Smart Wearable Devices Market Size & Share, by Product Type (Smartwatches, Head-Mounted Display, Smart Clothing, Ear-Worn, Fitness Tracker, Body-Worn Camera, Exoskeleton); Application (Infotainment, Healthcare, Fashion, Industrial, Fitness, Safety); Connectivity (Wi-fi, Cellular Data, Bluetooth, Near-field); End-User (Individual, Commercial, Industrial) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5935
  • Published Date: Mar 27, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

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.

Smart Wearable Devices Market  (1)
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Smart Wearable Devices Sector: Growth Drivers and Challenges

Growth Drivers

  • Increase in Health Consciousness and Fitness TrendsThe increased convenience provided by smart wearable devices and their ability to track and monitor various metrics makes them a perfect fit for the healthcare and fitness segments. For instance, WHO has been promoting principles and action areas for health promotion across the globe.
  • Increasing Urbanization- Urbanization has increased the number of consumers with disposable income, which is an important driving factor of the market. It has also provided a huge consumer population in urban areas, making urban markets more profitable for device manufacturers.
  • Increasing Usage of AI and AR- rowing Geriatric Population- The AI and AR technology have provided a more convenient and customized experience for users, making the devices more attractive and useful. It has improved the product’s features such as fitness tracking and monitoring, and has enhanced the user experience through features like facial recognition. This technology has made the device more user-friendly and has enabled the introduction of various features such as gesture control, speech recognition, and many more.


  • High Purchasing and Maintenance Cost- The purchasing cost varies with different types of features, the brand recognition value and the competition to build it more miniature and much more integrated is the key. The frequent battery replacements, the sustainability so as it is environmentally friendly, expensive repairing and the commodities in demand.
  •   Design challenges to create a User interface (UI) and User Experience (UX) that is intuitive and user-friendly.
  • Intense competition among various brands and devices can lead to confusion for consumers and price wars.

Smart Wearable Devices Market: Key Insights

Base Year


Forecast Year




Base Year Market Size (2023)

~ USD 64.9 Billion

Forecast Year Market Size (2036)

~ USD 528.7 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Smart Wearable Devices Segmentation

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:

          Product Type

  • Smartwatches
  • Head-mounted Display
  • Smart Clothing
  • Ear-worn
  • Fitness tracker
  • Body-worn Camera
  • Exoskeleton


  • Infotainment
  • Healthcare
  • Fashion
  • Industrial
  • Fitness
  • Safety


  • Wi-fi
  • Cellular Data
  • Bluetooth
  • Near-field


  • Individual
  • Commercial
  • Industrial

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Smart Wearable Devices Industry - Regional Synopsis

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.

Research Nester
Smart Wearable Devices Market Region
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Companies Dominating the Smart Wearable Devices Landscape

    • Apple Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Fitbit Inc.
    • Fossil Group Inc.
    • Garmin Ltd.
    • Google LLC
    • Huawei Technologies Co. Ltd.
    • Microsoft Corporation
    • Qualcomm
    • Samsung Electronics Co. Ltd.
    • Xiaomi
    • Jawbone
    • Motorola Solutions Inc.


In The News

  • Apple, announced the addition of more than 250 titles, and 12 unique spatial games on 15 Feb 2024, with no ads or in-app purchases on their Apple Vision Pro.
  • U&I, announced the launch of their My Beats 2.0 Series and My Life Series for consumers' active lifestyles in May 2023. Their smartwatch also offers Sports Modes that can sense several body activities, such as running, walking, jogging, and many more, this helps users to stay fit and active.
  • Samsung, announced their Galaxy Watch 4 and Galaxy Watch 4 Classic. In which they’ve collaborated with Google to operate the One UI Watch interface which would offer a connected and smooth experience due to their high hardware performance.

Author Credits:  Abhishek Verma, Hetal Singh

  • Report ID: 5935
  • Published Date: Mar 27, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The Increase in health consciousness and fitness trends and the growth in urbanization are the major factors driving the growth of the market.

The market size of the Smart Wearable Devices Market is anticipated to attain a CAGR of 19.7% over the forecast period, i.e., 2024-2036.

The major players in the market are Apple Inc., Fitbit Inc., Fossil Group Inc., Garmin Ltd., Google LLC, Huawei Technologies Co. Ltd., Microsoft Corporation, Qualcomm, Samsung Electronics Co. Ltd., Xiaomi, Jawbone, Motorola Solutions Inc., Sony Corporation, Xenoma, and others.

The smartwatches segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the North American region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Smart Wearable Devices Market Report Scope

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