Global wearable sensors market is set to reach USD 4.0 billion by 2024, witnessing a CAGR of 32.4% during the forecast period. Increasing the advancement of wearable sensing, wireless communication techniques, high performing processing systems and low consumption of energy are the major factors that are bolstering the growth of the global wearable sensors market. Wearable sensors are helping the users in monitoring blood pressure, heartbreak, respiratory rate and fever along with falling, drowning and sleeping. Moreover, the growth of wearable sensors market is exaggerating due to increasing demand of wearable sensors among working woman in various developed as well as developing economies as it helps them in monitoring their infants. These factors and increasing benefits of wearable devices are thereby exaggerating the growth of wearable sensors market across the globe.
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The major factor that is driving the growth of global wearable sensors market include extensive enlargement of internet of things (IoT) in various industry domains such as consumer electronics and healthcare. A number of fitness and health monitoring applications are gaining eminence across the world at a rapid pace. There are several manufacturers operating in wearable devices that have assimilated contextual material and data points that help in determining motion detecting happenings. Furthermore, the results and analysis developed from these devices further helps in establishing results used for defining fitness and goals to its users. Moreover, increasing expenditure of consumer in observing activities such as heart rate, fall detection, blood oxygen level and calorie count is another factor that is driving the growth of global wearable sensors market.
Geographically, wearable sensors market in Asia-Pacific is expected to witness the fastest growth during the forecast period since OEMs are creating considerable support towards the enlargement of IMUs (inertial measurement unit) and MEMS (micro electro mechanical systems) technology that is helping various business organizations in assigning lower prices to the newly developed products from them. Moreover, it has been observed that there are several key players in Japan and China that are extensively investing towards the development and advancement of sensors that are pertaining towards the increasing demand of health and fitness tracking systems.
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Moreover, wearable sensors market in North America generates the largest revenue and is anticipated to witness significant growth during the forecast period. The largest revenue of this region is accredited towards extensive adoption of digital technique among business enterprises in North America. Additionally, thriving healthcare domain in this region is accentuating the acceptance of wearable sensors products that is further contributing towards the growth of wearable sensors market in the near future.
The market structure for global wearable sensors market is consolidated structure and the key players operating in the wearable sensors market include InvenSense, Inc., NXP Semiconductors, Panasonic Corporation, Robert Bosch GmbH, STMicroelectronics, Texas Instruments Incorporated, KIONIX, INC. (ROHM Co., Ltd.), Measurement Specialties, Inc., Analog Devices, Inc., ZOLL Medical Corporation (Asahi Kasei Corporation), Freescale Semiconductor, Inc. and Infineon Technologies AG.
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