Wearable Device Security Market Report 2022 – Latest Analysis Report, Post COVID-19 Growth Projection, High CAGR, Expected Demand and Revenue, New Market Trends and Forecast to 2031

Kenneth Research, in its repository of market research reports, have recently added a report on Wearable Device Security Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Wearable Device Security Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Wearable Device Security Market products.

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The growth of the market can be attributed to the growing accessibility to internet amongst the households globally and the need for advanced technologies that promote effective communication between two distant geographies. In the United States, internet access to households grew from around 73% of the households in 2015 to close to 80% of the households in 2019. In Korea, it was around 98% in 2014 which grew to nearly 100% in 2020. On the other hand, in the Netherlands, internet access to households touched nearly 98% in 2019. Countries in the Latin America, such as Brazil and Mexico grew at a significant pace by about 1.45x and 1.63x respectively within a span of 4 years between 2015 and 2019.

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

The Wearable Device Security Market is expected to grow with a significant CAGR during the forecast period, i.e. 2021-2022, on the back of growing internet penetration around the world along with the rising adoption of smartphone. The statistics by the GSMA Intelligence stated that the total unique mobile subscribers as on May 2020 around the world was 5.24 billion.

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The wearable technology is comparatively a new technology and has started witnessing the growth since the last 2–3 years. The wearable electronic devices such as wristbands, eyewears, earwears and footwears provide hands-free operations, real-time data monitoring and network communication. At present, the wearable devices are being used in different industry verticals such as healthcare, BFSI, defence and retail.

According to Infoholic Research, the “Worldwide Wearable Device Security” market will grow at an estimated CAGR of 51.4% during the forecast period 2016–2022. Since wearable technology is being adopted by almost all the industries, the security concerns for this market are high. One of the key concerns of the wearable technology market is the data privacy. Thus, to resolve this problem, a lot of security software providers are entering the market to provide secure solutions to the industry. At present, North America is one of the key wearable device security markets. Some of the players covered in the report are Fitbit, Apple, Google, Garmin, Nike, Microsoft, HP, CrowdOptic, BotFactory, ODG, Biovotion and Innovega. The report provides a comprehensive review of wearable device security types, services, and industry solutions.

The study covers and analyzes the “Worldwide Wearable Device Security market. Bringing out the complete key insights of the industry, the report aims to provide an opportunity for players to understand the latest trends, current market scenario, government initiative, and technologies related to the market. In addition, helps the venture capitalist in understanding the companies better and take informed decisions.

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