PUNE, India, July 19, 2024 /PRNewswire/ -- Wearable Technology
Market size is expected to grow from US$
59.87 Bn. in 2023 to US$ 147.90
Bn. by 2030, growing at a CAGR of 13.79% through 2024 to
2030. Wristwear segment leads the Global Wearable Technology Market
by 2030.
Reports on competitive analyses encompass company overviews,
financial performances, product portfolios, and strategies of key
players in the Wearable Technology Market. To assess
strengths and weaknesses, a comprehensive SWOT analysis was
conducted, while a PESTLE analysis was carried out to understand
the impact of macroeconomic factors on the market. Also, the report
includes detailed analyses of investments made by market players to
enhance their global presence.
The research methodology utilized in analysing the Wearable
Technology market encompasses a thorough approach that combines
primary data which is often collected through surveys, interviews,
and focus groups with industry experts and stakeholders such as
manufacturers, technology providers Healthcare providers and
Regulatory Bodies. This allows for firsthand insights into market
trends, consumer behaviour, and regulatory challenges and secondary
research utilizing reports from government sources, industry
publications, and financial statements. Market sizing and
forecasting techniques are employed alongside competitive analysis
to provide valuable insights into the market landscape. It also
includes trade balance, market entry strategies, costs in different
region, technology adoption, regulatory framework, compliance
requirements and customer demographics which makes it an investor's
guide. The report encompasses type, Product, Devices and
Application segments and their analysis, which elucidates their
influence on the market. The estimation methodology often adopts a
bottom-up approach to accurately determine market sizes.
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Global Wearable Technology Market 2023-2030: Key
Highlights
Market Size in
2023:
|
USD 59.87 Bn
|
Market Size in
2030:
|
USD 147.90
Bn
|
CAGR:
|
13.79 %
|
Forecast
Period:
|
2024-2030
|
Base
Year:
|
2023
|
Number of
Pages:
|
229
|
No. of
Tables:
|
138
|
No. of Charts and
Figures:
|
193
|
Regional
Scope:
|
North America, Europe,
Asia Pacific, and Africa, South America
|
Report
Coverage:
|
Market Share, Size and
Forecast by Revenue | 2023−2030, Market Dynamics, Growth Drivers,
Restraints, Investment Opportunities, and Key Trends, Competitive
Landscape, Key Players Benchmarking, Competitive Analysis, MMR
Competition Matrix, Competitive Leadership Mapping, Global Key
Players' Market Ranking Analysis.
|
- Historic Market Size 2017-2023
- CAGR of the market during 2024-2030.
- Detailed information on factors that will assist Wearable
Technology market growth during the next seven years.
- An estimation of the Wearable Technology market size and the
impact of country's GDP on Wearable Technology market.
- Forecasts on upcoming trends and changes in consumer
behaviour.
- The growth of the Wearable Technology market
- Analysis of the competitive landscape and detailed information
on companies.
- Comprehensive details of factors that will impede the growth of
Wearable Technology companies.
For a detailed analysis of regions and their contributions
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Competitive Landscape
The Wearable Technology Market includes the presence of several
global as well as regional key players. A few prominent players
that offer Wearable Technology in the market are Xiaomi
Corporation, Apple Inc., Sony, LG, Huawei Technologies, Intellitix,
Nymi, Mclear Ltd. Jakcom Technology Co.,Token and others.
What's New: Recent Additions and Updates
- Expansion into different region.
- Localization efforts for new markets.
- Technological Advancements
- New Streaming Partnerships and Platforms
- Innovative Marketing Strategies
- Financial Performance and Investment
- Consumer Behaviour and Trends
- Regulatory Changes and Challenges
Market Overview
Wearable technology is a type of electronic devices that can be
worn as accessories, embedded in clothing, implanted in the user's
body, or even tattooed on the skin. The devices are hands-free
tools with everyday uses, powered by microprocessors and improved
with the capability to send and receive data through the Internet.
Wearable technology is evolving into an important category of the
Internet of things, with life-changing applications in medicine and
other fields.
The launch of the Titan Celester smartwatch significantly
impacts the wearable technology market by setting new standards for
performance and innovation. Designed for Indian fitness
enthusiasts, Titan Celeste has industry-leading capabilities like
built-in GPS, altimeter, barometer, compass (ABC) and triangle,
unique swim mode with sleek aluminum body, high resolution Super
AMOLED display, comprehensive Fitness tracking also offers this is
a difficult choice. New features such as opto-mechanical crown,
SingleSync™ BT Calling, customizable Watchface Studio, and smart AI
dashboard add to its appeal. Priced competitively at a discounted
price of INR 9,995, Celestor is poised to attract a wide range of
consumers, driving growth in the wearable technology market and
widening acceptance among fitness enthusiasts and other
consumers.
The launch of the Realme Watch S2 advances the wearable
technology market by integrating advanced artificial intelligence
(AI) capabilities, setting a new standard for smart watches.
Incorporating a powerful AI engine, the Watch S2 goes beyond simple
fitness tracking and reporting to provide personalized insights,
predictive features and seamless integration into daily life. This
strategic move puts the empire at the forefront of AI-powered
innovation, meeting growing consumer needs for advanced connected
devices. AI-enabled functions, such as voice commands and real-time
updates, are increasing the number of users and making AI
accessible in everyday life, helping to establish that AI is
marketed as wearable rising to $62.7
billion in the year 2024.
In 2023, wearable technology advancements are moving towards
wearable health insights and integration of medical grade
components into consumer devices. Leading brands such as Fitbit and
Oura have focused on how wearables can help users not only track
health statistics but improve their overall well-being through
data-driven recommendations on. Emphasis is placed on women's
health, with Oura development such as predictive timing, discovery
of cycle-specific activity, covering previously under-researched
areas. Furthermore, the transition of healthcare to the home
environment is a necessity, driven by wearables that enable routine
health monitoring and diagnosis.
Devices are now capable of providing non-invasive biometric
monitoring such as glucose and blood pressure levels, making them
incredibly valuable for emergency health care. Fashionable designs
and innovative products are also gaining momentum, as wearables
become more integrated into everyday life. Companies like Huawei
are leading the way with creative products like the Huawei Watch
Buds that combine wireless headphones with smartwatches. Overall,
the wearable technology market is growing rapidly, promising to
deliver breakthrough health insights, improve access to healthcare,
and drive behavioural change through device manufacturing
surprisingly easy to use. These developments are set to change how
individuals manage their health in everyday life.
In conclusion, the demand for wearable technology is constantly
increasing worldwide, driven by the growing adoption of smart
wearable technology products among consumers. This comprehensive
perspective provides stakeholders with valuable information to
navigate opportunities and challenges, and ensures strategic
decisions for sustainable growth in the global Wearable Technology
market.
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Segment Overview
MMR has segmented the market based on
By Type
- Wearable Smart Textiles
- Wearable Product and Textiles (Non-Textiles)
By Product
- Wristwear
- Headwear
- Footwear
- Fashion & Jewelry
- Bodywear
- Other Wearable Technology
By Devices
- Smart Watches
- Smart Glasses
- Fitness & Wellness Devices
- Smart Clothing
- Others (Earphones, Body Monitors, and Wearable Cameras)
By Application
- Consumer Electronics
- Healthcare
- Enterprise and Industrial Applications
- Other Applications
Based on the Application, the market is segmented into Consumer
Electronics, Healthcare, Enterprise and Industrial Applications,
and Other Applications. The Consumer Electronics segment is
expected to grow rapidly at a CAGR of xx% during the forecast
period 2024-2030. In 2023, the consumer electronics segment held
the highest market share of 48.4%. Fitness and sports, clothing and
fashion, multifunction, infotainment and multimedia, and more uses
for consumer electronics abound. With increased consumer demand for
wearable electronics, industry companies are focusing on devices
that allow end-users to track their working hours. Furthermore,
growing connected devices and increased device-to-device
communication is expected to boost the adoption of wearable
electronic devices and consequently support the market growth.
Detailed segmentation values for each segment and
explanations for growth are provided in the final report.
https://www.maximizemarketresearch.com/market-report/wearable-technology-market/865/
Geography Overview
North America dominates the
Global Wearable Technology market during the forecast period
2024-2030. North America held the
largest market share of 35.6% in 2023 and is expected to continue
its dominance by 2030. The program has a large number of Internet
users and a variety of technologically advanced companies such as
Alphabet, Garmin Limited and Apple Inc. Additionally, several
industry players are taking steps to expand their local footprint
and improve their business processes. For example, Xiaomi
Corporation in May 2017 announced its
entry into the North American market. This is expected to help the
wearable technology market over the forecast period.
Asia Pacific to grow at the
fastest pace at xx% CAGR during the forecast period 2024-2030.
Moreover, owing to increasing purchasing power, increasing number
of tech-savvy people and multiple key market competitors in the
region, the Asia Pacific wearable
technology market is expected to grow rapidly. Due to cheaper
operating costs and labour costs, many manufacturing companies are
expected to shift production to Asia Pacific. Moreover,
increasing urban population in this segment is likely to contribute
to the adoption of wearable devices, thus increasing the market
growth.
In the final report, past and future numbers and explanations
are incorporated seamlessly to provide a comprehensive
understanding of the Global Wearable Technology market.
Related Reports:
Wearable Technology Components Market size is
projected to reach US$ 427.36 Bn. by
end of 2030, at a CAGR of 17.23%.
Global Wearable Fitness Tracker Market size was valued at
USD 63.11 Bn. in 2023 and the total
Wearable Fitness Tracker revenue is expected to grow by 17.7% from
2024 to 2030, reaching nearly USD 197.48
Bn.
Wearable Technology Market size is expected to grow from
US$ 59.87 Bn. in 2023 to US$ 147.90 Bn. by 2030, growing at a CAGR of
13.79% through 2024 to 2030. Wristwear segment leads the Global
Wearable Technology Market by 2030.
Pet Wearable Market was valued at USD 3.11 Bn in 2023 and is expected to reach
USD 7.93 Bn by 2030, at a CAGR of
14.3 percent during the forecast period.
Global Wearable Robots Market size was valued at US
$ 1142 Million in 2023 and is
forecasted to grow at a CAGR of 41.6 % from 2024 to 2030, reaching
nearly US $ 13034.98 Million.
Wearable Healthcare Devices Market size was valued at
USD 28.65 Bn. in 2023 and the total
Wearable Healthcare Devices revenue is expected to grow at a CAGR
of 20.2% from 2024 to 2030, reaching nearly USD 103.87 Bn.
Global B2B Enterprises & Industrial Wearables
Market size was valued at 14.58 Bn in 2023 and is expected
to reach USD 68.62 Bn by 2030, at a
CAGR of 27.55 %.
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