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Smart Wearable Device Market : Global Demand Analysis & Opportunity Outlook 2024

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Extensive insights into the Growth of Smart Wearable Device Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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Smart Wearable Device Market Overview

Smart wearable devices refer to the incorporation of smart and advanced technologies into wearable objects such as watch, jewelries and others. Smart wearable devices include smart watches, VR headsets, fitness trackers, smart wrist bands, smart jewelries, sport watches, implantable devices. In addition to this, future of smart wearable devices is expected to be bright due to increasing adoption of these devices among consumers. Moreover, major players such as Apple, Sony and Acer are producing such smart wearable devices which are expected to lead wearable technologies to another level in future.

Market Size & Forecast

Global smart wearable devices market is anticipated to flourish at a robust compound annual growth rate (CAGR) of 16% during the forecast period. The global smart wearable device market stood at revenue around USD 16.2 Billion in year 2016 and is expected to reach at a valuation around USD 52.5 Billion by the end of 2024.

In terms of region, global smart wearable device market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa Region. Among these regions, North America region is dominating the global smart wearable device market followed by Asia Pacific region. High adoption rate of wearable technology and rising consumer’s awareness towards wearable technologies are some major factors which have led the North America to leading position. Further, North America is expected to behold this position over the forecast period. Apart from this, Europe region is also expected to witness a remarkable growth during the forecast period due to high adoption rate of wearable technologies among consumers in this region.CLICK TO DOWNLOAD FREE SAMPLE REPORT

smart wearable device

Rising population and increasing disposable income of consumers in Asia Pacific region are expected to foster the growth of smart wearable device market in Asia Pacific region. Additionally, inclination of consumers towards wearable technologies in Asia Pacific region is also expected to foster the growth of Asia Pacific regional market over the forecast period.

Market Segmentation

Our-in depth analysis of the global smart wearable device market includes the following segments:

By Product Type

  • Wearable Smart Textiles
    • Passive Smart Textiles
    • Active Smart Textiles
    • Ultra-Smart Textiles
  • Wearable devices (Non-Textile)
    • Smart Watch
    • Hand Worn Terminals
    • Implantable Devices
    • Glucose Monitor
    • Smart Glasses
    • Sleep Trackers
    • Sport Watches
    • Activity Monitors
    • Wearable Patches
    • Smart Jewelries

By Function

  • Sensing
  • Energy Harvesting
  • Luminescence and Aesthetics
  • Thermo-electricity
  • Others

By Application

  • Infotainment
  • Fitness & Wellness
  • Fashion & Lifestyle
  • Safety & Security
  • Healthcare & Medical
  • Others

By Region

Global smart wearable device market is further classified on the basis of region as follows:

  • North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis

Growth Drivers & Challenges

Global smart wearable device market growth is driven by rising consumer’s awareness towards high technology gadgets and high adoption rate of smart wearable devices. Further, smart wearable devices offer many applications which are attracting the consumers towards them and this factor is anticipated to propel the demand for smart wearable devices in near future. Moreover, rising adoption of wearable technologies in healthcare and medical sector is driving the growth of global smart wearable device market. These factors are anticipated to spur the demand in near future.

Apart from this, implantable devices are advanced wearable technologies which are generally implanted under an individual’s skin. Further, rising application of these kinds of technologies in healthcare & medical sectors are anticipated to drive the growth of global smart wearable device market. Further, smart wearable devices such as smart watch and smart jewelries are highly sophisticated and fashionable. Rising popularity of fashionable smart wearable devices is expected to foster the growth of smart wearable devices market globally.

However, higher price of smart wearable devices is a major challenge confronting the major market players and is expected to restrain the growth of global smart wearable device market.   

Key Players

  • Apple Inc.
    • Company Overview
    • Key Product Offerings
    • Business Strategy
    • SWOT Analysis
    • Financials
  • Sony Corporation
  • LG Electronics Inc.
  • Adidas Group
  • Samsung Electronics Co. Ltd.
  • Fitbit Inc.
  • Xiaomi Technology Co. Ltd.
  • Garmin Ltd.
  • Alphabet Inc.
  • Misfit Inc.
  • Jawbone Inc.
  • Lifesense Group

Scope & Context

Overview of the Parent Market

Analyst View


The global smart wearable device market is segmented as follows:

  • By Product Type Market Size & Y-O-Y Growth Analysis
  • By Function Market Size & Y-O-Y Growth Analysis
  • By Application Market Size & Y-O-Y Growth Analysis
  • By Region Market Size & Y-O-Y Growth Analysis

Market Dynamics

Supply & Demand Risk

Competitive Landscape

Porter’s Five Force Model

Geographical Economic Activity

Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio

Recent Trends and Developments

Industry Growth Drivers and Challenges

Key Information for Players to establish themselves in current dynamic environment


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