Wearable Technology Market and devices have come a long way since their inception. HP introduced one of the first calculator watches, the HP-01, in 1977. Since then, wearable technology has advanced significantly over the last four decades. Hundreds of companies now provide smart wearable’s such as smart watches that are compatible with smart phones, fitness trackers for tracking and monitoring physical activities, advanced eyewear, and so on.
Particularly in the last five years, the wearable industry has seen significant changes. For example, fitness bands have seen significant price drops as new players have emerged, pushing the industry to diversify further through collaboration with fashion. Wearable technology devices are more than just fitness trackers and smart watches; they have a high potential in medical, intensive health care, assisting people with physical disabilities, and various industrial applications for improving processes and efficiencies.
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Wearable technology and solution providers around the world are now focusing on enterprises, where there is a lot of potential for wearable devices such as smart glasses, wearable cameras, location trackers, smart helmets, and hand-held terminals, among others, which can benefit manufacturing facilities and enterprises in a variety of ways to improve productivity and processes. Companies are increasingly focusing on employee wellness programmes, which is expected to boost the widespread adoption of medical and fitness wearable devices and other related technologies.
Furthermore, Samsung and Qualcomm both have a robust portfolio of wearable devices and related devices, with over 490 and 410 patents/patent applications, respectively. Intellectual Ventures Management is a Non-Practicing Entity (NPE) with over 410 patents/patent applications in its portfolio. Apple Inc., a market leader in the smart watch market, has over 190 patents/patent applications. Panasonic Corporation, which has a strong focus on the medical device market, and Honeywell International Inc. each have over 150 patents/patent applications. Fit bit and other new wearable companies have more than 190 patents/patent applications, while Nokia Corporation and Abbott Laboratories also have more than 190 patents/patent applications. Intel Corporation and International Business Machines Corporation each have over 160 patents/patent applications.
In 2015, North America dominated the wearable technology market. The wearable technology market is being driven by a growing awareness of fitness and health, both of which wearable devices play an important role. Because of competition and technological advancement, the price of wearable devices is decreasing, making them more affordable. Furthermore, rising demand for wearable devices in North America is being driven by rising demand in several application sectors such as healthcare, security, and fitness.
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