Global Wearable Technology Market Report, published by Variant Market Research, forecast that the global market is expected to reach $58.3 Billion by 2024 from $18 Billion in 2016, growing at a CAGR of 15.8% from 2016 to 2024. By geography, North America and Europe are expected to grow at a CAGR of 16.2% and 15.7%, respectively, during the forecast period.
"Wearable Technology Market (By Applications: Healthcare and Medical, Infotainment, Industrial and Military, And Fitness and Wellness; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024"
Some of the drivers of global wearable technology market are increasing demand for connected devices, launch of advanced devices by major manufacturers, rising per capita income, rising health awareness, and others. Though, high costs of these devices may hinder the market growth. Besides, growing applications and rising demand for multi-featured application of smartphones could offer market opportunities in years to come.
Application and geography are the major bifurcations of the global wearable technology market. Application segment includes healthcare and medical (monitors, wearable patches, drug delivery, continuous glucose monitor, and others), infotainment (smart glasses, smart watches, augmented reality headsets, and others), industrial and military (hand worn terminals, augmented reality headsets, and others), and fitness and wellness (activity monitors, smart clothing and smart sports glasses, sleep sensors, and others). Healthcare and medical shall dominate the segment with largest market share, followed by infotainment.
By geography, the wearable technology market has been segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America dominates the global market with largest market share of 42%, and is expected to continue its dominance with fastest growth rate during the forecast period, driven by increasing innovations and technologies, and increasing demand and awareness towards fitness. Europe accounted the second largest share in the market with 29.2% in 2016.
Major players competing in this market include Huawei Technologies Co., Ltd., Adidas AG, Fitbit, Inc., Apple Inc., Sony Corporation, Alphabet, Inc., Garmin Ltd., Qualcomm Technologies, Inc., Xiaomi Technology Co. Ltd., and LifeSense Group B.V., among others.