Wearable Technology Market Research, 2031
The global Wearable Technology Market size was valued at $54,841.40 million in 2020, and is projected to reach $184,403.60 million by 2031, growing at a CAGR of 12.8% from 2022 to 2031. Wearable technology market witnesses increase in adoption owing to factors, such as ease of use, flexibility, and convenience. Moreover, it provides real time data monitoring, operational efficiency, and fitness tracking, which further supports the market growth.
The deployment of miniature sensors into fabrics, smart watches compatibility to interact with social media, in store merchandising, and ease of payment with wearable are some of the classic examples of advancement in wearable technology. The adoption of smart watches has revolutionized watches to possess the characteristic of being multifunctional. Soon, users are expected to prefer smart watches to their analog counterparts, due to technological advancements.
Wearable devices companies invest heavily in R&D to devise optimum solutions to gain a higher market share. Growth in technological features and advancements is expected to drive the wearable technology market during the forecast period.
Factors affecting the wearable technology market include, entry of large players, portable and convenient usage, increase in healthcare awareness, and technological advancements. These major factors have boosted the adoption of wearable devices across various industries, such as healthcare, defense, entertainment, industries and enterprises, and others. Wearable devices, such as smart watches, activity trackers, and smart clothing are preferred among consumers, owing to their various benefits, including portable usage and latest technological advancements.
Wearable devices enable a user to check health-related content on their smart wearable. Obesity has become a major issue in many regions and therefore, people prefer wearable technology for checking health and fitness data.
The application for wearables is influenced by increased implementation across various verticals. Moreover, the technological advancements in software & hardware components, and their increased adoption in fitness, healthcare, and defense supports the wearable technology market growth. However, limited battery life and security concerns restrict the adoption of wearables in the wearable technology industry.
Wearables are used in various industries, such as defense, consumer applications, lifestyle, fitness and sports, enterprise and industrial, and others. Increase in awareness about the benefits of wearables and technological advancement is expected to drive the growth of the market.
Segment Overview
The wearable technology market is segmented on the basis of device, product type, application, and region. On the basis of product type the market is divided into wrist wear, eyewear, hearable, neckwear, body wear, and others.
On the basis of device, the market is categorized into smart watches, fitness and wellness devices, smart glasses, smart clothing, and others. On the basis of application, the market is further classified into lifestyle, consumer applications, entertainment, healthcare, fitness and sports, defense, enterprise and industrial.
On the basis of region, the market is divided into North America, Europe, Asia-Pacific, and LAMEA. Various countries covered under each region are studied and analyzed to identify the major trends demonstrated by these respective regions. North America dominated the market in 2020, followed by Europe. North America extensively uses wearable technology in various application areas. However, this technology is in their emerging state in developing countries.
On the basis of device fitness segment dominated the market owing to the growing consumer awareness towards health and wellbeing.
On the basis of product type the wrist wear segment has the major wearable technology market share in the year 2020 as it is easily accessible in nature and thus attracting more and more customers to buy wrist wear smart products.
On the basis of application fitness & sports segment has domainted the market owing to the growing adoption of fitness products among the customers and also due to rise in customer interest towards sports and sports related products.
Region wise North America has dominated the global market in the year 2020 however, Asia-Pacific is likely to be the fastest growing region during the wearable technology market forecast period owing to the rising standard of living, rapid urbanization and growing disposable income.
Key players profiled in the report include Apple Inc., Fitbit, Inc., Garmin Ltd., Adidas AG., Nike Inc., Samsung Electronics Co., Ltd., Sony Corporation, Huawei Technologies Co., Ltd., LG Electronics Inc., and Motorola Solutions Inc.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the wearable technology market analysis from 2020 to 2031 to identify the prevailing wearable technology market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the wearable technology market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global wearable technology market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global wearable technology market trends, key players, market segments, application areas, and market growth strategies.
Wearable Technology Market Report Highlights
| Aspects | Details |
 By Device |
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 By Product Type |
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 By Application |
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 By Region |
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 Key Market Players | Sony Corporation, Samsung Electronics Co., Ltd., Apple Inc., Fitbit, Inc., Nike Inc., LG Electronics Inc., Huawei Technologies Co., Ltd., Garmin Ltd., Motorola Solutions Inc, Adidas AG. |
Analyst Review
Wearable technology market is projected to depict a prominent growth from 2020 to 2031 in Asia-Pacific owing to technological advancements, entry of large players, and increase in awareness of the benefits offered by wearable devices. Furthermore, the market possesses high growth potential due to rise in the trend of Internet of Things (Iot). However, the wearable technology market is at a nascent stage and some of the regions, such as Africa are still untapped.
Increase in health concerns, such as obesity and other health-related problems encourage people to adopt fitness devices, thus minimizing the hospital bills. Moreover, various other benefits offered by these devices, such as placing calls and viewing notifications at ease, supplement the growth of the global wearable technology market. Many enterprises use wearables to increase productivity of employees and to keep a track on their performance. Moreover, smart textiles are launched in the market with embedded sensors, thereby providing the user with whole body tracking. For instance, in 2015, Ralph Lauren launched sensor-laden shirts named “PoloTech”, which has attached biometric sensors to check heart rates, stress levels, and calories burnt. Such innovations by various companies accelerate the wearable technology market growth.
The global Wearable Technology Market size was valued at $54,841.40 million in 2020, and is projected to reach $184,403.60 million by 2031, growing at a CAGR of 12.8% from 2022 to 2031
The global Wearable Technology Market is growing at a CAGR of 12.8% from 2022 to 2031
The key players profiled in the Wearable Technology Market Analysis include, Apple Inc., Fitbit, Inc., Garmin Ltd., Adidas AG., Nike, Inc., Samsung Electronics Co., Ltd., Sony Corporation, Huawei Technologies Co., Ltd., LG Electronics Inc., and Motorola Solutions Inc.
North America accounted for the major Wearable Technology Market Share in 2020, and is expected to maintain its dominance during the forecast period,
The growth of the global wearable technology market is driven by convenient usage of wearables and entry of various smartphone manufacturers. In addition, rise in health concerns among consumers fuels the adoption of wearable devices, which enable them to provide real-time information on their overall health.
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