Wearable Computing Market Outlook – 2030
The global wearable computing market size is expected to reach $213.55 billion by 2030 from $38.21 billion in 2020, growing at a CAGR of 19.40% from 2021 to 2030.A wearable computer is any small technological device that can be worn on the body and is capable of storing and processing data. Wearable computers are designed for accessibility and convenience, as well as improvements to workplaces by making information quickly and readily available to the wearer. As the technology behind human-computer interaction improves, devices are created and updated to integrate seamlessly into users' lives. Nowadays, wearable devices continue to evolve and become more efficient, manageable and adaptive to the everyday needs of users.
One of the variants of a wearable computing is so-smart glasses. The image is usually projected onto the inside of the wearable computer glasses, replacing or augmenting the visual picture of the environment. Smart glasses are produced by a number of global companies such as Google, Epson, and Vuzix. Modern smart watch is another type of wearable computing. Many models support third-party applications and are controlled by mobile operating systems, they can act as mobile media players. With the help of some models anyone can receive phone calls and answer SMS and e-mail. Some smart watches work only in pairing with the smartphone and act as a secondary screen that informs the owner about new notifications.
The global wearable computing market size is anticipated to witness significant growth during the forecast period. Factors, such as technological advancements in the wearable devices, increasing adoption of smart watches and fitness bands and growing popularity of wearable medical and health device drive the wearable computing market growth. The use of smartwatches and fitness bands are increasing rapidly among the athletes, swimmers, gym-goers, runners, and cyclists, which drives the demand for smartwatches across the globe. However, high cost of wearable devices and privacy concerns is a major restraint to the global market growth. In addition, rising investment in wearable technologies is expected to create opportunities for the wearable computing industry. The market of the wearable devices is experiencing growth, and the end users are demanding innovative, technologically advanced, and efficient wearable devices; which result in increase in investment in R&D by number of companies operating in wearable devices.
By Product Type
Smart Watches segment is projected as one of the most lucrative segments.
The global wearable computing market share is segmented on the basis of product type, connectivity, end use, and region. By product type, the market is classified into smartwatches, smart jewelry, fitness trackers, head mounted display, body worn cameras, and others. The smartwatch segment is further sub segmented into extension smartwatch, classic smartwatch, and standalone smartwatch. By connectivity, it is divided into Bluetooth, Wi-Fi, 4G/5G, and others. On the basis of end use, it is segregated into fitness & wellness, healthcare, entertainment, defense, gaming, and others.
By End Use
Fitness & Wellness segment is expected to secure leading position during forecast period.
Region-wise, the wearable computing market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). North America is dominating the market, due to an increase in adoption of advance technologies in wearable devices and increased awareness among people toward these devices.
Asia-Pacific region would exhibit the highest CAGR of 20.70% during 2021-2030
Top Impacting Factors
The prominent factors that impact the wearable computing market growth are technological advancements in the wearable devices, increasing adoption of smart watches and fitness bands, and growing popularity of wearable medical and health device. However, High cost of wearable devices and privacy concerns restricts the wearable computing market growth. On the contrary, rising investment in wearable technologies is expected to create lucrative opportunities for the market. Therefore, these factors are expected to definitely affect the global wearable computing industry during the forecast period.
Competitive analysis and profiles of the major wearable computing market players, such as Apple (U.S.), Google LLC (U.S.), Huawei Technologies Co., Ltd. (China), Garmin (Switzerland), Fossil Group, Inc. (U.S.), Samsung Electronics (South Korea), Sony Corporation (Japan), Xiaomi Corporation (China), Nike (U.S.), and Sensoria Inc., (U.S.) are focusing their investment on technologically advanced, cost-effective, and more secure products and solutions for various applications. These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, regional expansion, and collaboration, to enhance their market penetration.
COVID-19 Impact Analysis
COVID-19 is having a large impact on both consumer and the economy. Electronics manufacturing hubs have been temporarily working at low efficiency to liming the COVID-19 spread among the individuals. This has majorly affected the supply chain of semiconductor market by creating shortages of materials, components, and finished goods. Lack of business continuity has ensured significant negative impacts on revenue, shareholder returns, and revenue, which are expected to create financial disruptions in the wearable industry.
The impact of COVID-19 on the manufacturing industry has significantly affected the global economy. Electronic components such as Sensors, displays, ICs, and other semiconductor devices are mostly imported from China. Due to the temporary shutdown of manufacturing units, the prices of semiconductor components have increased by 2-3%, owing to shortage of supplies.
The slowdown in productions by OEMs and reduction in demand for wearable and other electronics devices has slightly pulled down the market for wearable computing. Shortages of components and materials have significantly impacted the global supply chains. In addition, reductions in various capital budgets and delay in planned projects have hampered the global economy.
However, vaccines roll out across the globe and the pandemic situation is better controlled, especially in North America and Europe, is expected to boost the recovery of the wearable computing market.
Key Benefits for Stakeholders
- This study comprises analytical depiction of the global wearable computing market outlook along with the current trends and future estimations to depict the imminent investment pockets.
- The overall wearable computing market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and wearable computing market opportunities with a detailed impact analysis.
- The current wearable computing market forecast is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and the wearable computing market share of key vendors.
- The report includes the market trends and the revenue share of key vendors.
Key Market Segments
By Product Type
- Smart Watches
- Extension smartwatch
- Classic smartwatch
- Standalone smartwatch
- Smart Jewelry
- Fitness Trackers
- Head Mounted Display
- Body Worn Cameras
By End Use
- Fitness & Wellness
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East
- Google LLC
- Huawei Technologies Co., Ltd.
- Samsung Electronics
- Sony Corporation
- Xiaomi Corporation
- Fossil Group, Inc.
- Sensoria Inc.
Wearable Computing Market Report Highlights
By Product Type
By End Use
Key Market Players
SONY CORPORATION, Fossil Group, Inc., Samsung Electronics, Apple Inc., Google LLC (Alphabet Inc.), NIKE, Inc., Garmin Ltd., Sensoria Inc., Huawei Technologies Co., Ltd. (Huawei), .Xiaomi Corporation
According to the insights of the CXOs of leading companies, the wearable computing market holds high potential in the fitness & wellness industry. The global wearable computing market is anticipated to witness significant growth during the forecast period. The factors such as technological advancements in the wearable devices, increasing adoption of smart watches and fitness bands, and growing popularity of wearable medical and health device offers growth opportunities for wearable computing market. Companies in this industry adopt various innovative techniques to provide customers with advanced and innovative features.
The key players of the market focus on introducing technologically advanced products to remain competitive in the market. Acquisition, agreement, collaboration, product expansion, and product launch are expected to be the prominent strategies adopted by the market players. North America accounted for a major share of the market in 2020, owing to the presence of major players in the region; however, Asia-Pacific is expected to grow at the highest CAGR, owing to rise in adoption of wearable fitness trackers in a variety of fields.