The global wearable technology market is estimated to be USD 113.2 billion in 2021 and reach USD 283.01 billion in 2027, registering a CAGR of 16.50% during the forecast period, 2021-2027. Wearable technology gadgets are electronic gadgets or technology devices that can be worn on the body as an accessory or as a part of clothing. The wearable gadgets connect using sensors. The major contributors to the wearable technology market are the increasing popularity of smartphones, mobile networks, mobile applications, computing, broadband connectivity, and others.
Wearable Technology Industry Dynamics
The Internet of Things (IoT) refers to the phenomenon in which not only computers are interconnected but all kinds of devices with an embedded computing capacity. These include self-driving cars, drones, smart sensors connected to homes, and wearable equipment. IoT technologies offer consumers an array of new devices and service options that facilitate lives and jobs. This is especially relevant to the subset of wearables known as IoT technologies. IoT also plays an important role in a wide range of healthcare applications, from chronic disease management to disease prevention.
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The availability of devices such as smartphones, tablets, and phablets is huge, among others. Consumers currently prefer a single compact device that could integrate all the computing and monitoring requirements. This preference offers an opportunity to develop multi-function and hybrid wearable devices that provide users with convenience and integrate the functionality of many devices into a single compact wearable device. The number of such devices is expected to increase in the coming years. With a steady transformation from the Plain Old Telephone System (POTS) to cellular gateways and mobile phones, cellular technologies have become a leading medium for data transmission and communication. This factor is expected to offer companies a good opportunity to launch wearables connected to mobile devices, such as smartphones and tablets.
The consumer electronics sector is a fast-changing marketplace. However, market players face high price erosion because when a new technology is developed, products with old technology lose their significance. Wearable technology has been useful in fighting COVID-19. Many wearables producers have started adapting their products to help detect early COVID-19 signs. Some have also developed algorithms for measuring coughing and respiratory activity in general. This can provide useful data about changes in a patient's condition for healthcare professionals and allows remote monitoring of less severely affected patients, which reduces the pressure on hospitals.
Impact of COVID-19 on Wearable Technology Industry Market
The report analyzes and includes a specific detailed chapter about the short-term & long-term impact of the COVID-19 outbreak on each segment and region of the "Global Wearable Technology Industry” and relatable government measures with the most current standards to support the industry. It also highlights the current market landscape during COVID breakout, the virus's impact on leading companies, the expected demand schedule, the industry's supply chain, and other significant factors. These factors will help you identify those companies that may benefit from this pandemic, as well as those that will lose out.
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Scope of the Report
The report outlines the study of the wearable technology industry on the basis of product, technology, component, and application.
Based on product, the wearable technology industry is segmented into-
- Wristwear
- Eyewear
- Neckwear
- Wearable Camera
- Others
Based on technology, the wearable technology industry is segmented into-
- Computing
- Display
- Networking
- Sensor
Based on component, the wearable technology industry is segmented into-
- Control
- Memory
- Battery
- Sensing
- Connectivity
Based on application, the wearable technology industry is segmented into-
- Fitness & Wellness
- Consumer Electronics
- Healthcare
- Others
Wearable Technology Industry Market: Regional Outlook
From a geographical viewpoint, the wearable technology industry is segmented into North America, Asia Pacific, Europe, South America, and Middle East & Africa (MEA). In 2020, North America accounted for the largest share of the overall market due to the enormous demand in the US for wearable technology products and wide awareness for wearable technologies. The US holds the largest market share in the North America, being a prominent market. It has been observed that due to factors such as higher health concerns and awareness of product use, North America would dominate the market. The wearable technology industry is showing a steady and substantial growth in Europe.
Although, the Asia Pacific wearable technology market is expected to show positive growth over the forecast period due to factors such as rising tech-savvy population and growing awareness. There is high penetration of smartphones and increased internet mobility in Asia-Pacific countries such as China, India, and others, as a result of which the report reveals that these countries would show a sudden hike in the wearable technology market during the forecast period.
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Wearable Technology Industry: Competitive Landscape
The leading wearable technology manufacturers in the global market include Fitbit, Apple Inc., Xiaomi Technology Co.Ltd., Garmin Ltd., and Samsung Electronics Co. Ltd.
Other wearable technology manufacturers include Alphabet, LG Electronics, Qualcomm Technologies, Sony Corporation, Adidas Group, Jawbone, Inc., Misfit, Inc., Guangdong BBK Electronics Co., Ltd, GoNoise, and Lifesense Group B.V.
- In December 2016, Fitbit, Inc. acquired Pebble Technology Corp.’s software division. With this acquisition, the company is accelerating the expansion of its mobile application platform, which helps the company with additional features to improve its mobile application further.
- In September 2016, Apple, Inc. launched the Apple Watch Series 2, and the product has advanced features such as water resistance up to 50 meters, a built-in global positioning system (GPS), a bright display, and a dual-core process. This watch records the exact distance, pace, and speed of outdoor workouts like walking, running, or cycling.
The wearable technology industry report provides a thorough analysis of macro-economic factors along with the market attractiveness of every segment. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with the presence of the market players in the respective segment and region/country. The information concluded in the report includes the inputs from industry participants and industry experts across the value chain.
Wearable Technology Industry Market Report Covers Comprehensive Analysis On:
- Market Segmentation & Regional Analysis
- Market Size of 10 years
- Pricing Analysis
- Supply & Demand Analysis
- Product Life Cycle Analysis
- Porter's Five Forces & Value Chain Analysis
- Developed & Emerging Economies Analysis
- PEST Analysis
- Market and Forecast Factor Analysis
- Market Opportunities, Risks, & Trends
- Conclusion & Recommendation
- Regulatory Landscape
- Patent Analysis
- Competition Landscape
- 15+ Company Profiles
Wearable Technology Industry Market Regional Analysis Includes:
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA
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Wearable Technology Industry Market Target Audience
- Wearable technology manufactures
- Wearable technology distributors and raw material suppliers
- Tier 1 component suppliers
- Wearable technology battery manufacturers
- Government authorities, associations, and organizations
- Original Equipment Manufacturers (OEMs)
