Wearable Technology Market Growth Insights by 2031
The wearable technology market size is expected to grow from US$ 70.25 billion in 2023 to US$ 201.14 billion by 2031; it is estimated to grow at a CAGR of 14.1% from 2023 to 2031. Increasing usage of Augmented Reality (AR) glasses and rising adoption for health and wellness monitoring are likely to remain key wearable technology market trends.
Wearable Technology Market Analysis
The wearable technology market has witnessed substantial growth in recent years, driven by technological advancements, growing awareness of fitness and wellness, and the increasing demand for healthcare gadgets in healthcare facilities. Wearable products incorporate advanced features and functionalities to enhance the overall consumer experience. One of the major factors driving the wearable technology market is the growing internet and mobile penetration.
The wearable technology market growth is driven by the growing penetration of smartphones, mobile devices, tablets, and devices used for Machine-to-Machine communications, growing business models, and evolving software ecosystems. Almost all standard wearable devices are paired with smartphones, which have become the primary part of wearable technology user’s day-to-day life. Wearable technology products such as smartwatches are mainly synced with smartphones, helping end-users to check messages and attend calls without taking out their smartphones. Nowadays, companies like Samsung, OnePlus, and others are launching smartphones with corresponding wearable devices to provide end users with enhanced experiences.
Wearable Technology Market Overview
Wearable technology is one of the most well-known advancements, integrating technology with regular accessories, enabling users to make their lives easier. It helps the users in achieving their goals. These wearable devices are projected to benefit the different classes of people in their daily lives. Currently, people are living in a highly connected and networked world. Most of the population globally have internet access and possess mobile devices. People increasingly use mobile devices for various purposes, such as knowledge exploration, communication, shopping, entertainment, etc. In addition, rising urbanization and increasing consumer disposable income are major drivers expected to fuel the adoption of smartphones and wearable devices connected over the internet.
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Wearable Technology Market: Strategic Insights
Market Size Value in US$ 26.19 Billion in 2015 Market Size Value by US$ 170.91 Billion by 2025 Growth rate CAGR of 20.8% from 2016-2025 Forecast Period 2016-2025 Base Year 2016
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Wearable Technology Market: Strategic Insights
| Market Size Value in | US$ 26.19 Billion in 2015 |
| Market Size Value by | US$ 170.91 Billion by 2025 |
| Growth rate | CAGR of 20.8% from 2016-2025 |
| Forecast Period | 2016-2025 |
| Base Year | 2016 |
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Wearable Technology Market Drivers and Opportunities
High adoption of wearable technology across various application areas and rising investment by the wearable ecosystem players to Favor Market Growth
Wearable technology encourages enormous potential for process advancement and advancing work effectiveness and efficiency. Wearable technology has wide application areas and can be used in various industries such as retail, medical and healthcare, manufacturing, fitness, etc. In the retail industry, wearable devices improve sales processes, customer experiences, and services. In the manufacturing industry, this technology helps provide hands-free guidance tools, which eventually help enhance the production process and streamline processes, improving the accuracy of information to lessen healthcare costs in medical facilities and centers significantly.
In recent years, several wearable technology market players worldwide and companies working towards delivering innovative and advanced wearable solutions have received high funding from various financial houses and established technology firms. For instance, in June 2023, Dubai-based Endefo, an electronic brand under the Ashtel Group of Companies, announced the plan to invest US$ 24.06 million (Rs 200 crore) in the Indian wearable technology market by the end of 2024.
In addition, according to the Department of Defense (DoD) in April 2023, the DoD is investing in wearable technology that can rapidly detect diseases. In partnership with the private sector, its Defense Innovation Unit (DIU) launched a wearable device that was successful during the pandemic in detecting infections. Now, it plans to expand its technological capabilities and develop advanced products. Moreover, other wearable technology market players have received high investments to develop technologically advanced and innovative wearable solutions further. Hence, the promising benefits of using wearable technology across various application areas and the high level of investment fueling the innovation that is projected to foster the global wearable technology market
Growing Machine-To-Machine (M2M) Communication - An Opportunity in the Wearable Technology Market
Growing machine-to-machine (M2M) communication due to improvements in sensor technology and easily accessible high-speed networks are finding high applications in various sectors, such as manufacturing, electronics, and other sectors. The rise in connected devices and expanding M2M communication affect the development of wearable devices and technologies. A range of wearable devices, such as industrial safety devices and health monitoring devices, are experiencing an optimistic adoption rate, as they offer end users improved real-time actionable data and enhanced operational efficiency of the device.
Wearable Technology Market Report Segmentation Analysis
Key segments that contributed to the derivation of the wearable technology market analysis are the product and application.
- Based on the product, the wearable technology market is segmented into smart clothing & smart glasses, augmented reality headsets, sleep sensors, heart rate monitors, wearable patches, activity monitors, smart watches, continuous glucose monitors, hand-worn terminals, and drug delivery devices and jewelries.
- Based on application, the wearable technology market is segmented into infotainment, healthcare & medicine, industrial & military, fashion & lifestyle, fitness & wellness, and safety & security.
Wearable Technology Market Share Analysis by Geography
- The wearable technology market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. North America dominated the market in 2023, followed by Europe and APAC, respectively.
- According to global wearable technology market analysis, North America holds the largest market share. The market is propelled by the spreading awareness of fitness and health, where wearable devices play a crucial role. The declining price of wearable devices, increased adoption among the end users, and increasing competition and advancement in technology make wearable technologies economical. Further, growing demand for several application sectors, such as wearable technology for healthcare, security, and fitness, is fostering the demand for wearable technology in North America.
Wearable Technology Market Report Scope
Wearable Technology Market News and Recent Developments
The peer to peer insurance market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the wearable technology market:
- In April 2024, SKLZ, announced the launch of a new wearable tech product that measures speed, agility, and vertical jump, SKLZ Hyper Speed. The SKLZ Hyper Speed combines a sleek wearable tech band and a user-friendly mobile app to accurately measure speed, agility, and vertical jump so that athletes can create their combine in their backyard or on the practice field.
(Source: SKLZ, Press Release)
- In October 2023, Qualcomm partnered with Alphabet's Google to make wearable devices like smartwatches using chips based on RISC-V technology.
(Source: Qualcomm, Press Release)
Wearable Technology Market Report Coverage and Deliverables
The "Wearable Technology Market Size and Forecast (2021-2031)" provides a detailed analysis of the market covering the areas mentioned below:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter's Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Products and Applications
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
The global wearable technology market is expected to grow at a CAGR of 14.1% during 2023 - 2031.
Growing awareness of fitness and wellness, growing internet and mobile penetration, and the increasing demand for healthcare gadgets in healthcare facilities are the major factors driving the wearable technology market.
Increasing usage of Augmented Reality (AR) glasses and rising adoption of health and wellness monitoring are anticipated to play a significant role in the global wearable technology market in the coming years.
The key players holding majority shares in the global wearable technology market are Xiaomi Inc., Apple Inc., Samsung Electronics Co., Adidas Group, and Google Inc.
North America is expected to hold the highest market share in the wearable technology market.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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