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.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~21% |
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Base Year Market Size (2022) |
~ USD 137.89 Billion |
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Forecast Year Market Size (2035) |
~ USD 1300 Billion |
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Regional Scope |
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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:
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Device |
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Application |
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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.
Author Credits: Abhishek Verma, Hetal Singh
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