WEARABLE TECHNOLOGY MARKET ANALYSIS

Wearable Technology MarketSize and Trends

The global wearable technology market is estimated to be valued at US$ 128.07 Billion in 2023 and is expected to exhibit a CAGR of 12.0% over the forecast period (2023-2030). Wearable technology or also referred to as wearable are smart electronic devices worn close to or on the surface of skin wherein they can detect, analyze, and transmit information regarding the body such as vital signals. Wearable devices such as activity trackers are a prime example of the Internet of Things, wherein it enables the object to exchange data through the Internet with a manufacturer. The sleek design and multi-functionality are the factors that always attract a customer towards a product and wearable technology products offer these benefits, which are likely to boost the demand for wearable technology products. Apart from this, hand-worn terminals are now used in the industrial and military sectors in providing information regarding maps and routes.

Global Wearable Technology Trends:

At present, there are several products available in the market such as smart glasses, smartwatches, sleep sensors, smart clothing, activity monitors, wearable patches, drug delivery, continuous glucose monitors, hand-worn terminals, and more. Additional wearable technology products are likely to arrive in this market as major players continue with their research and innovations in this sector. However, new entrants are also likely to enter this market. For instance, in 20 Jan 2022 Microsoft is developing its own augmented reality headset, which is expected to be a direct competitor to Google’s Glass headset.

In the fitness and wellness sector, smart sports glasses will attract the youth with its advanced features. Activity monitors and sleep sensors are also likely to witness high growth with increasing incidence of old age diseases and rising awareness about health and fitness both among young and old people. Rising aging population will highly contribute to the sale of wearable technology products in the fitness and wellness segment.