Wearable Technology Market Overview
The global wearable technology market size was worth USD 115.8 billion in 2021 and is estimated to grow to USD 304.7 billion by 2028, with a CAGR of approximately 17.50 percent over the forecast years.
The majority of wearable technology consists of electronic components that have been combined with a particular technology. The technology is simple to wear on the body and can be used to detect real-time data. When we talk about wearable technology, we mean bracelets that can monitor things like heart rate, pulse, sleep duration, number of steps walked, etc. Activity tracker bracelets have been made available from firms including Fitbit, Jawbone, Apple, and Jawbone. Worldwide, this has drawn a considerable customer base. The global market for wearable technology is influenced by several variables, including the entry of significant players, compact and effective utilization, rising healthcare awareness, and technological advancements. These key elements have sped up the adoption of wearable technology across a range of sectors, including defense, healthcare, businesses & enterprises, entertainment, and others. Wearables’ application is impacted by their growing use of them across a variety of industries. The market for wearable technology is also expected to rise due to technological advancements in software and hardware and its growing use in fitness. However, the popularity of wearables among consumers is constrained by poor battery life and security issues.
COVID-19 Impact on Wearable Technology Market
During the first two quarters of 2020, the COVID-19 pandemic affected the market’s supply chain as shipments of these devices decreased. The restricted supply of raw materials and personnel shortage in industrial facilities have expanded the gap between supply and demand. But during the anticipated term, market development is anticipated to be fueled by governments’ increasing attention to economic recovery and their relaxation of lockdown regulations. In addition, growing consumer worries about their health are anticipated to support market expansion.
Wearable Technology Market Drivers
Wearable technology in healthcare is heavily influenced by the growing customer need for health management. Wearable technology in the healthcare sector is greatly accelerated by the development of wearable gadgets like fitness trackers, smart watch phones, smart health watches, smart clothes, and so on. The need for sophisticated wearable technology is increasing as a result of the recent wearable technology’s improved capabilities that monitor health-related issues and make the diagnosis procedure more convenient for medical practitioners. In addition, the market for wearable technology is being driven by the advent of wearable ECG monitors in the healthcare industry.
Wearable Technology Market Restraints
The requirement for the safety, security and privacy of the customer’s information is a major barrier for wearable technology, even though it is expanding quickly. Due to the lithium batteries that are used in wearable technology and their intimate bodily attachment, there is a chance that a client could be injured. Additionally, the user’s security and privacy are compromised because there is an increased possibility of hackers manipulating data. The lack of information end-to-end encryption, insecure communication, and the development of cyber-related vulnerabilities are all frequent issues that pose a threat to the use of wearable technology.
Wearable Technology Market Segmentation
The global wearable technology market is segmented into types, products, and applications.
Based on product, the market is classified into bodywear, neckwear, headwear, wristwear, footwear, and eyewear. In 2021, the wristwear category dominated the global market. Due to the rising demand for Bluetooth smartwatches and fitness monitoring devices, wrist wearables are widely utilized today. This device is a computerized smartwatch phone that can make calls, browse the internet, and monitor user health data. Besides this, the headwear category is expected to grow the fastest throughout the forecast period. The segment is likely to expand significantly during the forecast period due to the rising use of virtual and augmented reality.
Based on application, the market is classified into defense, healthcare, enterprise & industrial applications, fitness & wellness, and others. The fitness & wellness segment dominated the market in 2021. Customers now need devices that can conveniently deliver information about their health due to the changing consumer lifestyle. Wearable technology is increasingly gaining traction and improving the fitness and wellness market. Examples include smartwatch phones, fitness bands, smart clothing, smart health watches, etc. On the other hand, the healthcare category is anticipated to grow significantly over the forecast period. The increased investments, money, grants, and inclination for wireless connectivity among healthcare providers are driving the expansion of this market.
Wearable Technology Market Regional Landscape
In 2021, North America dominated the market for wearable technology. A major center for technical development is thought to be in North America. A growing need for complex and multi-functional devices has emerged with the incorporation of cutting-edge technology. The region’s market is heavily influenced by rising disposable income and a high adoption rate of the newest wearable technology. A further factor promoting the expansion of the region’s wearable technology market is the presence of well-known companies like Garmin, Apple, and Fitbit.
Wearable Technology Market Competitive Landscape
Some of the main competitors dominating the global wearable technology market include- 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. and ASUSTeK Computer Inc.
- March 2020: Google invested USD 40 million in intellectual rights from Fossil in 2019, while Google parent Alphabet said in November that it would buy Fitbit for USD 2.2 billion. Optical sensors would be built into the body of a smartwatch. The sensor can read the wearer’s wrists, fingers, and arms, and the Pixel Watch is set to launch in 2020.
- August 2019: Versa 2 is a brand-new smartwatch from Fitbit Inc. It is a high-end gadget with cutting-edge health, payment, and fitness capabilities.
The global Wearable Technology Market is segmented as follows:
Wearable Technology Market by Type
- Wearable Smart Textiles
- Wearable Products and Devices (Non-Textiles)
Wearable Technology Market by Product
Wearable Technology Market by Application
- Enterprise & Industrial Applications
- Fitness & Wellness
Wearable Technology Market by Region
- North America
- The UK
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
Wearable Technology Market Report Scope
|Market size value in 2022
||USD 136.0 billion
|Revenue forecast in 2028
||USD 304.7 billion
||CAGR of 17.50 % from 2022 to 2028
|Base year for estimation
||2017 – 2021
||2022 – 2028
||Revenue in USD billion and CAGR from 2022 to 2030
||Revenue forecast, company ranking, Trends
competitive landscape, and growth factors
||Type, Product, Application, and Region
||North America; Europe; Asia Pacific; Latin America; Middle East & Africa
||U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico and Others
|Key companies profiled
||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. and ASUSTeK Computer Inc.