, on the other hand, are those fabrics which can change color and collect energy from the environment by sound or heat, harnessing vibrations, reacting to this input. Other fabrics include clothes designed to safeguard against environmental hazards such as radiations. The beauty and health industry is also taking benefits by these innovations

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6 WEARABLE TECHNOLOGY MARKET, BY APPLICATIONS 6.1 Introduction The uses and implication of wearable technology have an extensive influence and impact in the fields of fitness, aging, medical care, disabilities, transportation, education, enterprise, gaming, music, and finance. The main motive of wearable technologies across all these fields is to efficiently integrate functional, portable computers and electronics into daily lives of individuals. Before entering in the consumer market, these devices were mainly used in the military technology and had the major inferences for medicine and healthcare. The application segment of global wearable technology market includes infotainment, healthcare & medicine, industrial

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& military, fashion & lifestyle, fitness & wellness, and safety & security.

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6.1.1 Global Wearable Technology Market Size & Forecast (US$ billion), By Applications (2013 – 2021)

Applications

Infotainment

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Table 11. Global Wearable Technology Market Size & Forecast (US$ billion), By Applications (2013 – 2021) 2013

2014

2015

2016

2017

2018

2019

2020

2021

13.98

Fitness & Wellness Healthcare & Medical Industrial & Military Safety & Security Fashion & Lifestyle Total Source: Scalar Market Research Analysis

40

CAGR% (2016 – 2021)

7 WEARABLE TECHNOLOGY MARKET, BY GEOGRAPHY 7.1 Introduction The wearable technology market is geographically segment into five major regions namely, North America, Middle East and America, Asia-Pacific, Europe, and South America. Currently, North America is leading the market and Europe, APAC, and Middle East are expected to grow at a high rate in wearable technology market. For the years 2015 & 2025, the breakdowns of wearable technology market based on regions are shown in the figures below.

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7.1.1 Global Wearable Technology Market Size & Forecast (US$ billion), By Regions (2013 – 2021) Table 12. Global Wearable Technology Market Size & Forecast (US$ billion), By Regions (2013 – 2021) 2013

2014

2015

Europe Asia-Pacific MEA SAM Total

2017

2018

2019

2020

2021

CAGR% (2016 – 2021) 17.1

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North America

2016

M

Regions

22.68

71.23

18.9

Source: Scalar Market Research Analysis

7.2 North America The global wearable market is dominated by North America that holds the largest market share in terms of revenue. The market is propelled by the growing awareness of fitness and health, where wearable devices play an important role. The decreasing price of the wearable devices due to competition and advancement in technology are making the wearable devices economical. Further, escalating demand for several

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application sectors such as wearable technology for healthcare, security and fitness is boosting the demand for wearable devices in North America.

The growing market of smartphones and tablets is allowing the integration of smartphones with wearable devices. Wrist wear segment of wearable technology captures a major chunk of the market and is projected to lead the market during the predicted period. The inception of smartwatches by companies such as Apple, Nike, and Samsung among others has contributed to the growth of the market. North America has deep penetration for wearable devices due to early adoption of innovative technology. The passion to keep up a healthy lifestyle in the U.S. and Canada is the main reason for the region’s dominance. Also, continuous advancement in

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technologies, high purchasing power, and disposable income in this region is

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contributing to the development of North America wearable technology market.

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7.2.1 North America Wearable Technology Market Size & Forecast (US$ billion),

By Country (2013 – 2021)

Country

U.S.

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Table 13. North America Wearable Technology Market Size & Forecast (US$ billion),

By Country (2013 – 2021) 2013

2014

2015

2016

2017

Rest of North America Total Source: Scalar Market Research Analysis

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2018

2019

2020

2021

CAGR% (2016 – 2021)

7.2.2 North America Wearable Technology Market Size & Forecast (US$ billion),

By Products (2013 – 2021) Table 14. North America Wearable Technology Market Size & Forecast (US$ billion),

By Products (2013 – 2021) Products

2013

2014

2015

2016

2017

2018

2019

2020

2021

CAGR% (2016 – 2021)

Smart Clothing & Smartglasses Sleep Sensors Smartwatches Activity Monitors

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AR Headsets CGMs

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HRMs Drug Delivery Devices

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Hand Worn Terminals

Jewelries Total

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Wearable Patches

17.1

Source: Scalar Market Research Analysis

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8 COMPETITIVE LANDSCAPE 8.1 Market Share Analysis of Key Players The pie-chart below represents the company market share analysis of key players operating in the global wearable technology market for the year 2015:

Market Share Analysis of Key Players

2015

27.3%

16.7%

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4.1% 4.5%

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33.9%

13.5%

Xiaomi Inc.

Apple Inc.

Garmin Ltd.

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Fitbit Inc.

Source: Scalar Market Research Analysis

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Samsung Electronics Co., Ltd

Others

9 COMPANY PROFILES 9.1 Google, Inc.

9.1.1 SWOT Analysis Table 28. Google, Inc., SWOT Analysis Strengths • •

Weaknesses

High investments in R&D Strong relationship with industryleading partner companies

•

High dependency on single revenue stream

• •

Collaborations and joint ventures

Highly competitive market Fluctuating global economy

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•

Threats

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Opportunities

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Source: Company Annual Reports, Scalar Market Research Analysis

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Strengths

High investments in R&D

Google, Inc. makes continuous investments in their existing services and products as well as in new innovations. Company release early-stage products to see if it’s feasible to invest on it by taking customers' feedback. Majority of their research expenses are on technical and engineering staff who are responsible for carrying out R&D activities.

Google, Inc. has secured many patents such as pay per gaze (that enables real world advertisements to be transformed into digital behavior), computerized eyewear, autonomous delivery truck etc. Google has also announced its R&D collaboration with Calico, a research firm with the intention to benefit both the companies develop, discover and bring to market new remedies for age-related diseases.

Strong relationship with industry-leading partner companies

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Google, Inc. has partnered with various leading companies to make their products consumer friendly. Google partnered with Luxottica, an eyewear company; various electronics manufacturers such as HTC, Samsung, Motorola, Asus and LG. Also, Google, Inc. partnered with Fossil Group, Inc. and Michael Kors for development of smartwatches. Apart from these, the company is partnered with Mediatek, Intel, Broadcom, Qualcomm, Imagination, and many others. Google collaborated with these partners to launch watches powered by Android Wear. Furthermore, Google partnered with Levi Strauss & Co. to bring wearable technology in clothing.

High dependency on single revenue stream

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Weaknesses

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Google Inc. depends mainly on advertisements for revenue generation, as it Generates 1/3rd of revenue from advertisements. Although the revenue is increasing every year but company should also focus on other streams to diversify its sources of

Opportunities

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one source.

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income. This will help the company to remain stable even if there is some downfall in

Collaborations and joint ventures Since Google, Inc. has partnered with various companies and has been collaboratively working towards launching wearable products. High collaborations with renowned companies gives Google, Inc. a benefit to get into partnership with other companies looking or willing to launch their products based on wearable technology in the market.

Moreover, tie-up with companies provides wider market with flexible customer base.

Threats

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Highly competitive market The market for wearable technology is at its growing stage and there are several key players competing in the market. Most of the revenue generated is divided among the hardware and app developers. The technology providers keep comparatively low revenue share and major share of revenue earned is invested in R&D and innovation.

Fluctuating global economy The company has its business expanded over regions such as North America, Europe, APAC, MEA, and SAM. Number of factors affects the stock price of the company

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includes credit market conditions, consumer credit availability, government policies, spending levels, and global production rate. Additionally, the fluctuations in currencies

In March, 2016, Michael Kors, a luxury lifestyle goods providers collaborated

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•

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9.1.2 Recent Developments

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and political environment differs from region to region.

with Google to launch itself into the wearable technology market. Michael Kors launched Michael Kors Access smart watch, which will provide users smart watch with innovative design and glamorous styles •

In December, 2015, Google, Inc. filed a patent application for a needleless wearable device to check diabetics’ blood sugar levels. Addition to checking blood sugar level, the device might also be used for checking hormone levels, enzymes, and proteins.

•

In June, 2015, Google, Inc. designed a health-tracking wristband which can be used in drug tests and clinical trials, providing the physicians every minute report of the patient. Google offers its health-monitoring smart watch features in its Android Wear software platform, through partners like LG Electronics Inc.

•

In May, 2015, Google partnered with Levi Strauss & Co., a clothing company, with an aim to make clothes integrated with wearable technology input devices and named it as project ‘Jacquard’. Project Jacquard will offer developers and

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designers to develop connected, touch-sensitive textiles into their individual products.

•

In June, 2014, Google announced an introduction of new product named as Google Cardboard. It will offer the users to experience mobile virtual reality with low-cost designed to work with iOS and android devices.

•

In March, 2014, Google announced partnership with Luxottica, an Italian eyewear company. They partnered with an intention to develop Google Glass wearable headsets into consumer friendly and stylish products.

In March, 2014, Google announced Android wear, a project that develops the company’s mobile operating system to wearable. To launch watches driven by android wear, Google partnered with various chip makers, consumer

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electronics manufacturers, and fashion brands.

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•

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11 APPENDIX 11.1 Acronyms Table 39. List of Acronyms

Acronym

Expansion Bring Your Own Device

CAGR

Compounded Annual Growth Rate

FIFA

The Fédération Internationale de Football Association

GPS

Global Positioning System

HP

Hewlett-Packard

HRM

Heart Rate Monitor

IC

Integrated Circuit

IHA

The Intelligent Health Association

IMIA

The International Medical Informatics Association

IoT

Internet of Things

LED

Light Emitting Diode

MMS NBA

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M

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M2M

E

BYOD

Machine to Machine Multimedia Messaging Service The National Basketball Association

NFC

Near field communication

OEM

Original Equipment Manufacturer

OS

Operating Systems

PCB

Printed Circuit Board

PC

Personal Computers

P.E.

Physical Education

POS

Point of Sale

PTT

Push to Talk

R&D

Research and Development

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SAM

South America

UAE

United Arab Emirates

U.K

United Kingdom

VR

Virtual Reality

WearRA

The Wearable Robotics Association

Wi-Fi

Wireless Fidelity

Source: Scalar Market Research Analysis

11.2 Related Reports 

Virtual Reality Market, by Technology (Non-Immersive, Semi-Immersive, Fully-

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Immersive), Product (Hardware, Software), Application (Gaming, Healthcare, Aerospace & Defense, Entertainment & Others) – Global Revenue, Trends,

Smart Clothing Market, by Intelligence System (Passive Smart, Active Smart),

By Application (Personal, Healthcare, and Enterprise) – Global Revenue,

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Trends, Growth, Share, Size and Forecast to 2022

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

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Growth, Share, Size and Forecast to 2022

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