Historic mixture of fashion and technology has taken a new twist with the advent of wearable technology devices. Also known as smart textile, these gadgets are already being rated as the ‘next big thing’. Wearable technology is a type of clothing and fashion accessories that are incorporated with advanced computer and electronic devices. These smart textiles have practical functions with pure aesthetic agenda. Uniqueness and portability are the two biggest drivers for the booming wearable technology market on global platform.
Smart Textile Industry: Features & Trends
According to the researchers, the global smart textiles market is aiming at great expansion and global growth, thanks to the technological advancements and popularity. Customers can wear these devices to integrate mobile computing with help of wireless networking. These devices help the users to make practical use of these gadgets along with keeping up with the latest fashion trends. All these features make smart textile market a great prospect for established businesses as well as budding startups looking to make global presence.
Applications, products, components and e-materials are the four basic segments in the wearable technology market. Based on applications, the market is segmented into enterprise, healthcare and consumer demands. Sensors, display, networks, positioning and battery are the basic components used in wearable technology that are available in the form of watches, glasses and textiles. Consumer application segment has the largest prospects for growth and revenue in this market. Wrist-wear products lead the product segment, which accounted worth $876.70 million in 2012.
According to the forecasting reports, smart textile market is expected to grow at a whopping CAGR of 17.71% from 2013 to 2018. The global market was worth $2.7 billion in 2012. According to the anticipated CAGR, the market is expected to reach $8.3 billion in 2018. Segments like healthcare and enterprise are also expected to grow in the days to come. North America is the global leader in wearable technology. United States of America holds more than 80% market share in the North American region. Asia Pacific is expected to catch up with the leader, with China holding the hopes with largest CAGR.
Smart textiles are ideal to be used in healthcare market as mobile devices. Smart t-shirts and other wrist wear accessories help track heart rate and pulse rate on the go. This is one of the most beneficial usage of this technology, which can drive both semiconductor and healthcare market in tandem. Integration of wearable technology in eyewear and wrist wear devices boosts mobile computing, which has become the need of the hour.
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