Wearable Technology Market

Wearable Technology Market is expected to grow at a USD 313.4 Billion by 2027 and witnessing a 17.8% CAGR during 2020-2027.

Introduction of Wearable Technology Market Report

Wearable technology is a classification of electronic devices that can be embedded in clothing, worn as accessories, or implanted in the user’s body. The wearables use the sensors to connect with the person and help the users to achieve goals such as staying fit, tracking physical & mental health, and other activities. Several wearable technologies have expanded the access of the users to the information, both in terms of convenience & speed of access and the kind of information which can be accessed. The wearable technology, when operated in a body-centric network system, requires EMC testing to confirm that it can be used for vital signal and transmission without failing or making the other devices to fail.

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The major factors fuelling the growth of Wearable Technology Market includes increasing penetration of mobile internet services, accelerating disposable income, and integration of smart technologies such as Internet of Things (IoT) with smart devices. According to the Economic Times, Smartwatch Market in India witnessed a growth of 173% during the first quarter of 2022, on the other hand wireless earbuds category exhibited a surge of 66% on-year, which will boost the Wearable Technology Market size in India.
Moreover, the growing health consciousness, owing to the rising incidences of obesity, diabetes and high Cholesterol are surging the demand for smart wearables to track and monitor physical health, which is another factor contributing to the market growth. In addition, the growing adoption of smart wearable technologies across different industries such as Defense, Entertainment and Healthcare, and increasing research and development initiatives would accelerate the demand for smart wearable devices in the coming years. However, the growth of Wearable Technology Market is hampered due to limited battery life, rising privacy concerns, and high cost for technology procurement.

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Based on the product, the Headwear & Eyewear segment is anticipated to grow at a higher CAGR over the forecast period owing to the high adoption of the headwear & eyewear wearables among the consumers. In addition to this, the increasing penetration of virtual reality & augmented reality in various application areas is further fuelling the growth of this segment.

Based on the application, the Consumer Electronics segment is expected to increase at a higher compound annual growth rate during the forecast period owing to the rising implementation of wearable technology in consumer electronics. Moreover, the increasing adoption of technologically advanced products such as wearable scanners to enhance efficiency and speed is also a factor driving the market growth of this segment.

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Based on the region, North America is anticipated to increase at a higher compound annual growth rate during the forecast period owing to the high adoption of wearable devices and the rising demand of the consumers for wearable technology. In addition to this, the large presence of several key players and increasing technological advancements are some other factors propelling the growth of the wearable technology market in this region.

Various notable players operating in the market include Apple Inc., Fitbit, Inc., Garmin Ltd., Xiaomi, Alphabet Inc., Samsung, Qualcomm Technologies, Inc., LG Electronics, Adidas AG, and Sony Corporation, among others.

Key Developments:

• • In 2020, Apple Inc. developed Apple Watch Series 6 and Apple Watch SE, two iPad models, to bring significant advancements in health and wellness features to iPhone, iPad, and Apple TV. Apple Watch Series 6 improved the health capabilities of previous Apple Watch models with a new feature that measures the oxygen saturation of blood for a better understanding of fitness and wellness.
  • In 2020, Samsung Electronics Co., Ltd. Developed the first-ever titanium model of Galaxy Watch3, built with high quality materials and beautiful signature rotating bezel. The watch incorporates military-grade durability and water resistance.
  • In 2020, Google disbursed USD 40 million on the procurement of an intellectual property from Fossil, and in November 2019, Google parent Alphabet purchased Fitbit for USD 2.1 billion. The patent application uses an optical sensor that incorporated in the body of a smartwatch. The sensor will read gestures made by the watch wearer’s fingers, wrists, and arms, and the company is expected to unveil a Pixel Watch in 2020.
  • In 2020 – Xiaomi’s Huami subsidiary declared the release of the Mi Band 5. The company developed the Amazfit line would see a new addition called the Amazfit Ares. Huami also declared Amazfit Ares would tout 70 different sports modes and featured an “urban outdoor” look.
  • In 2019, Apple Inc. launched the second generation of its wireless earbuds, Airpods. The latest version of the AirPods comprises the wireless charging case, hand-free access to the digital assistant of iPhone, Siri, and extended battery life.
  • In 2019, Qualcomm Technologies, Inc. entered into a collaboration with Skyhook Wireless, Inc. to develop wi-fi positioning and location-assistance services that are based on the Qualcomm Snapdragon Wear platforms.

The global wearable technology market has been segmented on the basis of type, product, technology, component, offering, application, and region. Based on the type, the market is segmented into wearable products & devices and wearable smart textile. The wearable smart textile is further categorized by type and function. The type segment is further categorized into active smart textiles, passive smart textiles, and ultra-smart textiles. The function segment is categorized into energy harvesting, sensing, thermoelectricity, luminescence & aesthetics, and others. Based on the product, the market is segmented into headwear & eyewear, wristwear, neckwear, footwear, bodywear, and other wearable technologies. The headwear & eyewear segment is further categorized into virtual reality headsets, augmented reality headsets, and others. The wristwear segment is further categorized into smartwatches and wristbands. The neckwear segment is further categorized into ties & collars and fashion & jewellery. The footwear segment is categorized into casual footwear and special-purpose footwear. The bodywear segment is further categorized into fashion & apparel, inner wear, and armwear & legwear. The other wearable technologies segment is further categorized into bodyworn cameras, ring scanners, and internables/implantable. Based on the technology, the market is segmented into display technology, computing technology, positioning technology, networking technology, and sensor technology. Based on the component, the market is segmented into positioning & networking components, power supply components, control components, sensing components, memory components, display & optoelectronic components, and interface components. Based on the offering, the market is segmented into software and services. Based on the application, the market is segmented into healthcare, consumer electronics, enterprise & industrial application, and other applications. The healthcare segment is further categorized into clinical applications and nonclinical applications. The consumer electronics segment is further categorized into infotainment & multimedia, fitness & sports, garments & fashion, and multifunction. The enterprise & industrial application segment is further categorized into logistics, packaging, & warehouse, and other industrial applications.

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Key questions answered in this research report:

• • At what pace is the global wearable technology market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global wearable technology market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global wearable technology market?
  • Which type generated maximum revenues in 2019 and identify the most promising type during the forecast period?
  • What are the various application areas of the wearable technology market, and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Wearable Technology Market by Type

• • Wearable Products & Devices
  • Wearable Smart Textile
    • Type
      • Active Smart Textiles
      • Passive Smart Textiles
      • Ultra-Smart Textiles
    • Function
      • Energy Harvesting
      • Sensing
      • Thermoelectricity
      • Luminescence & Aesthetics
      • Others

Global Wearable Technology Market by Product

• • Headwear & Eyewear
    • Virtual Reality Headsets
    • Augmented Reality Headsets
    • Others
  • Wristwear
    • Smartwatches
    • Wristbands
  • Neckwear
    • Ties & Collars
    • Fashion & Jewelry
  • Footwear
    • Casual Footwear
    • Special-Purpose Footwear
  • Bodywear
    • Fashion & Apparel
    • Inner Wear
    • Armwear & Legwear
  • Other Wearable Technologies
    • Bodyworn Cameras
    • Ring Scanners
    • Internables/Implantables

Global Wearable Technology Market by Technology

• • Display Technology
  • Computing Technology
  • Positioning Technology
  • Networking Technology
  • Sensor Technology

Global Wearable Technology Market by Component

• • Positioning & Networking Components
  • Power Supply Components
  • Control Components
  • Sensing Components
  • Memory Components
  • Display & Optoelectronic Components
  • Interface Components

Global Wearable Technology Market by Offering

• • Software
  • Services

Global Wearable Technology Market by Application

• • Healthcare
    • Clinical Applications
    • Nonclinical Applications
  • Consumer Electronics
    • Infotainment & Multimedia
    • Fitness & Sports
    • Garments & Fashion
    • Multifunction
  • Enterprise & Industrial Application
    • Logistics, Packaging, & Warehouse
    • Other Industrial Applications
  • Other Applications

Global Wearable Technology Market by Region

• • North America Wearable Technology Market (Option 1: As a part of the free 25% customization)
    • By Type
    • By Product
    • By Technology
    • By Component
    • By Offering
    • By Application
    • US Market All-Up
    • Canada Market All-Up
  • Europe Wearable Technology Market (Option 2: As a part of the free 25% Customization)
    • By Type
    • By Product
    • By Technology
    • By Component
    • By Offering
    • By Application
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Wearable Technology Market (Option 3: As a part of the free 25% Customization)
    • By Type
    • By Product
    • By Technology
    • By Component
    • By Offering
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Wearable Technology Market (Option 4: As a part of the free 25% Customization)
    • By Type
    • By Product
    • By Technology
    • By Component
    • By Offering
    • By Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating the Global Wearable Technology (Option 5: As a part of the free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Apple Inc.
  • Fitbit, Inc.
  • Garmin Ltd.
  • Xiaomi
  • Alphabet Inc.
  • Samsung
  • Qualcomm Technologies, Inc.
  • LG Electronics
  • Adidas AG
  • Sony Corporation