The global wearable computing market is anticipated to grow with a compound annual growth rate (CAGR) of 21% from 2016-2023, according to new data from Research and Markets (www.researchandmarkets.com).

The adoption of wristbands and smart watches in consumer market, increasing focus towards networking, communication and recognition technologies, increasing adoptability of internet of things and increasing adoptability of wearable medical and health devices are some of the key drivers for the growth of the market, adds the research group.

What’s more, high price range of eye and body wear and data privacy concern are some of the major challenges which hinders the growth of global wearable computing market. On the basis of geography, global wearable computing market is diversified into North America, Europe, Asia Pacific and rest of the world.

Research and Markets says the North America wearable computing market holds the largest market share in 2016. The U.S. and Canada are the major countries of the North America, which helps to drive the wearable computing market. North America region is expanding due to rising adoption of wearable computing technology.

Further, Asia Pacific’s wearable computing market is anticipated to grow with highest CAGR in the forecast period 2016-2023. China, India, Japan are some of the major countries that drive the Asia Pacific wearable computing market.

Also, the global wearable computing market is segmented into technology and application. On the basis of technology, the global wearable computing market is diversified into computing technology, display technology, networking technology and many more. On the basis of application, the global wearable computing market is diversified into healthcare and medical, fitness and wellness, infotainment, enterprise & industrial and other applications, according to Research and Markets.