Analytics Market Research is a well-established market analytics and research firm with extensive domain experience in various industries. They conduct multi-country market studies, and their deep-rooted market studies and insightful analysis have gained recognition in the industry. Their strategic market analysis and understanding of complex cultural, conceptual, and social aspects of various markets have helped numerous regional and international companies achieve their business goals based on their in-depth market analysis. Furthermore, Analytics Market Research is capable of devising market strategies that ensure guaranteed customer bases for their clients.
The global wearable technology market is expected to expand as a result of technological advancements in software and hardware, as well as their increased adoption in the fields of fitness, healthcare, and defence. However, the market’s expansion is impeded by difficulties such as the shorter lifespan of consumer electronics and high initial costs. COVID-19 has had an unprecedented impact on businesses across industries, and Analytics Market Research offers an impact analysis of coronavirus outbreak across industries to help companies prepare for the future. Finally, the market segments of the wearable technology market are categorized by product type, type, application, technology, and geography.
Wearable Technology Market Projected to Reach $99.06 Billion by 2030, Growing at a CAGR of 10.20% from 2023 to 2032
According to a report on the global wearable technology market, the market size was valued at USD 36.46 billion in 2022, and it is expected to reach USD 99.06 billion by 2030, growing at a CAGR of 10.20% from 2023 to 2032. The market’s growth is attributed to the increasing popularity of connected products and the Internet of Things, as well as the rise in awareness of chronic diseases and obesity.
Wearable technology products, such as body monitors and exercise trackers, are becoming more popular as they provide real-time information on general health. These devices offer information on various body parameters, such as blood pressure, oxygen levels, sleep duration and quality, calorie intake, cholesterol levels, heart rate monitoring, and other daily tasks the body needs. The report provides a comprehensive evaluation of the global wearable technology market, including an analysis of its major segments, trends, drivers, restraints, competitive environment, and other essential elements.
Wearable technology is a group of devices that consumers wear to monitor their location, health, and fitness. These devices have sensors that can monitor blood temperature, pulse, brain activity, and muscle activity. In the healthcare sector, wearable technology is also used to monitor a user’s health, as it can easily collect data due to its proximity to the user. Wearables are used in various sectors, including the military, consumer goods, fashion, athletics, business, and industry.
The global wearable technology market is being driven by the increasing popularity of connected products and the Internet of Things, which provide cutting-edge tools and repair options that simplify daily life and work. Wearables are a group of IoT devices that have a significant impact on various healthcare uses, from treating chronic conditions to preventing disease. Additionally, it is expected that the benefits of wearable technology will become more widely known among elite athletes and consumers who engage in recreational fitness over the forecast period.
Wearable Technology Market to Grow Due to Advancements in Software and Hardware
The global wearable technology market is expected to expand due to the adoption of wearable devices in the fields of fitness, healthcare, and defense, as well as advancements in software and hardware. However, the industry is facing some challenges that could impede its growth, such as the consumer electronics industry’s shorter lifespan, which has slowed down the market’s expansion. Additionally, significant price erosion is experienced by market players as new technologies are developed, rendering older products less important.
Other potential roadblocks to the overall expansion of the global wearable technology market include high initial costs and short battery lives. Wearable technology lacks a dependable and efficient battery system that doesn’t compromise the device’s portability and usability. This factor has limited the global development of wearables. However, technological advancements, the use of wearables in numerous application areas, multi-featured and hybrid mobile devices, and unrealized potential in emerging markets provide favourable development prospects.
Key players in the market are focusing on technology collaborations, partnerships, mergers, and acquisitions strategies to gain a competitive advantage and expand their product portfolios and business footprints. Market players have also played an instrumental role in creating awareness about the benefits associated with the use of wearable technology. For example, in April 2021, FitBit Inc. launched Luxe, a new stylish wellness and fitness tracker that offers stress and sleep monitoring features. Additionally, constant research and development have led to the introduction of innovative products in the market.
The market is segmented by product type, type, application, technology, and geography. The various product types include wristwear, bodywear, neckwear, headwear, footwear, eyewear, and others. The wearable technology market’s type is divided into wearable smart textiles and wearable products and devices (non-textiles). The applications of wearable technology include defense, healthcare, enterprise & industrial applications, fitness & wellness, and others. Furthermore, wearable technology uses computing, display, networking, positioning, and sensor technologies. The market is geographically segmented to help understand regional trends and opportunities.
Wearable Technology Market Report: Impact of COVID-19, Reasons to Purchase, and Key Regions
The global wearable technology market report offers a qualitative and quantitative analysis of the market based on segmentation involving both economic and non-economic factors. The report provides market value data (USD Billion) for each segment and sub-segment, identifies the region and segment expected to witness the fastest growth and dominate the market, and analyses the market dynamics scenario, growth opportunities, drivers, challenges, and restraints of both emerging and developed regions.
The impact of COVID-19 on the wearable technology market is also assessed in the report. The pandemic has brought unprecedented changes to businesses across industries, and almost every sector is anticipated to be impacted by it. However, with the rising support from governments and several companies, the report offers an impact analysis of the coronavirus outbreak across industries to help businesses prepare for the future.
The report includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis and provides insight into the market through Value Chain. It also offers extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players.
Key regions covered in the report include North America (U.S., Canada, Mexico), Europe (U.K., Germany, France, Italy, Spain, Russia), Asia-Pacific (Japan, China, India, Australia, South Korea, ASEAN), Latin America (Brazil, Argentina, Colombia), and MEA (South Africa, Saudi Arabia, UAE, Egypt).
The report provides a competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled. Furthermore, the report offers a 6-month post-sales analyst support.
The report aims to help businesses sustain and grow during the COVID-19 pandemic and beyond by providing a comprehensive understanding of the wearable technology market’s current and future market outlook.
Analytics Market Research: A Leading Market Analytics and Research Firm
Analytics Market Research is a well-established market analytics and research firm with extensive domain experience in various industries. They have been conducting multi-country market studies since their inception, and their deep-rooted market studies and insightful analysis have gained recognition in the industry.
The firm is renowned for its strategic market analysis and understanding of complex cultural, conceptual, and social aspects of various markets. They have helped numerous regional and international companies achieve their business goals based on their in-depth market analysis. Furthermore, Analytics Market Research is capable of devising market strategies that ensure guaranteed customer bases for their clients.
For inquiries and more information, interested parties may contact Analytics Market Research through their phone number at +1(650)-666-4592 or email at sales@analyticsmarketresearch.com. Their office is located at 99 Wall Street, #2124, New York, NY 10005.
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