The new report by Expert Market Research titled, ‘Wearable Technology Market Size’ Report and Forecast 2023-2028’, gives an in-depth analysis of the Wearable Technology Market, assessing the market based on its segments like component, type of the product, technology, end use and major regions like Asia Pacific, Europe, North America, Middle East and Africa and Latin America. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size: USD 181 Million (2020)
- Forecast CAGR (2023-2028): 17%.
- Forecast Market Size: USD 464 Million (2026)
Demand is expected to be driven by the growing penetration of the Internet of Things (IoT) and connected devices and by the increasingly technically sound population. Growing concerns about obesity and other chronic diseases have led to the adoption of wearable devices that offer real-time information about overall health, including body monitors and activity trackers. These wearable products which contain information such as blood pressure, levels of oxygen, quality and quantity of sleep, calorie intake, levels of cholesterol, pulse monitoring, and other body-required information for everyday activities. Increased popularity among professional athletes and leisure fitness customers over the benefits of these devices is expected to boost demand over the forecast period for fitness and wellness products.
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Industry Definition and Major Segments
Wearable technology is, mainly, a technology-integrated electronic product. The wearable technology for tracking real-time data can easily be worn on the body. Wearable technology includes wristbands that can be worn on the wrist and helps to track information such as pulse, heart rate, steps for walking, sleeping hours, and many others. Jawbone, Apple, Fitbit, and several others have launched wristbands that function as activity trackers. This has developed a huge customer base all over the world. The significant client base is due to the wellness enhancement brought on by wearable technology.
Based on component, the market can be divided into the following:
Based on type of the product, the industry can be divided into:
- Eye-Wear and Head-Wear
Based on the technology, the market can be divided as follows:
- Computing Technology
- Display Technology
- Networking Technology
- Positioning Technology
- Sensor Technology
Based on the end use, the market can be classified into the following sectors:
- Consumer Electronics
- Enterprise and Industrial Application
The regional markets for Wearable Technology include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
It is recognized that North America is one of the world’s centers of technological growth. The market for sophisticated and multi-functional devices is rising with the introduction of smart gadgets. The main factors for consumer growth in the area are a rise in disposable income and a high rate of adoption of new wearable devices. The involvement of leading players such as Garmin, Apple and Fitbit are also contributing to the growth of the wearable technology market. The regional market is experiencing the inflow of capital from different sports associations in North America. Investments are anticipated to fuel the region’s wearable technology industry.
Key Market Players
The major players in the market are Apple Inc, Samsung Electronics Co. Ltd, Fitbit, Xiaomi Corp, Alphabet Inc, LG Electronics, Huawei Technologies Co, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, mergers and acquisitions, among other latest developments of these market players.
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