Global Smart Wearable Market Outlook 2031
The global smart wearable market size was USD 59.05 Billion in 2022 and is estimated to reach USD 291.95 Billion by 2031 register a substantial CAGR 19.4% during the forecast period, between 2023 - 2031. Smart wearable are advanced objects that can be placed on the body for various purposes especially for fitness and sport activities.
The advancement of modern technology has made wearable products such as eyewear, watch, and bracelet into smart devices offering several intelligent functions. Smart wearable electronics are described as gadgets that allow to provide smart process inputs using application-enabled enhanced wireless and computing technologies.
Wearable can be made into components of clothing that serve as sensors and aid in the tracking of data. Wearable technology items are microprocessor-powered and have the potential to transmit and receive data through the Internet as well as have practical applications in real-time. Smart watches, VR headsets, fitness trackers, smart wristbands, sports watches, activity trackers, and other smart wearable devices are examples of smart wearable devices.
Smart Wearable Market Trends, Drivers, Restraints, and Opportunities:
- Rising disposable income, increased awareness of the advantages of smart wearable, and advancement in consumer electronic devices are major factors driving market growth.
- Growing popularity of Internet of Things (IoT)-enabled devices and wide penetration of smart electronic devices such as smartphones are projected to boost market growth in the coming years.
- Wide prevalence of chronic disorders and obesity among a large number of people globally and rising number of health-conscious population are estimated to push the demand for smart wearable products.
- Increasing concerns regarding data security risks, high cost price of the devices, as well as low battery life are major challenges for these products. This is likely to hinder market growth during the forecast period.
- Changing lifestyles and availability of several designed of devices for the needs of different individual present immense growth opportunities for the market.
Scope of Smart Wearable Market Report
The report on the global smart wearable market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
Attributes
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Details
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Report Title
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Smart Wearable Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016 - 2021
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Forecast Period
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2023–2031
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Segmentation
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Types (Body Wear, Eye Wear & Head Wear, Hearables, Neck Wear, Wrist Wear, and Others), Devices (Body-worn Camera, Ear Worn, Exoskeleton, Fitness Trackers, Head-mounted Displays, Smart Clothing, Smart Watches, and Medical Devices), Applications (Consumer Electronics, Defence, Enterprise & Industrial, Entertainment, Healthcare, Fitness & Sports, and Lifestyle)
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Regional Scope
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Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
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Report Coverage
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Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
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Key Players Covered in the Report
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Apple Inc.; Sony Corporation; Nike Inc.; Fitbit Inc.; Garmin Ltd.; Samsung Electronics Co., Ltd.; LG Electronics; Huawei Technologies Co., Ltd; and Adidas AG.
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Smart Wearable Market Segment Insights:
Wrist wear segment is projected to hold significant market share
Based on types, the smart wearable market is segregated into body wear, eye wear & head wear, hearables, neck wear, wrist wear, and others. The wrist wear segment is projected to hold significant market share due to the increased adoption for fitness trackers and smart watches in the healthcare industry.
Smart watches equipped with the disease-specific functionalities, particularly those devices that provide instant information about cardiovascular indications, is a key reason for the segment growth.
Fitness trackers segment is anticipated to account for a substantial share
On the basis of devices, the market is fragmented into body-worn camera, ear worn, exoskeleton, fitness trackers, head-mounted displays, smart clothing, smart watches, and medical devices. The fitness trackers segment is anticipated to account for substantial share of the market owing to the increased efforts by technology businesses to build smart analytic solutions such as real-time health status analysis.
Smart watches and fitness bands are becoming more popular as the number of smartphone users are rising rapidly and wide availability of high-speed connectivity networks. Several technology-based businesses have started collaborating with luxury wrist brands to produce high-end wristwatches that provide consumers with greater perceptions into their health and interaction with controls without depending on smartphones.
A fitness wristwatch or band can be used in conjunction with a mobile application to provide the user with important fitness-related information and data.
Consumer electronics segment to expand at a rapid pace during the forecast period
In terms of applications, the smart wearable market is segmented into consumer electronics, defence, enterprise & industrial, entertainment, healthcare, fitness & sports, and lifestyle. The consumer electronics segment is expected to expand at a rapid pace during the forecast period owing to the availability of devices that have installed facilities to use for fitness and sports, multifunction, clothing and fashion, multimedia and infotainment, and others.
Given the increased consumer demand for wearable consumer electronics, several market participants are concentrating on developing gadgets that can keep end-users track their work hours. Furthermore, the rise in connected devices and expanding machine-to-machine communication are likely to drive the growth of wearable consumer electronics, consequently supporting the overall market growth.
North America is expected to dominate the market
In terms of regions, the market is categorized as Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America is expected to dominate the market owing to the growing popularity of wearable devices in countries such as the United States and Canada. The region is home to a huge number of internet users as well as various enterprises involved in technology advancements.
On the other hand, the market of Asia Pacific is anticipated to register a substantial growth rate in the coming years due to a growing population of tech-savvy people, rising purchasing power, and the presence of numerous prominent industry participants in the region. Increasing relocation of manufacturing services to Asia Pacific as a result of lower cost of operating and labor expenses present another key aspect for the regional market expansion.
Furthermore, the growing urban population across the region is likely to increase the use of wearable devices, fueling the overall market expansion.
Segments
By Types
- Body Wear
- Eye Wear & Head Wear
- Hearables
- Neck Wear
- Wrist Wear
- Others
By Devices
- Body-worn Camera
- Ear Worn
- Exoskeleton
- Fitness Trackers
- Head-mounted Displays
- Smart Clothing
- Smart Watches
- Medical Devices
By Applications
- Consumer Electronics
- Defence
- Enterprise & Industrial
- Entertainment
- Healthcare
- Fitness & Sports
- Lifestyle
By Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
By Key Players
Competitive Landscape
Key players in the global smart wearable market are Apple Inc.; Sony Corporation; Nike Inc.; Fitbit Inc.; Garmin Ltd.; Samsung Electronics Co., Ltd.; LG Electronics; Huawei Technologies Co., Ltd; and Adidas AG. These players have widely engaged in several market development strategies including collaborations, agreements, mergers & acquisitions, production capacity expansion, new product launches, and partnerships to increase their market share.