Outlook of the global wearable security devices market
According to Technavio’s market research analyst, the global wearable security devices market will witness impressive growth over the next few years and post a CAGR of almost 19% by 2021. Much of this market’s growth can be attributed to the high adoption of the (Internet-of-Things) IoT technology across various markets. IoT connects billions of devices and sensors to develop innovative applications. IoT communication primarily connects various devices, such as smartphones, laptops, and tablets, with people and systems. This helps send data to the centralized server through networks like wireless local area network (WLAN), radio frequency identification (RFID), and Bluetooth. Furthermore, with the help of IoT, every device or asset of an organization can be interconnected with other assets. In addition, enterprises are also witnessing significant improvements in business processes with the adoption of IoT.
Additionally, the analysts have also noted that factors such as the augmented use of ultra-high-capacity optical networks will also play a key role in spurring this market’s growth and act as one of the wearable security devices market trends over the next few years. At present, the world is virtually interconnected; thus, enabling efficient and easy communication that delivers better economic growth. Optical networks help achieve higher power savings by allowing the efficient use of data transmissions over long distances. Additionally, they also provide the advantage of having high reliability, protection, speed, and convergence. Core networks that transmit signals over long distances utilize low-loss wavelength range to attain the maximum transmission capacity of 100 Tbps per fiber.
Competitive landscape and key vendors
While analyzing the growth prospects for this market, it was noted that all the key vendors have a strong presence in the global market as they own patent rights for the wearable technology in devices such as smart glass, smart clothing, and smart helmet. Additionally, it was also noted that software companies such as Microsoft have entered the market with secure software and applications that coordinate with these devices. According to the wearable security devices market analysis research report, companies such as Honeywell Industrial Safety have also started collaborated with Intel to develop connected worker product range. Such collaborations will help enhance IoT connectivity and data integration.
Key vendors in this market are -
Other prominent vendors in this market space are Amulyte, BearTek, Carré Technologies, COOLSHIRT SYSTEMS, Electricfoxy, Emotiv Systems, Epson America, Everfind, EyeTap, FashionTEQ, Fatigue Science, Fin Robotics, Finis, Fujitsu, Garmin, Geak, Geo Group, Geopalz, Intel, InteraXon, Laster Technologies, LG, Lumafit, Lumo BodyTech, McLear, Melon, Memi, Microsoft, MonDevices, Narrative, NeuroSky, Nod, Omsignal, Optinvent, OrCam Technologies, Orion (Onbeep), Owlet, Pebble, PFO Tech, Playtabase, Polar Electro, Preventice Solutions, Proteus Digital Health, Qardio, Qualcomm Connected Experience, Sensible Baby, Sigmo, Sony, and Vuzix.
Segmentation by application and analysis of the wearable security devices market
By the end of the forecast period, the biometric recognition application segment will account for the largest market share and generate the maximum revenues. Much of this growth can be attributed to the extensive use of biometric technologies that utilize wearable technology for military, emergency services, tracking, and biometric recognition.
Geographical segmentation and analysis of the wearable security devices market
Based on the wearable security devices market forecast, in terms of geography, it was noted that the Americas dominated this market space and will generate the maximum revenues until the end of 2020. In this region, it has been noted that the high adoption of IoT technology will boost the smart wearable market’s revenue during the forecast period.
Key questions answered in the report include
What will the market size and the growth rate be in 2021?
What are the key factors driving the wearable security devices market?
What are the key market trends impacting the growth of the wearable security devices market?
What are the challenges to market growth?
Who are the key vendors in the wearable security devices market?
What are the market opportunities and threats faced by the vendors in the wearable security devices market?
Trending factors influencing the market shares in the Americas, APAC, and EMEA.
What are the key outcomes of the five forces analysis of the wearable security devices market?
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