Wearable Technology Market To Attain USD 381.7 Billion By 2032

Fort Collins, Colorado, Oct. 04, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research published a report titled, "Wearable Technology Market Size, Growth, Share, Statistics Report, By Product (Wrist-Wear, Eyewear & Headwear, Footwear, Neckwear, Body-wear, and Others), By Type (Smart Textile and Product & Devices), By Application, By Region and Segment Forecasts, 2023-2032."           

According to DataHorizzon Research, the wearable technology market size was valued at USD 82.7 Billion in 2022 and is expected to have a market size of USD 381.7 Billion by 2032 with a CAGR of 16.6%.

The published global wearable technology market report offers a holistic view of industry dynamics, consumer trends, and supply-chain scenarios and discusses market challenges and opportunities in detail.

The rising adoption of wearable devices in the healthcare industry is expected to propel market growth. These devices are worn on the body to monitor and use biosensors to measure healthcare data. With the growing technological advancements and increasing accuracy of these devices, they help users’ measure accurate healthcare data such as heart rate, blood pressure, sleep patterns, and activity. These technologies also monitor various health parameters in real time and detect health issues early on to provide personalized health recommendations.

Furthermore, the application of wearable technology across various verticals, such as retail & wholesale and travel & hospitality, is also propelling market growth. Retailers design wearable apps that connect to the consumers’ wearable devices. These apps send tailored promotional offers to the targeted consumers’ devices while they are in the store. Wearable tech also aids employees in providing better customer service and a seamless retail experience. Additionally, wearable devices can help agents provide personalized services to consumers and improve their experience in travel and hospitality.

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Report Snapshot:

Segmentation Overview:

The global wearable technology market has been segmented as product, type, application, and region. Based on product, wrist wear dominates the wearable technology market due to the consumer trend. Besides, wrist wear offers a variety of features to the user. Based on type, the market was dominated by products and devices in 2022.

North America is a leading region for wearable technology based on the increasing healthcare infrastructure and high spending on healthcare devices. Asia Pacific is a fast-growing market attributed to the adoption of SMART wearable devices.

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Wearable Technology Market Report Highlights:

• The global wearable technology market growth is anticipated at a CAGR of 16.6% by 2032.

• The wearable technology market growth is encouraged due to the growing adoption of wearable devices in the healthcare industry and the growing technological advances. These technologies also monitor several health-related parameters in real time and detect anomalies in the body.

• Based on type, the product & devices segment accounted for a significant market share in 2022. The smart textile segment is projected to attain a significant position in the coming years, owing to its popularity.

• North America is a significant market for wearable technology in 2022 and is projected to account for a substantial share in the following years. Digitized treatments, the shift in data collection methods, and the demand for personalized SMART wearable devices are anticipated to propel the regional market growth.

• Some prominent players in the wearable technology market report include Alphabet Inc., Samsung Electronics Co., Ltd., TomTom International BV, Fossil Group Inc., Sony Corp., Huawei Technologies Group Co., Ltd., Apple Inc., Xiaomi Corp., LG, Adidas AG, Microsoft, Nike, Inc., Fitbit, Inc., Garmin Ltd., and ASUSTeK Computer Inc.

Industry Trends and Insights:

• In 2023, Enovix Corp, acquired Routejade Inc., a Korean battery component manufacturer for USD 98 million. This is projected to boost the market value of Enovix and saves on outsourcing costs for battery manufacturing.

• In 2023, MetAlert Inc, a merger with Level 2 Security LLC. The collaboration accelerates the revenue channels for the company and scales up the company’s portfolio in the long-term. 

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Wearable Technology Market Report Segmentation:

• By Product: Wrist-Wear, Eyewear & Headwear, Footwear, Neckwear, Body-wear, and others

• By Type: Smart Textile, Product & Devices

• By Application: Consumer Electronics, Healthcare, Enterprise & Industrial Applications, Others

• By Region: North America, Latin America, Europe, Asia Pacific, Middle East and Africa 

About DataHorizzon Research:

DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.

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