The global wearable technology market size was valued at USD 37.06 billion in 2020 and is estimated to expand at a considerable CAGR over the forecast period, 2021-2028. The growth of the market is attributed to the increasing prevalence of connected devices and the Internet of Things (IoT) along with the growing technical sound population.
Integration of electronics with daily life activities leads to the production of wearable technology. Wearable technology products can be worn at any part of the body and fits easily in the swapping lifestyle. Wearable products such as activity trackers and body monitors are gaining huge popularity as they provide information on overall health in real-time. These products provide various pieces of information about the body such as quantity and quality of sleep, blood pressure, calorie intake, oxygen levels, heartbeat monitoring, cholesterol levels, and others. Numerous smart devices are available in the market including smart phones, phablets, and tablets; however, currently, end-users wish to utilize compact products that are incorporated with the requirement of computing and monitoring. Such desires provide opportunities to the market players to come up with compact wearable products integrated with various functionalities that fulfill the demands of end-users and convince them.
The COVID-19 pandemic adversely affected various verticals of several industries; however, it had a significant impact on the wearable technology market. The usage of wearable technology has rapidly increased in the healthcare sector. Various major players are also constantly trying to develop healthcare wearable products that can be used as an early warning system post the detection of virus infection.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing apprehension about obesity and various other chronic disorders has increased the acquisition of wearable products which is expected to boost the market growth.
- Growing adoption of wearable products among recreation fitness consumers and professionals athletes as various benefits are associated with these devices and rising awareness regarding such benefits are anticipated to propel the market growth.
- Privacy of data is a major concern among the consumer base which is a key challenge restraining the market expansion in the coming years.
- Current wearable products have a high initial cost and a low battery life which are some other factors hindering the market growth.
- Increasing research & development initiatives by market players for the advancement of technology including sensors and battery life is estimated to present key opportunities for the market expansion.
Scope of the Report
The report on the global wearable technology market includes an assessment of the market, trends, and segments. Overview and dynamics have also been included in the report.
Wearable Technology Market – Global Industry Analysis, Growth, Share, Size, Trends, And Forecast
Products (Foot-wear, Wrist-wear, Neck-wear, Eye-wear & Head-wear, Body-wear, and Others) and Applications (Enterprise & Industrial Application, Healthcare, Consumer Electronics, and Others)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Xiaomi Global Community; SAMSUNG; Huawei Device Co., Ltd; Garmin Ltd.; Apple Inc.; Sony Corp.; Fitbit, Inc.; HTC Corp.; and Alphabet
Market Segment Insights
Eye-wear & head-wear segment is anticipated to expand at a high CAGR
On the basis of products, the global wearable technology market is segmented into foot-wear, wrist-wear, neck-wear, eye-wear & head-wear, body-wear, and others. The wrist wear segment led the market in 2019 owing to the wide usage of fitness bands that can be connected to mobile apps and provide the user with key information related to fitness with statistics. On the other hand, the eye-wear & head-wear segment is anticipated to expand at a high CAGR over the forecast period as the VR and AR technology are admissible in smart phones, tablets, and other smart devices and their demand is increasing rapidly.
Healthcare segment is projected to grow at a lucrative rate
Based on applications, the market is divided into enterprise & industrial application, healthcare, consumer electronics, and others. The consumer electronics segment led the market in 2019 attributed to the wide adoption of consumer electronics among millennial consumers. Various applications are associated with consumer electronics such as multimedia and infotainment, fashion and garments, multifunction, sports and fitness, and others. However, the healthcare segment is projected to grow at a lucrative rate over the forecast period owing to the rising need for health monitoring. Few of the recently developed medical devices have the capability to provide information about water and electrolyte loss to athletes. The further segment growth is also due to the rising incidence of chronic diseases and growing demand to decrease hospital stay.
Asia Pacific market is estimated to register a significant growth
In terms of regions, the wearable technology market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America led the market in 2019 owing to being the hub of major technological advancements worldwide. On the other hand, the market in Asia Pacific is estimated to register a significant growth attributed to the increasing popularity of various wearable technology companies in the region along with the growing IT specialist population with increasing purchasing power.
Segments Covered in the Report
The global wearable technology market has been segmented on the basis of
- Eye-wear & Head-wear
- Enterprise & Industrial Application
- Consumer Electronics
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Xiaomi Global Community
- Huawei Device Co., Ltd
- Garmin Ltd.
- Apple Inc.
- Sony Corp.
- Fitbit, Inc.
- HTC Corp.
Key players competing in the market are Xiaomi Global Community; SAMSUNG; Huawei Device Co., Ltd; Garmin Ltd.; Apple Inc.; Sony Corp.; Fitbit, Inc.; HTC Corp.; and Alphabet. Many of these players have adopted business strategies such as product launches, collaborations, partnerships, alliances, acquisitions, joint ventures, and mergers in order to increase their operation expansion, consumer base, and market position globally. For instance, Fitbit was acquired by Alphabet in November 2019.