Pune, India, Oct. 18, 2023 (GLOBE NEWSWIRE) -- The major growth in the global wearable technology market is attributed to its adoption across different verticals like health and fitness, media and entertainment, fashion and lifestyle, and others. Wearable technology has also progressed vastly in the last few years, and companies are introducing innovative products like smart clothing and smart glasses, attracting mass adoption among consumers.
Wearable Technology Market in terms of revenue was estimated to be worth $26.19 billion in 2015 and is poised to reach $170.91 billion by 2025, growing at a CAGR of 20.8% from 2016 to 2025 according to a new report published by The Insight Partners.
The increased demand for IoT devices and the growing popularity of smart devices in the healthcare industry fuel the wearable technology market size. However, the lack of knowledge is expected to hinder the market's growth.
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Global Wearable Technology Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 26.19 Billion in 2015 |
| Market Size Value by | USD 170.91 Billion by 2025 |
| Growth rate | CAGR of 20.8% from 2022 to 2030 |
| Forecast Period | 2016-2025 |
| Base Year | 2015 |
| Segments covered | Product, Application, and Geography |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
For instance, in June 2022, Noise launched smart glasses in square and rounded frames in India's market. Its features include a microphone for calls, motion estimation, magnetic charging, motion compensation, hands-free voice control, and more. It supports Bluetooth 5.1 and runs on a single charge for nine hours of battery backup.
Fitness bands and smartwatches have appeared as a major revenue source and have experienced adoption rates, highly rising demographics across the regions and growing awareness among end users about the benefits of wearable technology, which is anticipated to fuel the wearable technology market in the forecast period.
According to global wearable market analysis, Europe holds a significant share. The advancement in material sciences has accelerated in European countries to achieve remarkable compactness in wearable devices, and the easy-to-use traits of these devices have given a further rise to their adoption. However, the high prices of wearable products will continue to restrict wearable technology market growth in Europe. The advancement of wearables for healthcare and fitness applications is a vital prospect adopted by companies in the European market that can minimize the negative impact of the market.
The soaring adoption of smart wearable products among consumers drives the wearable industry's growth. These products help to monitor health by observing track of calories burnt, cholesterol levels, oxygen levels, etc., with the help of sensors. In addition, several companies, such as Samsung, Fitbit, Noise, and Fossil Group, Inc., are launching wearable technology watches and other products integrated with health tracking solutions. Such a feature is expected to attract consumers as it helps them examine their health and contributes to the market growth.
For instance, in March 2022, Xiaomi Corp. unveiled the latest Xiaomi Watch S1 Series, integrated with 117 fitness modes and tracking blood oxygen saturation levels. It also monitors health and sleep. It consists of magnetic charge capabilities integrated with Amazon’s Alexa voice assistant. The increasing changes in consumer behavior, lifestyle patterns, and preferences are estimated to boost product demand, which is projected to drive wearable technology industry growth. In addition, consumers' rising disposable income and spending on technology on personal care products are predicted to support the growing demand for wearable devices. In addition, the growing demand for smartwatches among cyclists, gym goers, swimmers, and runners to track the calories burnt, hourly activity, and inactive time is fueling the market size.
In addition, wearable technology market players are introducing products with multiple functions, an extended battery, and a metal casing that boosts demand among athletes. This trend is expected to drive market growth. Integrating artificial intelligence (AI) and augmented reality (AR) technologies enables market players to add new advanced features to their solutions. For instance, in 2021, the Adaptive EQ technology launched by Apple, Inc. with the introduction of their AirPods tunes the sound in real-time based on the user’s profile and fit of the user’s ear. The introduction of this technology led to the integration of smart wearables in clothing. IoT-based or smart apparel has electrical components added into clothing to offer services that can be used in smart systems via communication-based technology.
In healthcare, the adoption of wearable technology soared during the pandemic as it offers benefits and advantages to both healthcare providers and patients. Benefits include real-time health monitoring of essential statistics and immediate disease detection or risk of a noteworthy health issue. The adoption of advanced technology and the easy availability of online portals is one of the major driving factors for the market growth. The growing demand for technology that promotes health, assists preventive treatment and helps supervise ongoing ailments is in greater global demand.
Wearable Technology Market: Segmental Overview
On the basis of applications, the global wearable technology market has been categorized into infotainment, fitness & wellness, healthcare & medical, industrial & military, safety & security, and fashion & lifestyle. Interest in wearable products is driven by consumers' concern for their wellness and fitness. Such products' functions include performance monitoring, activity tracking, optimum performance management, direction data & location share, and goal monitoring & management. These products help to monitor the activity, fitness, and heart rate. The fitness & wellness segment is driven by its adoption by athletes, professional teams, and consumers seeking performance advantage. Wearable devices for fitness enthusiasts are majorly adopted to improve the quality of workouts. Professional sports teams and athletes are early adopters of wearable devices, propelling the demand for fitness products and driving segment growth. Also, the target audiences include corporate wellness programs and recreational fitness consumers. Fitness wearable devices and sports analytics helps to analyze the joint, heart, cadence, muscle, respiratory and endurance parameters of the sportsperson or an ordinary user. Further, Apps are developed to deliver motion tracking and help provide techniques for mastering the aspects of fitness or sport. Some key players in this segment are Adidas AG, Jawbone, and Samsung.
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Wearable Technology Market Analysis: Competitive Landscape and Key Developments
Google Inc., Nichia, Apple Inc., Nike Ltd., Microsoft Cooperation, Xiaomi Inc., Adidas Groups, Sony Cooperation, Zephyr Technology and Suunto Oy are a few of the key companies operating in the wearable technology market. The market players are focused on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
Recent Developments:
- In February 2023, the Huawei Watch Buds 2-in-1 smartwatch launched in the European market. It is a smartwatch with a screen that opens to reveal a pair of piwell-shaped TWS earbuds and has an AI noise cancelation calling feature. It has gone well with Android and iOS devices and has a slew of health and fitness features.
- In August 2022, Xiaomi unveiled the Mijia smart glasses in the Chinese market, integrated with intelligent images and augmented reality technology.
- In June 2022, Noise launched smart glasses named ‘i1’ with multi-functional touch controls and voice assistant access.
Go through further research published by The Insight Partners:
Wearable Technology in Healthcare Market - Global Analysis and Forecast to 2030.
Wearable Materials Market - Global Analysis and Forecast to 2027.
Wearable Sensors Market - Global Analysis and Forecast to 2028.
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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