New York, June 22, 2023 (GLOBE NEWSWIRE) --
The wearable technology market is estimated to grow at a CAGR of 21% during the forecast period. The market is estimated to garner a revenue of USD 1358.18 Billion by the end of 2035, up from a revenue of USD 137.89 Billion in the year 2022. This growth is driven by a rise in the popularity of IoT-connected devices worldwide with the changing consumer lifestyles.
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As more people begin to adopt IoT devices into their daily lives, they are becoming more accustomed to having technology that is embedded in their clothing and accessories. This is driving an increase in demand for wearable technology as consumers are becoming more comfortable with the idea of having technology that is always with them. The number of connected IoT devices around the world has exceeded 14 billion. By 2030, it is estimated that there will be 26 billion connected devices. Increasing awareness of health and the desire to track progress is driving the demand for wearables. This is further bolstered by the ability of these wearables to offer users a personalized experience and access to valuable data that can be used to improve their lifestyles.
Global Wearable Technology Market: Key Takeaways
- A sizable portion of the growth will be driven by North America
- The Smart Watch segment is expected to grow at the highest rate
- There will be a significant increase in growth in the Asia-Pacific region
A Growing Use Of Wearable Technologies In A Variety Of End-Use Industries, Such As Healthcare, Military, Defense, And Enhanced Fabrics (E-Textiles).
Wearable technologies are becoming increasingly popular due to their ability to track and monitor health and fitness data, as well as provide real-time feedback and data analysis. They are also used in the military and defense industries to provide soldiers and law enforcement personnel with enhanced situational awareness and communication capabilities. The wearable device worn by soldiers enables them to have better field awareness, as they will be able to access real-time data on the location of enemies, drones, and other targets in the vicinity. The device will also allow for more effective communication between soldiers, which will improve their ability to plan and execute missions effectively. Soldiers wear a wide variety of wearables, including thin and flexible heaters, biometric sensors for health monitoring, tracking devices, warming jackets, IR shielding uniforms, conductive textiles, and helmet mount display systems (HMDS). In addition, e-textiles are becoming increasingly popular due to their ability to provide comfort, performance, and protection to the wearer.
Increasing Popularity of Smart Wearables among Chronic Patients to Drive the Growth in the North America Region
The wearable technology market in the North American region is estimated to garner the largest revenue by the end of 2035 due to the increasing number of tech-savvy consumers in the region. In addition, a growing number of chronic diseases such as CVD sufferers in this region are embracing wearable technology. In the United States, it is estimated that 3.5 million patients with cardiovascular disease and 35 million patients at risk of cardiovascular disease use wearable devices, and 13% of patients older than 65 years of age use such devices. Wearable technology can be used to monitor health conditions, such as heart rate, blood pressure, and other vital signs. It can also be used to track activity levels and exercise routines, which can be beneficial in managing chronic diseases. This technology can provide valuable insights into the patient's health that can help inform treatment decisions. Additionally, the availability of a wide range of wearable devices and the presence of prominent players in the region will contribute to the growth of the market.
Increasing Use of AR and VR Technology to Drive Growth in the Asia Pacific Region
The wearable technology market in the Asia Pacific region is estimated to garner the leading earnings by the end of 2035 due to the increasing demand for consumer electronics and the growing penetration of internet-connected devices in the region. A rise in disposable incomes in countries such as China and India has also encouraged people to use advanced technologies, such as virtual reality headsets and augmented reality glasses. According to recent forecasts, as of 2022, AR/VR hardware shipments in China reached 68 million units. These devices allow users to access interactive content and be immersed in a virtual world. They can also be used to track fitness data, such as steps taken and heart rate, and provide other features such as sending notifications and providing directions.
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Wearable Technology, Segmentation by Device
- Smart Watches
- Smart Glasses
- Smart Clothing
The revenue from smartwatches is expected to be the largest by the end of 2035. Smartwatches offer convenience and ease of use as they can be linked to smartphones and can be used to access features such as messaging, fitness tracking, and even making payments. There were approximately 217 million smartwatch users in 2022, and the revenue generated is estimated to be USD 44 billion. This is expected to drive the demand for smartwatches in the coming years as users are increasingly looking for convenience and ease of use. Moreover, there has been a recent emphasis on developing innovative features for smartwatches including dust and waterproofing, and a long battery life that is tailored to the needs of these customers, such as athletes, outdoor enthusiasts, and sports fans. It enables manufacturers to offer more durable and reliable products to customers with more active lifestyles.
Wearable Technology, Segmentation by Application
- Lifestyle
- Consumer Application
- Entertainment
- Healthcare
- Fitness & Sports
- Defense
- Enterprise
The fitness & sports segment is anticipated to hold the largest revenue by the end of 2035. The increasing concern about staying fit and healthy is causing more and more people to invest in fitness and sports wearables, such as smartwatches, heart rate monitors, and pedometers. Wearable technology makes it easier to track and monitor activity levels, allowing people to stay motivated and reach their goals faster. Three out of ten Americans with incomes above USD 70,000 wear a smartwatch or fitness tracker regularly. Additionally, the data collected from these devices can be used to develop personalized fitness plans that are tailored to the individual's needs. This helps to increase the effectiveness of the workout, leading to improved results.
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