Wearable Technology Market Report by Product (Wrist-Wear, Eye-Wear and Head-Wear, Foot-Wear, Neck-Wear, Body-Wear, and Others), Application (Consumer Electronics, Healthcare, Enterprise and Industrial Application, and Others), and Region 2023-2028
The global wearable technology market size reached US$ 56.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 125.8 Billion by 2028, exhibiting a growth rate (CAGR) of 13.4% during 2023-2028.
Wearable technology is an advanced technological solution used in electronic devices, or gadgets, that can be comfortably worn on the body to track real-time biometric information. These devices can also be embedded into the clothing or implanted in the user’s body. Some of the commonly used devices integrated with wearable technology include smartwatches, head-mounted displays, smart jewelry, implantable devices and fitness trackers that enable the wearer to track pulse rate, heart rate, steps and sleep hours. These gadgets are hands-free and use microprocessors and sensors to receive and track information in real-time.
Global Wearable Technology Market Trends:
Significant growth in the healthcare industry across the globe is one of the key factors creating a positive outlook for the market. Moreover, increasing consumer preference for sleek and compact health and fitness devices is providing a thrust to the market growth. They are used for monitoring the patients under intensive care and as prompt warning systems for the virus infection. Additionally, various product innovations, such as the integration of connected devices with the Internet of Things (IoT), artificial intelligence (AI) and virtual reality (VR), are acting as other growth-inducing factors. Product manufacturers are also developing next-generation displays and miniaturized sensors, which are used in head-mounted displays for high-end gaming and virtual and mixed reality experiences. Other factors, including rising expenditure capacities of the consumers, along with the widespread adoption of wearable devices among professional athletes and recreational fitness enthusiasts, are anticipated to drive the market toward growth.
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global wearable technology market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product and application.
Breakup by Product:
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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Wrist-Wear
Eye-Wear and Head-Wear
Foot-Wear
Neck-Wear
Body-Wear
Others
Breakup by Application:
Consumer Electronics
Healthcare
Enterprise and Industrial Application
Others
Breakup by Region:
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North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Alphabet Inc, Apple Inc., Garmin Ltd., HTC Corporation, Huawei Technologies Co. Ltd, Intel Corporation, Microsoft Corporation, Qualcomm Incorporated, Samsung Electronics Co. Ltd. and Sony Corporation.
Report Coverage:
Report Features
Details
Base Year of the Analysis
2022
Historical Period
2017-2022
Forecast Period
2023-2028
Units
US$ Billion
Segment Coverage
Product, Application, Region
Region Covered
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered
Alphabet Inc, Apple Inc., Garmin Ltd., HTC Corporation, Huawei Technologies Co. Ltd, Intel Corporation, Microsoft Corporation, Qualcomm Incorporated, Samsung Electronics Co. Ltd. and Sony Corporation
Customization Scope
10% Free Customization
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Key Questions Answered in This Report
As per the IMARC Group, the global wearable technology market size was around US$ 56.1 Billion in 2022. The expanding healthcare industry, coupled with the increasing consumer preferences for sleek and compact health and fitness devices, is primarily driving the global wearable technology market. Moreover, the rising health concerns due to the high prevalence of lifestyle disorders, such as cardiac arrest, diabetes, obesity, etc., are also propelling the demand for wearable devices. Additionally, the continuous development of innovative products integrated with the Internet of Things (IoT), Artificial Intelligence (AI), and Virtual Reality (VR) is positively influencing the market growth. Apart from this, the emergence of smart goggles, smart garments, and smart shoes, particularly among professional athletes and recreational fitness enthusiasts, is augmenting the global market for wearable technology.
We expect the global wearable technology market to exhibit a CAGR of 13.4% during 2023-2028.
Some of the major trends in the global wearable technology market include the increasing prevalence of several lifestyle disorders, rising consumer health consciousness, growing adoption of compact fitness devices, etc. Moreover, numerous product manufacturers are focusing on the development of advanced product variants with generation displays and miniaturized sensors, which will continue to propel the market growth in the coming years. Apart from this, the growing utilization of the wearable technology to monitor the patients under intensive care and as prompt warning systems for various serious medical conditions is also expected to augment the global market over the forecast period.
Currently, the most popular wearable technology that is available in the market is smartwatches/health and fitness trackers. They are growing at a steady rate owing to their convenience, user-friendliness, and appealing designs. These wearable devices not only can keep a track on the number of steps covered, but also monitor blood pressure levels and heart rates using electrocardiograms. Moreover, the growing integration of smartwatches with fitness apps to provide insightful information regarding the overall health of individuals and track their nutritional intake is also catalyzing the product demand on a global level.
The sudden outbreak of the COVID-19 pandemic has led to the increasing adoption of wearable technology among health-conscious consumers for easy access to useful data, including remote health monitoring, fatigue detection, disease management, etc.
Based on the product, the global wearable technology market has been segregated into wrist-wear, eye-wear and head-wear, foot-wear, neck-wear, body-wear, and others. Among these, wrist-wear holds the largest market share.
Based on the application, the global wearable technology market can be bifurcated into consumer electronics, healthcare, enterprise and industrial application, and others. Currently, consumer electronics exhibit a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global wearable technology market include Alphabet Inc, Apple Inc., Garmin Ltd., HTC Corporation, Huawei Technologies Co. Ltd, Intel Corporation, Microsoft Corporation, Qualcomm Incorporated, Samsung Electronics Co. Ltd., and Sony Corporation.
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