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The global biometric wearable market is expected to grow at a considerable growth rate (CAGR) of 25.5% during the forecast period 2022-2030. Wearable technologies will continue to evolve in terms of applications, robustness, and capabilities. Products and application will include direct or indirect skin contact and help to report health and fitness activities while tracking and monitoring body movements. Wearable devices often face challenges such as local storage, issues with battery power, privacy and security and companies are continuously spending millions of dollars in research and development to offer safe and quality products to varied end-users under competitive edge.
Anticipated growth of the market in terms of consumer demand and sales will bring health and fitness, disabilities—applications for paralyzed, blind, deaf, and elderly—military, gaming, fashion, and other industries to a new era of economies.
The biometric wearable industry has a wide range of consumers from nearly every demographic group. Dominating shares are captured by athletes, young health-conscious adults, elderly and military. Also, the innovators section is marking a significant presence in the market.
The global biometric wearable market is anticipated to grow at a considerable growth rate during the forecast period 2022-2030. Innovation in consumer biometric wearables is outpacing that of medical monitoring technology. Technological advancements are not only in capability but also in terms of cost, particularly in the sensor technology that is being embedded in consumer wearable devices.
Segmentation Overview of the Global Biometric Wearable Market
The global biometric wearable market is categorized into various segments including connectivity, technology, application, and component. These categorize are further segmented into sub-segments to study the market in detail.
Regional Overview of the Biometric Wearable Industry
This market research study report studies the global biometric wearable market size in key regions like North America, Europe, Asia Pacific, Middle East & Africa, and South America.
As per the studies, the North America Biometric Wearable Industry accounted to dominate the global marketplace, with the U.S. accounts for more than 80% of the market share and is expected to continue the dominance owing to increasing demand for healthy living and activity tracking becomes more apparent in the regional population. As per the research conducted by Nymi to assess privacy concerns of employees in the US, as biometrics-based wearables and other related technologies are used to prevent the spread of COVID-19 with other related benefits for both workers and companies; the study shows that three out of four Americans will be willing to use biometric wearables to improve effectiveness, safety, and health, although concerns related to data privacy will remain as key challenge.
While, on the other hand, the Asia-Pacific biometric wearable market is estimated to grow at a significant growth rate at the highest CAGR with a major contribution from China, owing to increasing familiarity and ease of customers to use technologically advanced products.
Companies profiled in the report
3M Cogent, Cognitec Systems, Fulcrum Biometrics, Fujitsu Limited, Hid- Global, Hitachi, Methode Electronics, NEC, Nuance Communications, Precise Biometrics, Synaptic, Thales, Voicebox Technologies and Voxx International among others are some key players included in the research study of the global biometric wearable market. Companies are profiled in the research study under various heads such as company business overview, Company Details (Key Executive, Employee count, Trading stock, Year of Establishment), Financial Overview, Business Strategies Adopted and SWOT analysis. Companies in the market have adopted various competitive strategies such as product launch, business expansion, mergers & acquisitions, agreement, partnership, and others to offer better and competitive products and services to customers in the global biometric wearable industry.
For instance, in the recent times, Canaria technology of Queensland, based in Australia has been awarded approx. US$ 581,000 (AU$ 749,000) grants from Australia’s Federal Government to support the commercialization of real-time biometric wearable system for tracking resource sector employees for various conditions such as fatigue, heat exhaustion that are caused by cognitive impairment to boost safety. Also, Valencell, the healthcare wearables specialist launched a new software library that will integrate company’s software into the design of existing products which make it easier for manufacturers and allow customers to embed Valencell’s biometric sensor software on any ARM Cortex M4F microcontroller unit (MCU), which in turn will allow them to deploy the software without any major modifications in hardware settings.