LONDON--(BUSINESS WIRE)--Future Market Insights (FMI), in its recent report titled, “Wearable Computing Devices Market: Smart Fitness Devices to Outpace Market Growth, 2014 to 2020”, projects that the overall wearable computing devices market is expected to grow at a significant CAGR of 36.8% throughout the forecast period.
The global wearable computing devices market accounted for US$ 1,087.6 Mn in terms of value in 2013, and is projected to reach US$ 32,435.6 Mn by 2020. Factors accelerating the market growth include fall in average selling price of wearable devices and growing health concerns. Further, the availability of open source application is driving the growth of this market.
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By product category, the smart fitness accessories sub-segment is estimated to be the largest, with over 50% of the total wearable computing devices market revenue share in 2013, followed by the smart accessories sub-segment with over 39%.
By Vertical, the global wearable computing devices is segmented into two verticals include Consumer and B2B vertical, the consumer vertical segment accounted for more than 50% share of the overall wearable computing devices market revenue and shipment in 2013.
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Region-wise, North America was the largest market in terms of revenue, accounting for over one-third of the global wearable computing devices market in 2013. Asia Pacific is anticipated to witness a considerable CAGR between 2015 and 2020. The growth is mainly driven by fall in average selling price of wearable devices and accessories.
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Key players in the global wearable computing devices market are Adidas AG, Apple Inc., Samsung Electronics Co. Ltd. Nike Inc., and Fitbit Inc.
Future Market Insights (FMI) is a leading market intelligence and consulting firm delivering syndicated research reports, custom research reports and consulting services. Our research services cover global as well as regional emerging markets such as GCC, ASEAN and BRICS. Our offerings cover a broad spectrum of industries including Chemicals, Materials, Energy, Technology, Healthcare and Retail.