Pune, India, Sept. 07, 2023 (GLOBE NEWSWIRE) -- The global wearable technology market size was valued at USD 93.28 billion in 2022 and is projected to reach USD 931.31 billion by 2030, exhibiting a CAGR of 33.9% during the forecast period. Fortune Business Insights presents this information in their latest report titled "Global Wearable Technology Market Forecast, 2023-2030."
Wearable technology encompasses devices are meant to be worn throughout the day, including smartwatches and fitness trackers. The availability of a range of products catering to different budgets across various wearable categories is expected to fuel market growth over the forecast period.
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Key Industry Development
February 2023: ZTE introduced Nubia Neovision Glass, an AR glass offering superior image and sound quality. With a stylish and lightweight design weighing only 79g, it provides myopia adjustment and connects to a range of devices, including tablets, laptops, phones, game consoles, and drones.
Key Takeaways
- Wearable technology market size in North America was USD 38.98 billion in 2022
- Varied Offerings from Smartwatches to Fitness Trackers Boost Growth Prospects
- Pandemic Dampened Demand and Sales Amid Shifting Priorities and Activity Limitations
- IoT Wearables Revolutionize Industries such as Healthcare
- Real-Time Health Data and Remote Monitoring Support Segmental Growth
Discover the Leading Players Featured in the Report:
“Companies leading the global wearable technology market are Samsung Group (South Korea), Apple, Inc. (U.S.), Fitbit, Inc. (U.S.), Sony Corporation (Japan), Xiaomi (China), LG Electronics (U.S.), Huawei (China), Microsoft Corporation (U.S.), Garmin Ltd (Switzerland), Fossil Group (U.S.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 33.9% |
| 2030 Value Projection | USD 931.31 Billion |
| Base Year | 2022 |
| Wearable Technology Market Size in 2022 | USD 93.28 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 160 |
| Segments covered | Type, Technology, End Use and Geography |
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Drivers and Restraints
Lifestyle Focused Diverse Wearable Options Drives Market Evolution
Wearable categories now offer diverse options for every budget, with a shift toward lifestyle-focused applications rather than business or tech markets. For example, Snapchat's Spectacles, integrated with social sharing, and the trend of affordable, efficient wearables, including headwear from companies such as Facebook and Google, are set to expand the user base and shape the wearable technology market growth.
However, the absence of a dependable and efficient battery structure that doesn't compromise the user-friendliness and compactness of wearable devices constrains the market growth.
Segmentation
By Type
- Smart Glasses
- VR Headsets
- Smart Jackets and Smart Rings
- Smart Watches
- Fit Bands
By Technology
- IoT Based
- AR and VR
- Others
By End Use
- Health and Fitness
- BFSI
- Gaming and Entertainment
- Fashion
- Travel
- Education
- Logistics & Warehouse
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights
North America Leads as Health and Fitness Cement Region's Leadership
North America dominated the wearable technology market share in 2022, driven by its innovation hub status. The region's emphasis on health and fitness has surged demand for wearable devices.
The Europe market for wearable technology is anticipated to grow at a considerable CAGR during the forecast period due to significant aging population, leading to increased interest in wearable devices that can assist in elderly care.
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Competitive Landscape
Market Players Introduce Upgraded Series while SMEs Lead through Enhanced Offerings
Wearable technology enterprises are introducing refreshed series and versions of wearables to the market. Moreover, the intense competition prevailing within the market is compelling Small & Medium-Sized Enterprises (SMEs) to concentrate on strategies for upgrading their offerings to fortify their market positions.
FAQs
How big is the wearable technology market?
The global wearable technology market size was USD 93.28 billion in 2022. It is expected to reach USD 931.31 billion by 2030.
How fast is the wearable technology market growing?
The global wearable technology market will exhibit a CAGR of 33.9% during the forecast period, 2023-2030.
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