Global Wearable Technology Market is estimated to reach $58.3 Billion by 2024; growing at a CAGR of 15.8% from 2016 to 2024. Wearable technology comprises electronic devices that are designed to be worn on body as accessories or implant. These devices are capable of connecting with internet and exchanges data between network and device. Moreover, development of miniature sensors as a part of wearable technology that can be worn to the body as clothing item, enable patient’s monitoring in the fields over longer periods of time. Wearable technologies in applications cover a broad range including from health and exercise, to sports and maps. Furthermore, technological innovations are constantly changing this field to make it up with the dynamic preference of consumers.
Global Wearable Technology Market Size and Forecast, 2015 - 2024 (US$ Billion)
Increasing popularity of connected devices and IoT, launch of advanced devices by major manufacturers, and increasing disposable income are the factors driving the growth of the global wearable technology market. Increasing health awareness and need for sophisticated devices also fuel the market growth. However, high cost of these devices may limit the adoption among end users. Additionally, increasing applications, and growing demand for multi-featured application of smartphone devices would create market opportunities in the coming years.
The key segments of the global wearable technology market include application and geography. Application segment comprises of 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).
Global Wearable Technology market share by region, 2024 (value%)
Based on geographical analysis, wearable technology market is classified into North America, Europe, Asia-Pacific, and Rest of the World (RoW). The U.S., Canada, and Mexico are covered under North America wherein Europe covers UK, Germany, France, Italy, and others. Asia-Pacific covers China, India, Japan, South Korea, and others. While, Rest of the world covers South America, Middle East, and Africa.
The 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.
The key takeaways from the report
- The report will provide detailed analysis of Global Wearable Technology Market with respect to major segments such as application, and geography
- The report will include the qualitative and quantitative analysis with market estimation over 2015-2024 and compound annual growth rate (CAGR) between 2016 and 2024
- Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
- An exhaustive regional analysis of Global Wearable Technology Market has been included in the report
- Profile of the key players in the Global Wearable Technology Market will be provided, which include key financials, product & services, new developments, and business strategies
Scope of the Global Wearable Technology Market
- Healthcare and Medical
- Wearable Patches
- Drug Delivery
- Continuous Glucose Monitor
- Other Healthcare and Medical Applications
- Smart Glasses
- Smart Watches
- Augmented Reality Headsets
- Other Infotainment Applications
- Industrial and Military
- Hand Worn Terminals
- Augmented Reality Headsets
- Other Industrial and Military Applications
- Fitness and Wellness
- Activity Monitors
- Smart Clothing and Smart Sports Glasses
- Sleep Sensors
- Other Fitness and Wellness Applications
- North America
- Asia Pacific
- South Korea
- South America
- Middle East