Pune, Oct. 29, 2024 (GLOBE NEWSWIRE) -- Wearable Technology Market Size Analysis:
“The SNS Insider report indicates that the Wearable Technology Market was valued at USD 62.54 billion in 2023 and is expected to grow to USD 198.83 billion by 2032, with a CAGR of 13.70% over the forecast period of 2024-2032.”
As consumers grow to become ever more conscious about their health, fitness and connectivity, the demand for custom wearable technology has also increased with a consumer market. Wearable devices (like fitness trackers, smartwatches, and health monitors) have evolved from a simple fitness gadget to an effective tool for managing health and wellness. This is being push by the prevention care and chronic management trend that emphasize from the user to track their vital statistics like heart rate, sleep patterns or activity level. In addition, artificial intelligence (AI) and machine learning capabilities integrated into wearable devices further empowers users with personalized health information. Heart Rate Variability, Stress and Sleep Quality Monitoring wearables are becoming more common among health-oriented consumers. Calling for connected devices, the rise of telehealth solutions also complements with the wearable tech market offering healthcare providers to monitor patients remotely.
This expansion of the market is based on beneficial government initiatives to promote health and well-being. Wearable technology has become more widely adopted, prompting an increasingly number of governments and health organizations around the world to encourage its usage in order to achieve improved health outcomes. Moreover, the growth of e-commerce platforms has made these tools more available to a wider range of customers, boosting up market demand. For Instance, Governments and health organizations worldwide are increasingly endorsing the use of wearable devices to enhance health outcomes, a trend that has led to a rise in consumer adoption. For instance, studies show that around 40% of U.S. adults are now using wearable devices for health tracking, up from 30%.
The wearable technology market is evolving quickly, presenting both opportunities and challenges for manufacturers. A SWOT analysis reveals strengths such as technological advancements, strong market demand, and supportive policies. Notably, there is significant growth potential in developing regions, where a rising number of individuals are seeking to improve their fitness.
However, the market also faces challenges. High upfront costs and concerns about data privacy and security may deter some consumers. Additionally, the intense competition and rapid technological changes necessitate ongoing innovation. Companies that can effectively overcome these challenges are well-positioned to thrive in the expanding wearable technology market.
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Major Players Analysis Listed in this Report are:
- Apple Inc. - Apple Watch Series 9
- Samsung Electronics - Galaxy Watch 6
- Fitbit, Inc. (part of Google LLC) - Fitbit Charge 5
- Garmin Ltd. - Garmin Forerunner 955
- Xiaomi Corporation - Mi Band 7
- Huawei Technologies Co., Ltd. - Huawei Watch GT 3
- Fossil Group, Inc. - Fossil Gen 6 Smartwatch
- Polar Electro Oy - Polar Vantage V2
- Withings S.A. - Withings Body Cardio Scale
- Amazfit (Huami Corporation) - Amazfit Bip 3
- Sony Corporation - Sony SmartBand 2
- LG Electronics - LG Watch Sport
- Microsoft Corporation - Microsoft Band
- Oura Health Ltd. - Oura Ring Generation 3
- Whoop, Inc. - Whoop Strap 4.0
- Suunto (part of Amer Sports) - Suunto 9 Peak
- Striiv, Inc. - Striiv Smart Pedometer
- BioBeat Technologies Ltd. - BioBeat Smart Patch
- Jabra (part of GN Group) - Jabra Elite 7 Active
- Mio Global (part of the FitTec Group) - Mio Slice
Wearable Technology Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 62.5 billion |
| Market Size by 2032 | US$ 198.8 billion |
| CAGR | CAGR of 13.73% from 2024-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • Increasing consumer focus on health and fitness drives demand for wearables that track vital signs, activity levels, and sleep quality. • Improved sensors enable accurate, real-time health monitoring and data collection, enhancing the appeal of wearable devices. • Seamless connectivity with IoT ecosystems enables wearables to provide personalized insights, increasing user engagement and market demand. |
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Segmentation Analysis
By Product
The wrist wear segment dominated the market and represented over 49.45% of total revenues in 2023. A large share of it is gained because many manufacturers are making smart watches and fitness trackers for consumers like athletes, adventure lovers and sportsmen. Not only the fitness metrics, these wearables effectively engages a user to change his/her lifestyle by demanding though calorie and water intake measuring features along with step counting.
At the same time, the eyewear and headwear segment is expected to be the second-largest and second-highest growing category. The growth can be accredited to the increasing use of VR (Virtual Reality) and AR (Augmented Reality) headsets in multimedia, healthcare, & other sectors accompanied by the rising trend of smart hats. The other factor that would be significant in the growth of this segment is smart caps demand which are data-driven and provide tracking properties. Spree Wearables, and Life BEAM are few of the companies that launched unique smart hats to capitalize on these trends that are quickly developing.
Wearable Technology Market Segmentation:
By Product
- Wrist-Wear
- Eyewear & Headwear
- Footwear
- Neckwear
- Body-Wear
- Others
By Application
- Consumer Electronics
- Healthcare
- Enterprise & Industrial Applications
- Others
Regional Analysis
North America dominated the market and represented over 34.80% market share in 2023 while Asia Pacific and Europe lined up second and third respectively. North America is expected to gain a considerable market share because of the high penetration across technology coupled with new products that are being launched in the SMB vertical. Devices that promote health, aid preventive medicine, and support chronic disease management are in high demand. About 30% of Americans use wearable medical technology according to National Library of Medicine.
Conversely, Asia Pacific is expected to be the fastest growing region during the forecast period of 2024-2032 and as a market driver china will serve a key role. The growth predicted here is primarily due to an increased number of vendors offering competing product line. In addition, a fall in smartphone prices also creates room for more wearable technology demands in China. This increased interest will enable manufacturers to drive down prices for the products as they ramp up production volumes.
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Recent Developments
August 2024: Huawei unveiled the All-New HUAWEI TruSense system, set to enhance its upcoming wearables. This innovative system represents a significant advancement in fitness and health sensor technology.
July 2023: Samsung Electronics strengthened its partnership with the National Sleep Foundation to leverage new technologies in addressing the growing prevalence of sleep disorders. The tech company will incorporate NSF insights to enhance its wearable innovations.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Wearable Technology Market Segmentation, by Product
8. Wearable Technology Market Segmentation, by Application
9. Regional Analysis
10. Company Profiles
11. Use Cases and Best Practices
12. Conclusion
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