14th December 2018 – The global Wearable Device Security Market to grow at a significant CAGR of 12.65% during the given forecast period. The market is subject to witness a substantial growth due to the increasing demand for wearable electronic devices and growing adoption of wearable electronic in healthcare sector. Substantial contribution from North America region has resulted in significant industry growth since last couple of years.
Growing demand for wearable device technology from healthcare sector and introduction of wearable inhibitors is expected to fuel the growth of market over the forecast period. Globally, the market is predicted to generate massive revenue over next seven years, providing numerous opportunities for market players to invest for research and development in the wearable device security market.
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Some of the common wearable device include fitness tracker, smart electronic devices and implantable devices. Wearable devices are worn on the body. Additionally, growing demand for implantable devices and the FDA-approved medical pill that can track a patient’s adherence are expected to drive market demand for the product.
However, rising concerns related to data breaches and information theft are driving industry participants to adopt advanced wearable device security solutions. Wearable device security solution not only prevents cyberattacks but also protect sensitive data. These factors are expected to play major role in future market growth of wearable device security industry over the forecast period.
Wearable device are highly vulnerable towards cyberattack and data breaches due to lack of device security. Some of common vulnerabilities associated with wearable technology is authentication issue. In addition, lack of encryption on many wearable devices and insecure wireless connectivity in these devices leads to additional vulnerabilities for wearable device. These factors are generating need for advanced device security solutions, thus propelling market growth, in the recent years.
The wearable device security market is broadly categorized into three major segments based on the product type such as wrist-wear wearable devices, headwear wearable devices, and body-wear wearable devices. The wrist-wear wearable devices is considered as one of the fastest growing segment in the wearable device security with substantial revenue generation in the last few years.
- Hewlett Packard Enterprise
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The wearable device security market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in wearable electronic sector, increase in the number of research & development activities in the region, and existence of well-established industrial infrastructure.
Asia-Pacific region is predicted to hold major market share in the wearable device security with massive growth in forecast period. Countries such as Japan, China, South Korea and Singapore are leading the Asia-Pacific market with increasing demand for wearable technology in healthcare sector, and significant investment by leading industry players considering potential growth opportunities in the region.