Wearable Technology Market Size & Share, by Device (Smart Watches Smart Glasses, Smart Clothing); Application (Entertainment, Healthcare, Fitness & Sports, Defense, Enterprise) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 4840
  • Published Date: Apr 20, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

Wearable Technology Market size is anticipated to reach USD 1300 Billion by the end of 2035, growing at a CAGR of 21% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of wearable technology was over USD 137.89 Billion.The growth of the market can be attributed to the surging popularity of the Internet of Things (IoT). By 2023, there are projected to be about 14 billion IoT devices that are connected, or slightly under two times as many as there would be humans on the planet across the globe. Hence, the demand for wearable devices is estimated to grow. These practical hands-free gadgets are driven by microprocessors and improved with the capacity to transmit and receive information over the internet. Whereas, wearable technology is at the forefront of the Internet of Things (IoT) owing to the quick prevalence of such devices.

There is a wide range of wearable technology available today, from smartwatches to fitness trackers such as Fitbit Charge, VR handsets, smart jewelers, web-enabled spectacles, and Bluetooth headphones. A smartwatch or fitness tracker is now owned by about 2 out of 10 internet users who are of working age globally. Wearables act differently based on the category to which they belong, such as fitness, health, or entertainment. However, outside its commercial applications, wearable technologies have been incorporated into healthcare, enhanced fabrics (e-textiles), and navigation systems.


Wearable Technology Market
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Wearable Technology Sector: Growth Drivers and Challenges

Growth Drivers

  • Growth in Obesity Among People–In the world, 650 million adults, 340 million teenagers, and 39 million children are obese. This quantity is still rising. By 2025, the WHO predicts that 167 million adults and children would lose some of their health owing to being overweight. Wearable-based therapies typically produced better short-term BMI improvements for participants who were obese.
  • Rise in Adoption of Mobile Phones – With about 5 billion smartphone users worldwide as of 2023, this means that approximately 85% of the world’s population would be smartphone owners. Smartphones and wearable technology could be linked to relay data via the internet.
  • Increasing Use of Smart Glasses- About 7 million American workers were expected to adopt smart glasses by the year 2021 in the United States.

Challenges

  • Limited Life of Battery- The market for wearable technology is constrained by the lack of an effective and reliable battery solution. As it doesn’t compromise the wearable device’s portability and compactness. Managing power use, power requirements, and battery recharge is a significant difficulty. Controlling power consumption in a cost-effective manner to match the power efficiency of wearable devices is projected to have a constraining impact on the market.
  • High Price of Wearable Devices
  • Vulnerability of Healthcare Information

Wearable Technology Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~21%

Base Year Market Size (2022)

~ USD 137.89 Billion

Forecast Year Market Size (2035)

~ USD 1300 Billion

Regional Scope

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

Device (Smart Watches, Smart Glasses, Smart Clothing)

The smartwatches segment is slated to provide the most revenue by the end of 2035. The increased acceptance of smartwatches by a vast number of people can be ascribed to the segment’s rise. Globally, there were about 200 million smartwatch users in 2021. The number of users is predicted to grow in the future years, reaching approximately 230 million in 2026. Additionally, if users want to prolong the battery life of their phones, smartwatches are worthwhile. Smartphones could be used indirectly through the smartwatch to access all of its features.

Application (Entertainment, Healthcare, Fitness & Sports, Defense, Enterprise)

The fitness & sports segment in the wearable technology market is poised to increase considerably throughout the projection period. The segment’s expansion can be imparted to an increase in the awareness among people related to fitness, and new sports. In general, doing sports is a great approach to increasing overall fitness and health. When people regularly engage in sports, their metabolic rate rises, helping them burn more calories and aiding in weight loss. Hence, the demand for wearable technology is forecast to increase, in order to track the achievements and better healthcare quality management.

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

           Device

  • Smart Watches
  • Smart Glasses
  • Smart Clothing

          Application

  • Entertainment
  • Healthcare
  • Fitness & Sports
  • Defense
  • Enterprise

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Wearable Technology Industry- Regional Synopsis

North American Market Forecast

The North America wearable technology market is projected to have the highest growth with a significant share of 30 % in the upcoming years. This can be attributed to the growing prevalence of chronic disease in the region, along with a surge in the aging population. Six in ten Americans have at least one chronic illness, such as diabetes, cancer, heart disease, and stroke. Moreover, the development of smart wearables by many well-known companies in North America is expected to propel wearable technology in the future.

APAC Market Statistics

The Asia Pacific wearable technology market is estimated to be the second largest, to have the highest growth. The benefits of wearable technology are its flexibility in operational efficiency, convenience of use, and capacity to deliver real-time data. This has led to a huge demand for wearable sensors and other technology in the Asia Pacific. Moreover, expanding research and development skills in sensor technology are other regional growth factors.

Research Nester
Wearable Technology Market Size
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Companies Dominating the Wearable Technology Landscape

top-features-companies
    • Alphabet Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Samsung Electronics
    • Sony Corp.
    • Huawei Technologies Group Co., Ltd.
    • Apple Inc.
    • Xiaomi Group
    • Adidas AG
    • Nike, Inc.
    • Fitbit International Limited
    • Garmin Ltd.
    • NEC Corporation
    • Panasonic Group
    • Wacom Co., Ltd.
    • Toshiba Corporation

In-the-news

In The News

  • HSBC Bank, USA N.A., a member of the HSBC Group, one of the largest banking and financial services companies in the world, and Samsung Electronics unveiled information about the HSBC is utilizing Samsung wearable technology to improve the customer and bank experience at their retail bank.
  • Apple Inc. unveiled the new Apple Watch SE and Apple Watch Series 8, which upgrade the two top-selling smartwatches with ground-breaking performance and technology as well as significant safety improvements.

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 4840
  • Published Date: Apr 20, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Growing obesity among people, a rise in the adoption of mobile phones, and the surge in preference for workouts among people are the major factors driving the market growth.

The market size of wearable technology is anticipated to attain a CAGR of around 21% over the forecast period, i.e., 2023-2035.

The major players in the market are Samsung Electronics, Sony Corp., Huawei Technologies Group Co., Ltd., Apple Inc., Xiaomi Group, Adidas AG, Nike, Inc., Fitbit International Limited, Garmin Ltd., and Alphabet Inc.

The smartwatches segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Wearable Technology Market Report Scope
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