Global Wearable Technology Market to Reach USD 149.36 Billion by 2031; Increasing Adoption of Smart Clothing
Global Wearable Technology Market size was valued at USD 149.36 Billion by 2031 during the forecast period (2024-2031). The growing adoption of smart clothing and technology in society today is augmenting the demand for wearable technology. These devices help track health by monitoring fat levels, calories burned, oxygen levels and more with the help of sensors. Moreover, many companies such as Fitbit, Samsung, Noise, Fossil Group, Inc. are introducing technological wearables and other products with health monitoring solutions to attract customers as it helps them monitor their health, paving the way for market growth.
Increasing Adoption of Smart Clothing Is Driving the Market Growth
Smart clothing is expected to gain widespread adoption among mainstream consumers. Most of the time, the promotions are driven by collaborations between fashion and tech brands, such as the Levi Commuter x Jacquard Jacket, which allows users to control their mobile phones to access Google services. According to a research study conducted during the year, 9% of smart clothes have wearable developments, where people are aware of fitness and activity plans.
Also, companies continue to look at specialized wearable technologies, such as integrating Nadi smart yoga pants with the wearer’s smartphone application. The advantage of clothing over smaller accessories such as watches and bracelets is that they cover a large body area, deeper, and potentially have more-useful reasons.
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Limited Battery Life of Wearable Devices Restrains Market Growth
The lack of reliable and efficient battery systems is a limiting factor in the market. Major challenges are energy management and battery recharging. Cost-effective control of power consumption to achieve energy efficiency in mobile devices. One factor that is expected to have less impact on the market is investment in R&D to produce efficient and durable battery technology. Adding energy storage technologies such as solar panels, energy converters, or thermoelectric generators to wearable devices can help to recharge or charge a device’s battery mode. It can extend life and reduce the need for frequent charging.
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Rise in Distribution Growth Investments in VR technology by Businesses and Consumers
VR technology has great potential for various applications, such as industrial modeling, medical training, education and increased investment in VR technology by businesses will provide, is expected to generate demand. The increasing adoption of virtual reality technology directly influences the growth of the virtual reality industry. According to a 2022 survey by Consumer Technology, 32% of respondents owned a VR device, while another 15% planned to buy a wearable device in the wearable technology category within the next 12 months.
Prospects of Global Wearable Technology Market
The prospects for the global wearable technology market are incredibly promising, with several factors driving its growth and development. The increasing adoption of wearable devices in various industries such as health, fitness, sports, entertainment and business expand the market and applications. Wearable technology is changing the delivery of healthcare, enabling remote disease management, early detection and improved health outcomes. Exercise and sport wearables allow individuals to monitor and optimize their physical performance, monitor vital signs, and prevent injuries. Furthermore, an increased focus on health and wellness, combined with a growing awareness of preventative healthcare, is driving consumer interest in wearable health and fitness devices
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