The global wearable device security market will see a compound annual growth rate (CAGR) of 12.65% through 2022, according to Research and Markets (www.researchandmarkets.com).Wearable device security is a smart electronic device worn on the human body as an accessory. Due to lack of encryption in these devices, the data stored in these devices require safety.
The growing adoption of IoT systems will be a key trend for the market growth, according to Research and Markets. IoT interconnects several devices and enables the exchange of large volumes of data stored on the cloud. IoT enables better connectivity and resolves several critical situations. Manufacturers in the market are integrating advanced features in this technology to provide improved functionalities.
The increased dependence on Internet will drive the market growth of wearable security devices, according to Research and Markets. Consumers are majorly dependent on the Internet due to the increased use of the Internet for day-to-day activities and critical operations. With the increased penetration of Internet, end-users and organizations are storing critical data on the Internet. Organizations are offering storage services on the cloud that is consequent in storing critical information on the Internet, driving the requirement for security solutions.
Research and Markets says the high-power consumption of wearable devices will impact the market growth. Several wearable devices depend on GPS, wireless networks, and machine-to-machine (M2M) technologies. These technologies have high power consumption that reduces the battery life of the fitness devices and limits the duration of use.