Chicago, Aug. 22, 2023 (GLOBE NEWSWIRE) -- The Wearable Technology Market by Product (Wristwear, Headwear, Footwear, Fashion & Jewelry, Bodywear), Type (Smart Textile, Non-Textile), Application (Consumer Electronics, Healthcare, Enterprise & Industrial), and Geography - Global Growth Driver and Industry Forecast", Increasing growth prospects of next-generation displays in wearable devices, surge in demand for IoT devices and growing demand for smart devices in the healthcare applications are the factors driving the growth of the market during the forecast period.
APAC to register highest CAGR during the forecast period
The APAC region is known as a major manufacturing hub. Countries such as India and China have major manufacturing facilities for various industrial segments (including consumer electronics, car manufacturing, and heavy materials, among others).
This creates huge opportunities for the wearable technology industry to grow at the highest rate for the enterprise and industrial application. Increase in per capita income in developing countries, high population in many countries of the region and affordability of wearable devices for customers at a low price by manufacturers in India and China and countries such as Japan, Singapore, China and Australia, which are proving to be digitally mature markets are the major reasons for APAC to capture largest market share.
Key Market Growth Drivers for Wearable Technology Market Trends in the Future
Due to rising consumer demand for fitness and health tracking devices, improvements in sensors and connection, expanding use of AR and VR, and the development of the Internet of Things, the wearable technology industry is predicted to expand. The market for increasingly sophisticated and useful wearable technology will expand as a result of these causes.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1185
Wearable Technology Market Report Scope
| Report Metric | Details |
| Market Growth Rate | CAGR of 18.0% |
| Market Size Value in 2026 | USD 265.4 billion |
| Market Size Value in 2022 | USD 158.2 billion |
| Market Size Available for Years | 2017–2026 |
| Base Year Considered | 2020 |
| Forecast Period | 2021–2026 |
Key Market Players in Wearable Technology Market
- Apple Inc. (US),
- Fitbit Inc. (US),
- Garmin Ltd.(Switzerland),
- Huawei (China),
- Sony Corporation (Japan), Ltd. (South Korea),
- Google LLC (US), LG (South Korea),
- Xiaomi Corporation (China),
- Microsoft (US).
“Browse in-depth TOC on "Wearable Technology Market Trends, Market Value, Market Forecast, Market Growth"
147 – Tables
46 – Figures
241 – Pages
Wearable Technology Market Dynamics
Driver: Growing consumer preference for sleek and compact devices in fitness and healthcare applications
With wearable electronic devices all set to join the mainstream of personal computing, it is expected that the consumer preference for sleek and compact wearable devices would be the key driver for the wearable technology market.
Wearable devices, specifically smartwatches and wristbands, are gaining traction among consumers worldwide. Also, there is an increase in demand for wearables in fitness and healthcare applications.
Wearable medical devices are handheld monitoring tools used for the identification and monitoring of potential diseases. Currently, several patients are opting for home healthcare, which is a cost-effective and efficient way of treatment, over hospital services. Wearable technologies could help in lowering costs by facilitating easy health and fitness monitoring and connecting people to their healthcare providers.
Restraint: Limited battery life
The absence of efficient and reliable battery system without compromising the ease of use of wearable device and its compactnessis a limiting factor in the wearable technology market.
A major challenge to be addressed is to manage power consumption, power requirement and recharging of batteries. Managing power consumption in a cost efficient manner to meet the power efficiency of wearable devices is the factor that is expected to have restraining impact on the market.
Get 10% Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=1185
Opportunity: Multiple application adoption of wearables
The wearable technology market is expected to witness an increasing number of new product launches.
The application area for these devices is increasing rapidly-from wellness and fitness to more sophisticated and complex sectors such as medical and military-owing to the technical maturity of wearable devices. All these factors, coupled with high growth potential, would enable the rapid growth of the wearable technology market.
Challenge: Unaddressed regulatory issues and vulnerability of healthcare information
Regulatory requirements, especially for medical devices, are well established worldwide; however, other devices which can also be used in the medical application owing to advancements in technology are not yet required to follow the same rules.
Wearables are designed to capture various data including personal, fitness, and financial data, and transmit this data for analysis or sharing; thus, challenges with regard to information security need to be handled. With further market growth and emergence of such issues, governments are expected to implement certain rules and regulations regarding privacy, security, data ownership, and consent.
Related Reports:
Augmented Reality and Virtual Reality Market by Technology Type (AR: Markerless, Marker-base; VR: Non-Immersive, Semi-immersive and Fully Immersive Technology), Device Type, Offering, Application, Enterprise, and Geography - Global Forecast to 2027
https://www.marketsandmarkets.com/Market-Reports/augmented-reality-virtual-reality-market-1185.html
