The global wearable technology market is expected to grow at a compound annual growth rate of 13.89% during the forecast period 2022 to 2030. The global wearable technology market size was estimated at USD 121.7 billion in 2021 and is expected to surpass around USD 392.4 billion by 2030.
The wearable technology market is expected to grow well during the forecast period due to the increased adoption of the Internet of Things and they increased use of technology by the population. There is a growing demand for the connected devices across the developing as well as the developed patients. Increased literacy of technology has led to the growth of the market in the recent years and it is expected to grow well in the coming year. Increased cases of chronic diseases like the cardiovascular diseases, obesity will lead to a greater demand for the variable devices in the coming years period these products are used on a large scale by such patients as they help in monitoring the activity of the individual and it also helps in tracking the other information which is of use. It also helps in keeping track of the physiological information and various activities carried on day-to-day basis. It also helps in monitoring the heart rate of the patient, blood pressure, number of calories burned during a day, sleep quality as well as though oxygen level in the blood.
All of these form important data in order to maintain the health of the individual suffering with various chronic disorders. There's a growing demand for these devices especially among the fitness enthusiasts and the athletes. Increased consumption of these products among the younger population will also lead to the growth of the market. As there is a growing awareness regarding the benefits associated with the use of these devices the market will grow well. As a result, increase in the purchasing power of the population even in the developing nations the market for wearable technologies or devices is expected to grow well during the forecast period.
Small size sensors are used in the smart watches and the fabrics that help in understanding and monitoring the various aspects associated with the health of an individual. These devices also make payments service is easy through the use of the variable devices. The smart watches that are used by the people across the globe are multifunctional watches. Constant research and development activities in this industry have been instrumental in coming up with innovative products and solutions that have helped in the growth of the market in the recent years period advanced features available with the use of these variable devices will help in the growth of the market in the coming years.
During the outbreak of COVID-19 pandemic there was a great impact on the wearable devices market. As many restrictions and regulations were laid down by the government bullies the countries like China, India, Japan what affected to a great extent. The manufacturing of such devices in the Asia Pacific region had dropped. Lockdown across the globe in the developing as well as the developed nations had disrupted the supply chain and the logistics of this industry to a great extent. The sales volume and the revenue generated through the sales were also affected during the pandemic.
The existing market players have played an instrumental role in providing portable and simple wearable devices due to which the market is expected to grow well. These organizations have also played an instrumental role in creating awareness regarding the benefits associated with the use of such devices. Constant research and development have led to the introduction of innovative products in the market. The demand for the variable devices across the globe has increased to a great extent due to its uses in the defense systems and the health care systems. These devices are also used in various industries and also the entertainment sector. These devices are available in the form of activity trackers and watches. There's also a growing demand for smart clothing. All of these devices are in great demand as they are portable and they make use of the latest available technology.
The use of these devices has been instrumental in carrying out easy health checkups on day-to-day basis. They play an extremely important role in monitoring various vitals of the body in case of obesity. It helps in generating information relating the number of calories consumed in the day and the calories burned. That is a rowing application of these devices in various industries. Constant research and development processes have led to the introduction of better hardware's and software's. Fitness enthusiasts and professional athletes make use of these devices on a large scale. These devices are also used in their defence industry as they help in performing various functions.
Electronic displays that are introduced in the market are flexible as well as affordable which has led to an increased adoption of wearable devices. Increased consumption by these devices miss serve to be your restaurant in the market growth. In order to monitor and compute various things there is a growing preference for these devices among the consumers. This factor provides a better opportunity for growth in the coming years. The connectivity provided to these wearable devices with the mobile phones shall be another factor that shall be instrumental in the growth of the market during the coming years.
Report Scope of the Wearable Technology Market
|Market Size in 2022||USD 138.61 Billion
|Market Size by 2030||
USD 392.4 Billion
|Growth Rate from 2022 to 2030||CAGR of 13.89%|
|Forecast Period||2022 to 2030|
|Segments Covered||Type, Product, Application, Geography|
Xiaomi Global Community, Huawei Technologies Co. Ltd., Nike Inc., Motorola Solutions Inc., Sony Corporation, Google LLC, HTC Corporation, SAMSUNG, Apple Inc., LG Electronics, CASIO AMERICA INC., Garmin Ltd., Withings, Fitbit Inc., Michael Kors, ADIDAS AG, Polar Electro, TomTom International BV, Fossil Group Inc., ASUSTeK Computer Inc
Depending upon the basis of the product the market for the wrist wear segment is expected to grow well during the forecast period. This segment has had a market share of about 49% in the past and it is expected to grow well during the forecast period. The connectivity of the smart wristwatches 2 the mobile phones through an application is expected to drive the market growth in the coming years period it helps in monitoring the information which helps in ensuring the fitness of a person. It also helps in keeping a track of the statistics over a period of time. There are many manufacturers of these smart watches or the wrist wears in the market like apple, Nike, Fitbit etc. during the pandemic outbreak the manufacturing of these wrist wear or watches heart reduced as the restrictions in China had caused shortage of Labor and also shortage of raw materials.
After the pandemic the market has recovered well. There's a growing demand for these wrist watches or the wrist wear as they help in tracking the fitness and it is expected to have a greater demand in the healthcare sector. These devices are expected to be in demand in the coming years as they help in tracking information regarding the cardiovascular diseases. Any abnormalities in the heartbeat are monitored by these smart watches and due to which the market for this equipment is expected to grow well in the coming years. Apart from the wristwear the head gear or the headwear and the eyewear is also expected to have a good demand in the coming years the market segment for these products is expected to grow at a compound annual growth rate of about 14% in the coming years. Rowing demand for various types of goggles. variety of products are available in the market. Due to the increased use of virtual reality and augmented reality more innovative products are offered in the market and the market is expected to grow well during the forecast period. These devices are of extreme use in various surgical procedures in the medical field. The use of these technologies will be helpful in assisting the surgeons and they also help in limiting the errors made during these surgeries.
On the basis of application, the consumer electronics segment is expected to have the largest market share in the coming years period this segment has dominated the market in the past with a share of about 49% in terms of revenue and it is expected to grow well in the coming years. There's a growing demand for consumer electronics in the Asia Pacific region and a large number of manufacturers are present in China as well as India due to which the market is expected to grow well. Different types of equipment's used in the sports and fitness, multimedia, infotainment, garments and fashion will drive the market growth. The market players are constantly making efforts to provide more innovative devices as the demand for the consumer electronics is growing constantly.
Increased use of the technology which has made communication between machines possible the market is expected to grow well. This type of technology has created greater demand for wearable technologies. The demand for the variable technologies or devices is expected to grow well as they help in monitoring the health of a patient remotely. It also enhances the communication between the doctor and the patient. The use of artificial intelligence in these devices and sweat sensors will be useful for the athletes. It also helps in tracking the electrolyte loss. due to the integration of these features the market for the variable devices will grow well in the coming years.
Wearable Technology Market Share, By Region, 2021 (%)
|Regions||Revenue Share in 2021 (%)|
North American region It was the early user of these devices and technologies. this region is expected to have a good amount of market share in the coming years period North American region had the revenue of about 34.7% of the total share in the past. Increased use of Internet and smartphones along with the good purchasing power at the hands of the consumers, the market is expected to grow well in the coming years. A large number of initiatives are taken by the market players which are expected to drive the market growth in the coming years.
Apart from the North American region the Asia Pacific region is also expected to have a good amount of demand for these products in the coming years. Increased technological literacy has created a greater demand for these products. There are a few leading providers in the Asia Pacific region that help in creating awareness regarding the use of these products.
Key market developments
Verisense Pulse+ Is the sensor which was released by Shimmer research in the year 2021 and the sensor shall be used in the Verisense platform.
Key market players
Segments covered in the report
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