The global Wearable Technology Market is expected to surpass US$ 128.07 Bn in terms of value by the end of 2030. A Wearable technology or wearable are electronic technology or devices incorporated into items that can be comfortably worn on the body. These electronic devices are used for tracking information on a real-time basis, comprising of motion sensors. 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. Over the years, wearable electronics have evolved significantly with the incorporation of novel technologies.
Global Wearable Technology Market: Drivers
Multi-functionality of wearable technology products is expected to drive growth of the global wearable technology market during the forecast period. Multi-functionality is one of the prominent features that is increasing adoption of wearable technology among consumers. Advancement in sensor technology has led to product innovation in the market. Wearable technology products incorporate several features such as microphones, speakers, computer displays, and forward-facing cameras, wireless, and operate phone calls and work through voice and gesture commands.
Global Wearable Technology Market: Opportunities
Increasing demand for real-time and actionable can present lucrative opportunities. There has been an increase in the demand for real-time data and this will drive the market for wearable technology products. The wearable technology products used in the fitness and wellness sector, monitor emotions and activities, whereas medical and healthcare devices, observe vital signs, and enhance senses. In the industrial and military sectors, it receives and transmits real-time data, whereas in the infotainment sector products such as smart watches, smart glasses, heads-up displays, and others receive and transmit real-time information.
Global Wearable Technology Market: Restraints
Regulatory issues and vulnerability of healthcare information is expected to hamper the global wearable technology market growth over the forecast period. There are several regulatory issues related to wearable devices including data security, incentivization to regulatory and ethical hurdles, and trust issues. Furthermore, regulations surrounding wearable devices are in flux while some regulatory agencies view wearable’s as low-risk devices. Such factors are hindering the adoption of wearable devices among consumers.
Global Wearable Technology Market- Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 pandemic has creased numerous challenges across various industries due to temporary suspension in the international travel and trade. Due to disruption in the global supply chain industry, many market witnessed significant decline, following the pandemic. The global wearable technology market witnessed significant growth during the pandemic. This is typically due to rising adoption of smartphones, wearable devices, and implants across the globe. That being said, manufacturers faced numerous difficulties due to stringent regulations on physical distancing and adoption of nationwide lockdown policies. However, the demand for wearable’s in different sectors is expected to increase including in telemedicine, infotainment, and navigation.
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Key Takeaways:
The global wearable technology market is valued at US$ 128.07 Bn in 2023 and is forecast to reach a value of US$ 316.26 Bn by 2030 at a CAGR of 12.0% between 2023 and 2030.
Healthcare and Medical segment held the dominant position in the global narcotics scanner market in 2023, accounting for 21.4% share in terms of value, increasing approval and launch of new products is expected to propel the growth of the segment during the forecast period.
Global Wearable Technology Market 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, Microsoft is developing its own augmented reality headset, which is expected to be a direct competitor to Google’s Glass headset.
Global Wearable Technology Market: Competitive Landscape
Key players operating in the global wearable technology market are Adidas, Suunto, Abbott laboratories, Sony, Eurotech, Nike, Google, Inc., Garmin International Inc., Medtronic, Fit bit Inc., and Apple Inc.
Global Wearable Technology Market: Recent Developments
In September 2021, Xiaomi launched Xiaomi Smart Glasses – a brand new smart wearable device. Xiaomi Smart Glasses is capable of combining imaging system and sensors into a subtle, ordinary glasses design through MicroLED optical waveguide technology. Xiaomi Smart Glasses come equipped with MicroLED optical waveguide technology “to lower the design space needed in structural design, as well as the overall weight of the device.”
In October 2021, Amazfit, a Chinese smart wearable brand has launched three new smartwatches: the GTR 3 Pro, GTR 3 and GTS 3 with innovative haptic technology. Amazfit is a leading global smart wearable brand focused on health and fitness. Amazfit offers a wide product portfolio including smartwatches and bands, TWS earbuds, health & fitness devices such as smart treadmills and smart body composition scales, and sports gear
In August, 2021, Xiaomi launched Mi Smart Band 6 in India for women's health tracking and continuous heart-rate tracking
