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Smart Wearable Devices Market size is poised to reach USD 528.7 Billion by the end of 2036, growing at a CAGR of 19.7% during the forecast period, i.e., 2024-2036.In the year 2023, the industry size of smart wearables devices was USD 64.9 Billion. The reason behind the growth is impelled by the growing demand for next-generation smart devices in the wearables industry, including- smart jewelry, implantable devices, sports watches, smart wristbands, VR headsets, and many more. According to recent research, IoT devices are expected to reach 40 billion by 2025.
Along with this, the demand for smartwatches among swimmers, cyclists, gym-goers, and runners is increasing as they tend to track the burnt calories, stationary time, and hourly activity. More than 2.5 Billion people worldwide aged 15 or above can swim, among which most of them are men. Moreover, the growing advancements in lithium battery technology are believed to fuel the market growth. The power, and efficiency of these devices have increased by recent developments which will make them perfect for usage on wearable technology. Future developments in battery technology should result in longer-lasting and more efficient batteries, which is one of the main improvements in smart wearable devices is charging which enables the users a better experience.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~19.7% |
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Base Year Market Size (2023) |
~ USD 64.9 Billion |
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Forecast Year Market Size (2036) |
~ USD 528.7 Billion |
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Regional Scope |
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Product Type (Smartwatches, Head-Mounted Display, Smart Clothing, Ear-worn, Fitness tracker, Body-Worn Camera, Exoskeleton)
The smartwatches segment in the smart wearable devices market is estimated to gain a robust revenue share of 41% in the coming years owing to the reduced battery prices of smartwatches which can provide information such as fitness readings, notifications, alarms, and other features. HMD consists of a headset that features OLED or LCDs and lenses that can provide a virtual or augmented reality experience. Smart clothing provides health-related data and information, while Exoskeletons provide the user with enhanced strengths and flexibility capabilities, through mechanical and electrical means, either partially or fully.
Application (Infotainment, Healthcare, Fashion, Industrial, Fitness, Safety)
The Infotainment segment is set to garner a notable share shortly and will likely remain the largest segment in the application of the market. This segment allows users to access several entertainment services such as music streaming, video gameplay, and mobile calling. During the forecasted years, the healthcare segment is also estimated to increase at a great rate due to the rise in demand for health applications such as fitness tracking, calorie counting, heart rate, sleep monitoring, and other health-related metrics. In addition to this, safety features such as fall detection and emergency response play a huge role in the increase of this market globally.
Connectivity (Wi-fi, Cellular Data, Bluetooth, Near-Field)
The Wi-Fi-based connectivity segment in the smart wearable devices market is estimated to hold a noteworthy share as they can be connected to a local wi-fi network, providing internet access and cloud-based features. This helps in data sync, real-time tracking, and update features, providing timely information to the user. Moreover, approximately 2 out of every 5 people use public network every day. Cellular data connectivity allows the smart wearables to connect to a carrier network, providing access to features like music streaming, calling, and massaging. On the other side, Bluetooth allows for communication between the devices and the sharing of data, while Near-field-based connectivity uses ultra-field communication (NFC) technology, allowing the device to connect to other compatible devices, such as other wearables or phones.
End-User (Individual, Commercial, Industrial)
The individual segment is estimated to in the smart wearable devices market hold a noteworthy share as these product types are budget-friendly and can be afforded easily along with this, they provide convenience and wellness monitoring. Commercial and Industrial segments use this device mainly for monitoring and analysis, along with tracking inventory, equipment monitoring, and safety-providing features. This is expected to increase the size of the market in the forecasted period.
Our in-depth analysis of the global market includes the following segments:
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Product Type |
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Application |
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Connectivity |
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End-user |
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North American Market Forecast
Smart wearable devices market in North America is predicted to the largest share of 36% on average. Due to the advancement in technology, the latest devices are integrated along with high technology that promotes health and facilitates preventive treatments to help and manage any ongoing ailments. According to the recent reports, more than 32% of Americans use wearable medical technology.
APAC Market Statistics
The APAC smart wearable devices market is estimated to be the second largest, during the forecast period led by the immense potential for continued growth, because of the cool tech-savvy players and the increase in the concerned health-conscious population. The increasing demand for wearables technology in this region is also expected to be driven by the low cost of smartphones.
Author Credits: Abhishek Verma
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