USD 70 billion
Wearable Technology Market Size, Share, Growth Analysis, By Product (Wristwear, Eyewear), By Application (Healthcare, Fitness & Sports, Others), By Distribution Channel (Offline, Online), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25E2035 |
Region:
Global |
Published Date: August, 2024
Pages:
242
|Tables:
93
|Figures:
82
Wearable Technology Market Insights
The Global Wearable Technology Market is valued at USD 70 Billion in 2022, and it is anticipated to attain a value of USD 91.5 Billion by 2023 to 286.28 billion by 2031, at a CAGR of 15.2% over the forecast period (2024-2031).
With advances in technology, increasing consumer interest in health and wellness, and the increasing integration of wearable technology into daily life. One of the major drivers of the wearable technology market is growing health consciousness among consumers. Wearables such as fitness trackers, smartwatches, and health monitors provide real-time data on various health metrics, such as heart rate, sleep patterns, and physical activity.
This trend is particularly strong among younger people and fitness enthusiasts looking to maintain a healthy lifestyle. Rapid advances in sensor technology, AI and battery efficiency have dramatically increased the capabilities of wearable devices. Today’s wearables are more accurate, have longer battery life, and can perform complex tasks, such as monitoring ECGs, blood oxygen levels, and managing stress.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Textile
Fastest Growth
Non-textile
Growth Rate
15.2% CAGR
Global Wearable Technology Market ($ Bn)
Country Share for North America Region (%)
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Wearable Technology Market Segmental Analysis
The Global Wearable Technology Market is segmented based on Software and Services, Technology, Component, Product, Type, Application, Distribution Channel, and Region. Based on Terms of Software and Services, the market is segmented into Software (Software Development Kits, Operating System {WatchOS, Android, Android Wear OS, Real-time Operating System (RTOS), Tizen, Linux, Others}, Security Solutions {By Security Type [Network Security, Cloud Security, Wireless Security, Application Security], By Solution Type [Role-based Access Control (RBAC), Risk & Vulnerability Management, Distributed Denial of Service (DDOS) Mitigation, Intrusion Detection And Prevention System]}, Applications), and Services (Cloud & Data Analytics). Based on Technology, the market is segmented into Computing Technology, Display Technology, Networking Technology, Positioning Technology, and Sensor Technology (Accelerometer, Gyroscope, Magnetometer, Proximity Sensor). Based on Component, the market is segmented into Power Supply Components, Positioning and Networking Components, Sensing Components, Control Components, Display and Optoelectronic Components, Memory Components, and Interface Components. Based on Product, the market is segmented into Wristwear (Smartwatches, Wristbands), Headwear (Augmented Reality Headsets, Virtual Reality Headsets, Others), Footwear, Earwear, Fashion and Jewelry, Bodywear (Innerwear, Outerwear), And Others (Ring Scanners, Body-worn Cameras, Internables/Implantables). Based on Type, the market is segmented into Type (Active Smart Textiles, Passive Smart Textiles, Ultra-smart Textiles), Function (Sensing, Energy Harvesting, Luminescence & Aesthetics, Thermoelectricity, Others). Based on Application, the market is segmented into Consumer Electronics (Fitness & Sports, Infotainment & Multimedia, Garments & Fashion, Multifunction), Healthcare (Clinical Applications, Non-clinical Applications), Enterprise & Industrial Application (Logistics, Packaging, & Warehouse, Other), and Others. Based on Distribution Channel, the market is segmented into Online Channel and Offline Channel. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
Analysis by Product
The wristwear segment dominated the market in 2023 and accounted a substantial market share. A fitness wristwatch or band can be paired with a mobile application to offer key fitness-related information and statistics to the user. Some of the leading wrist-wear manufacturers for sports and fitness applications are GOQii, Apple, Xiaomi, Fitbit, and Nike. In the first half of 2020, the watches and wristbands segment suffered a setback as leading manufacturing companies in China struggled with a labor shortage and limited availability of raw materials. As manufacturing units began operations, the market witnessed a mild recovery during the second half of 2021.
The headwear segment of the wearable technology market plays an important role in the growth of the industry by integrating the latest trends in healthcare, augmented reality (AR), and immersive experiences. The category includes smart helmets, AR goggles, head mounted devices (HMDs) and other devices designed to give users advanced functionality beyond traditional headgear. Typical smart helmets used in sports and industrial applications are equipped with sensors that monitor vital signs, detect impacts, and provide real-time information about the health. Thus, this equipment is critical to obtain certain features and enhance safety, especially in high-risk operations.
Analysis by Application
The consumer electronics application segment accounted a dominating global revenue in 2023. Consumer electronics have numerous applications, including fitness and sports, garments and fashion, multifunction, infotainment and multimedia, and others. Considering the growing demand for wearable consumer electronics from consumers, industry players are focused on developing devices that can keep end-users work hour tracking. Furthermore, growing machine-to-machine communication and the rise in connected devices are expected to support the growth of wearable consumer electronics, thereby supporting the market growth.
The healthcare segment is expected to register the second fastest growth rate between 2023 and 2031. The increasing use of wearable devices in the pharma industry will support the growth of the segment during the forecast period. Through digital health tech, doctors can communicate with their clients through telehealth solutions and phone applications. This allows doctors to completely monitor patients. Advances in VR and AR are gaining increasing interest in the healthcare industry. VR technology is used in the medical field to aid in surgical training and procedures.
Global Wearable Technology Market By Product (%)
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Wearable Technology Market Regional Insights
North America accounted for the largest wearable technology market in 2023. The region is a major hub for technology innovation and development. The region’s R&D intensity has led to the development of innovative wearable devices with advanced sensors, processors and communication features. The growing attention to the health and fitness in North America has driven demand for wearable devices it tracks various health metrics such as heart rate, sleep and tracks charts and exercise. Consumers are eager to embrace technology that helps them live healthier lives.
Asia-Pacific is estimated to have the highest CAGR during the forecast period. Rapid urbanization of the region and increasing disposable income has increased the demand. Asia-Pacific is known for its strong strategic lead in mobile, with smartphones and mobile devices penetrating heavily. The technology associated with wearables integrated with mobile apps and services suits the region’s simple digital lifestyle, contributing to the market growth of the region.
Global Wearable Technology Market By Geography
- Largest
- Fastest
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Wearable Technology Market Dynamics
Drivers
Increasing Health Awareness
- The increasing focus on health and wellness is a major driver of the market for wearable technology. Consumers are becoming increasingly health conscious, and wearables like fitness trackers, smart watches, and health monitoring provide real-time information on various health issues. This demand for continuous health monitoring is advancing wearable technology.
Technological Development
- Rapid advances in sensor technology, battery life, and miniaturization have dramatically increased the functionality and appeal of wearable devices. Innovations such as the AI integration, improved user interfaces and seamless connectivity are making wearable devices more versatile, driving market capture among different demographics.
Restraints
Increased Costs
- Advanced wearables equipped with multiple sensors and features are expensive, putting them out of reach for many consumers, especially in emerging markets. The high value of wearable gadgets remains a primary barrier to the enormous adoption.
Privacy and Security Issues
- Wearable gadgets often store sensitive personal facts, consisting of fitness facts, location and everyday conduct. Privacy and security worries related to misuse or unauthorized get access to this data are restraining marketplace growth, as purchasers can be reluctant to completely embrace wearable era.
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Wearable Technology Market Competitive Landscape
The existence of numerous worldwide players defines the worldwide market. To growth their marketplace share, corporations use quite a few techniques, including partnerships, agreements, regional increase, mergers, acquisitions, and new product introduction. Apple is the market leader in its Apple Watch series, which integrates plenty of health monitoring and health tracking functions, which include ECG, blood oxygen level dimension.
Top Player’s Company Profiles
- Samsung Electronics Co. Ltd. (South Korea)
- Garmin Ltd. (Taiwan)
- Huawei Technologies Co., Ltd. (China)
- Fossil Group, Inc. (US)
- Xiaomi Corporation (China)
- Mobvoi (China)
- Huami Corporation (China)
- Sony Corporation (Japan)
- Titan Company (India)
- Boat (India)
- Google (US)
- Apple Inc. (US)
- Lenovo Corporation (Hong Kong)
- Acer (Taiwan)
- HP (US)
- Sennheiser (Germany)
- Meta Store (US)
- Microsoft (US)
- Boult (India)
- INTELLITIX (Canada)
Recent Developments
- July 2023: Samsung Electronics and the National Sleep Foundation enhance their partnership to combat the rising prevalence of sleep disorders using innovative technology. The tech company will use the NSF data to improve its new wearables.
- April 2023: QMS MAS (Medical Allied Services) launched a wide range of products under the Q Devices banner. Varenium Cloud Ltd. collaborated to organize the event. It also launched Vyana, a revolutionary medical wear line. Vyana contends that to provide timely assistance and meet the growing shortage of medical uniforms and supplies. It is designed to continuously monitor priorities, deliver information instantly, and communicate directly with users and immediate contacts in a major change.
- April 2023: Xiaomi announced the Xiaomi Mi Band 8 smart wearable device. The Mi Band 8 features a tablet-molded dial with an AMOLED display. The Mi’s Band 8 straps are attached to both sides of the wearable, unlike other models with the strap attached.
Wearable Technology Key Market Trends
Integration with the IoT Ecosystem
- The integration of wearable technology into the Internet of Things (IoT) ecosystem is a market priority. Wearables are increasingly connected with smart devices and other platforms, creating a seamless and integrated experience. This trend extends the utility of wearables beyond just fitness tracking, enabling them to be applied to smart homes, healthcare, and other industries, thus driving new growth to the market.
Wearable Technology Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to SkyQuest analysis, the wearable technology market is experiencing strong growth, driven by growing health awareness and rapid technological advancements. Consumers are increasingly adopting wearables such as fitness trackers, smartwatches and health monitors to generate real-time health information and seamlessly integrate it into daily life but the market faces challenges such as rising device costs, limiting access, and privacy and security concerns.
A key trend in the market is the integration of wearable technology into the Internet of Things (IoT) ecosystem. This trend expands the functionality of wearables, enabling them to interact with other smart devices and platforms, thereby increasing their usefulness in areas such as smart homes, healthcare etc. While technology continues to evolve and prices may fall, growth is expected to continue in wearable technology market drive adoption across a wide range of applications.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 70 billion |
| Market size value in 2031 | USD 286.28 billion |
| Growth Rate | 15.2% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
Wearable Technology Market Recent Developments
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Wearable Technology Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Wearable Technology Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Wearable Technology Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Wearable Technology Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Wearable Technology Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Wearable Technology Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Wearable Technology Market Report Snapshots
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