NEW
YORK, May 16, 2024 /PRNewswire/ -- The
global wearable technology market size is estimated to
grow by USD 62.81 bn from 2023-2027,
according to Technavio. The market is estimated to grow at a CAGR
of over 14.8% during the forecast period.
For more insights on the forecast market size and
historic data (2017 - 2021) - Download
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Forecast
period
|
2023-2027
|
Base Year
|
2022
|
Historic
Data
|
2017 - 2021
|
Segment
Covered
|
Product (Wrist-wear,
Eyewear and headwear, Footwear, Neckwear, and Others), Application
(Consumer electronics, Healthcare, Enterprise and industrial,
Entertainment, and Others), and Geography (North America, APAC,
Europe, South America, and Middle East and Africa)
|
Region
Covered
|
North America, APAC,
Europe, South America, and Middle East and Africa
|
Key companies
profiled
|
Alphabet Inc., Apple
Inc., ASUSTeK Computer Inc., BAE Systems Plc, CINOPTICS, Citizen
Watch Co. Ltd., Elbit Systems Ltd., Fossil Group Inc., Garmin Ltd.,
Huawei Technologies Co. Ltd., Kopin Corp., Lenovo Group Ltd., LG
Electronics Inc., Magic Leap Inc., Polar Electro Oy, Samsung
Electronics Co. Ltd., Sony Group Corp., Tex Ray Industrial Co.
Ltd., Vuzix Corp., and Xiaomi Communications Co. Ltd.
|
Key Market Trends Fueling Growth
The global wearable technology market is experiencing
significant growth due to the advancement of low-power-consumption
semiconductor components for mobile applications, digital health
technology, and various wearable devices such as fitness trackers,
smartwatches, and head-mounted display devices. Innovative features
in upgraded products increase usage, necessitating high-performance
and energy-efficient electronics, including sensors, processors,
and batteries. Vendors are responding by integrating
low-power-consumption components, like MEMS sensors, GPS, IMUs, and
fitness-tracking wearables, to enhance device performance. This
trend is influencing consumerism, particularly in older
populations, for health self-efficacy and autonomy, as well as in
athletes and IoT-based apparel. However, data security issues and
counterfeit products pose challenges to market growth.
Market Challenges
- The global wearable technology market experiences challenges
due to the proliferation of counterfeit devices. These imitations
affect various sectors, including fitness bands, smartwatches,
AR/VR headsets, and IoT-enabled garments. Manufactured
predominantly in APAC, these counterfeits appeal to consumers due
to their lower prices. Adventure lovers, sports enthusiasts, and
healthcare providers are among the purchasers, unknowingly or
knowingly. Key industries such as virtual reality, augmented
reality, pharma, telehealth solutions, and consumer electronics are
impacted. Counterfeits pose risks to consumers, healthcare
providers, and patients, affecting clinical and non-clinical data,
real-time health monitoring, and technological literacy. Chronic
diseases like cardiovascular disease and obesity, as well as
fitness enthusiasts and the younger population, are potential
beneficiaries of wearable technologies, but the presence of
counterfeits may hinder their purchasing power and trust in the
market.
Research report provides comprehensive data on
impact of trend, driver and challenges - Buy
Report
Segment Overview
This wearable technology market report extensively covers market
segmentation by
- Product
- 1.1 Wrist-wear
- 1.2 Eyewear and headwear
- 1.3 Footwear
- 1.4 Neckwear
- 1.5 Others
- Application
- 2.1 Consumer electronics
- 2.2 Healthcare
- 2.3 Enterprise and industrial
- 2.4 Entertainment
- 2.5 Others
- Geography
- 3.1 North America
- 3.2 APAC
- 3.3 Europe
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Wrist-wear- The wearable technology market is
segmented into various product categories, catering to diverse
consumer needs. Adventure lovers and sports enthusiasts opt for
smart hats, Spree Wearables, and fitness bands, which offer
real-time health monitoring and IoT-enabled garments. The
multimedia industry embraces virtual reality (VR) and augmented
reality (AR) headsets for immersive experiences. Consumer
electronics encompasses smartwatches, featuring small sensors,
electronic displays, and connectivity to mobile phones for quick
access to non-clinical data. The pharma and telehealth solutions
sector utilizes wearable technologies for disease management,
health event tracking, and IoT-connected devices for clinical data
collection. Medical practice and surgical training benefit from
these technological advancements, enhancing patient care and
improving healthcare provider efficiency. The benefits of wearable
technologies extend to chronic disease management, such as
cardiovascular disease and obesity, targeting the younger
population with increased technological literacy and purchasing
power.
For more information on market segmentation with geographical
analysis including forecast (2023-2027) and historic data (2017 -
2021) - Download a Sample Report
Research Analysis
The Wearable Technology Market encompasses a range of electronic
devices, including smartwatches, fitness trackers, and IoT-enabled
garments. These wearables cater to various consumer segments such
as swimmers, cyclists, runners, gym-goers, and patients. Healthcare
professionals utilize these devices for health monitoring
solutions, ensuring accurate clinical data. The market is driven by
consumerism and the desire for health self-efficacy. Wristwear,
equipped with MEMS sensors, GPS, IMU, and electronic displays,
offers connectivity to mobile phones for real-time data tracking.
Counterfeit products pose a challenge to market growth, but
advancements in technology continue to push the boundaries of what
is possible with wearable technology. Head-mounted displays and
fitness bands are also gaining popularity in this space.
Market Research Overview
Wearable technology market refers to the industry that produces
and supplies wearable devices, such as smartwatches, fitness
trackers, virtual reality headsets, and augmented reality glasses.
These devices integrate technology into clothing or accessories,
enabling users to monitor their health, communicate, navigate, and
access information hands-free. The market is driven by increasing
consumer demand for convenience, connectivity, and health tracking.
Additionally, advancements in technology, such as miniaturization,
wireless connectivity, and artificial intelligence, are fueling
innovation and growth in the sector. The market is also influenced
by demographic trends, regulatory policies, and economic factors.
Overall, wearable technology is transforming various industries,
including healthcare, sports, entertainment, and education, by
providing new opportunities for innovation and growth.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
-
- Wrist-wear
- Eyewear And Headwear
- Footwear
- Neckwear
- Others
- Application
-
- Consumer Electronics
- Healthcare
- Enterprise And Industrial
- Entertainment
- Others
- Geography
-
- North America
- APAC
- Europe
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio