Wearable Technology market Demand, Insights Forecast up to 2028 – The Insight Partners.
Posted by niket gore on July 28th, 2022
The global Wearable Technology market is expected to grow from US$ US$ 31.14 Bn in 2016 to US$ 170.91 Bn by 2025 at a CAGR of 20.8% between 2016 and 2025. Fitness bands and smart watches have emerged as one the prime revenue sources and has experienced a high adoption rate, highly growing demographics across the regions and increasing awareness among end users about the potential benefits of wearable technology is expected to accelerate the wearable technology market in the coming years. High growth of Internet of Things (IoT) and increasing end user’s preference towards handy gadgets, smart mobiles and devices are some of the prime factors that are driving the global wearable technology market. Limited battery life, high prices of wearable and rising data privacy concerns are few factors that may hindering the growth of global wearable technology market. In the last few years’ global wearable technology devices have experienced a significant growth in its acceptance across different verticals like health and fitness, medical, media and entertainment, fashion and lifestyle and others to name a few. Wearable technology has also evolved tremendously in the last few years and companies are aggressively launching innovative products and solutions like smart clothing, smart glasses attracting mass adoption among individuals and enterprises. The South America wearable technology market region is expected to witness a CAGR growth rate of 20.7% in the coming years.
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Fitness bands and smart watches have emerged as one the prime revenue sources and has experienced a high adoption rate, highly growing demographics across the regions and increasing awareness among end users about the potential benefits of wearable technology is expected to accelerate the wearable technology market in the coming years.
The growing market of tablets and smartphones and tablets is allowing the integration of smartphones with wearable devices. Wrist wear segment of wearable technology captures the largest share of the market and is projected to lead the market during the predicted period. The inception of smart watches by companies such as Apple, Nike and Samsung among others has contributed to the growth of the market. North America has deep penetration for wearable devices due to early adoption of innovative technology. The passion to keep up a healthy lifestyle in U.S. and Canada is the main reason for the region’s dominance. Also, continuous advancement in technologies, high purchasing power and disposable income in this region is contributing to the development of North America wearable technology market.
The region is anticipated to dominate the market for wearable technology in the near future due to factors such as technological innovations and introduction of new products. The demand for wearable medical devices is propelling owing to growing incidences of chronic diseases, diabetes patients and easy to use medical devices. Also, growing awareness among people for health and fitness and increasing demand for smartphones and tablets which are capable of integrating wearable devices are driving the market for wearable technology. Whereas, factors such as high prices of the products and non-covered insurance of such devices that results in reimbursement issues are hindering the market growth.
Growing popularity of wearable devices coupled with an easy integration with smartphones
In the present time, the growth in the wearable technology market is highly driven by the increasing level of penetration of mobile devices, tablets, smartphones and devices used for Machine-to-Machine communications, evolving business models and emerging software ecosystems. Nearly all conventional wearable devices now are paired with smartphones, which have become the integral part of our day-to-day life. Wearable devices like smart watches synced with smartphones are helping end-users to check and attend calls and message without taking out the smartphones. Companies like OnePlus, Samsung and others nowadays are also launching smartphones with complementary wearable devices which will provide end users with enhanced experiences. High growth in connected devices and increasing M2M communication is directly impacting the development of wearable technology, devices and other associated technologies. Various wearable devices such as health monitoring devices, industrial safety devices are experiencing a positive adoption rate, as it offers end users improved operational efficiency and real time actionable data among others. Subsequently, driving the growth for wearable technology market in the coming years.
Continuous increase in scope of application for wearable technology enabled products
The usage and application of wearable technology is gradually moving beyond fitness tracking and health monitoring, wearable technology is finding increasing acceptance in retail for improving purchasing process, media and entertainment specially the increasing usage of augmented and virtual reality headsets for enhanced end user experiences;, child care, fashion clothing and accessories and industrial and manufacturing sectors for improving work efficiency, effectiveness and processes. Wearable devices collect high volume of different types of data on a daily basis, the huge volume of collected data provides enormous opportunity for companies for its analysis for prediction and gaining further insights. Thus, the growing scope of application of wearable devices especially among commercial applications is expected to provide numerous profitable opportunities for the market players in the coming years.
Wearable Technology Market - Product Insight
In the global wearable technology market for smart watches, Smart watch is a wearable device with a touchscreen and provides various facilities to the wearer and is to be worn like a wristwatch. It offers functions of the smartphone on the user’s wrist by pairing the device with a smartphone or tablet and provide features such as connecting to internet, making calls, checking caller ID, and providing fitness monitoring abilities, running mobile apps, messaging, GPS and many other. These watches are usually designed to work with cellular phone platforms namely Android and iOS. Today, smart watches can be paired with several devices such as media players, televisions, laptops, headsets, POS devices and other devices which has NFC and Bluetooth capabilities. Also, many fitness tracking applications are also available in the market for smart watches and due to potential replacement of traditional watches and features similar to smartphones, the global market for smart watch is gaining importance. Apple Inc. and Samsung are few of the leaders in the global smart watch market. Thus, the smart watches for wearable technology market is projected to provide numerous lucrative business opportunities for the market players in the forecast period.
Wearable Technology Market – Application Insight
The healthcare & medical application segment in the wearable technology market continue to dominate the global wearable technology market in terms of revenue. Interest in wearable devices are hugely driven by consumer’s concern for their fitness and wellness. The functions of such devices are activity tracking, performance monitoring, direction data & location share, optimum performance management and goal monitoring & management. These devices includes activity monitors, fitness & heart rate monitors, sleep sensors, smart clothing, fitness bands and others. The fitness & wellness market is driven by professional teams, athletes and consumers looking for products that provide performance advantage. Fitness wearable devices are used to improve the levels and qualities of workouts. Professional athletes and professional sports teams are early adopters of wearable sensors, propelling the demand for fitness products. Also, the target audiences includes corporate wellness programs and recreational fitness consumers. Fitness wearable devices along with sports analytics helps to analyze joint, heart, cadence, muscle, respiratory and endurance parameters of the sportsperson or an ordinary user. The global wearable technology market by healthcare & medical application is expected to grow at a CAGR of 18.5% during the forecast period.
Exhibit: Wearable Technology Market by Healthcare & Medical
Wearable Technology Market - Strategic Insights
The market initiative and new development was observed as the most adopted strategy in global wearable technology market. Few of the recent strategies by some of the players wearable technology market landscape are listed below-
2016: Fitbit Inc. collaborated with Tmaill.com, a third-party platform, owned by Alibaba Group for brands and retailers. The company’s motive for the collaboration is to expand its retail in China.
2016: Adidas released its first heart rate monitoring device for the Physical Education (P.E). Classroom in partnership with Interactive Health Technologies LLC (IHT), a health and fitness company. This would help and encourage students to stay fit and healthy.
2017: Apple Inc. announced a new update for Apple Watch with several improvements and bug fixes. This update will allow multiple watches to support a single iPhone, added new language support and improvements in Map apps.
GLOBAL WEARABLE TECHNOLOGY – MARKET SEGMENTATION
Wearable Technology Market – By Product
Wearable Technology Market – By Application
Wearable Technology Market - By Geography
Wearable Technology Market - Company Profiles
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About the Authorniket gore
Joined: July 6th, 2022
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