The wearable computing global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Wearable Computing Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The wearable computing market size has grown exponentially in recent years. It will grow from $66.93 billion in 2023 to $80.68 billion in 2024 at a compound annual growth rate (CAGR) of 20.5%. The growth in the historic period can be attributed to technological advancements in microelectronics, increasing health consciousness among consumers, popularity of fitness tracking and wellness trends, improvements in battery life and energy efficiency, and adoption of smartphones as companion devices.
The wearable computing market size is expected to see exponential growth in the next few years. It will grow to $167.07 billion in 2028 at a compound annual growth rate (CAGR) of 20.0%. The growth in the forecast period can be attributed to integration with internet of things (IoT) ecosystem, rise of remote healthcare monitoring, expansion into fashion and lifestyle segments, demand for personalized and adaptive computing experiences, and growth of wearable payments and contactless technology. Major trends in the forecast period include convergence of fashion and technology in design, emphasis on data privacy and security measures, development of multifunctional and modular wearables, integration of artificial intelligence (AI) for predictive analytics, and emergence of wearable tech for mental health and well-being applications.
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Scope Of Wearable Computing Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Wearable Computing Market Overview
Market Drivers –
The growing fitness and health consciousness among people is expected to propel the growth of the wearable computing market going forward. Health and fitness consciousness is a behavior and attitude in which people know how their daily choices affect their overall health. Wearable devices incorporate heart rate sensors that continuously monitor heart rate during exercise and throughout the day. This data helps users gauge the intensity of their workouts, track improvements in cardiovascular fitness, and identify potential health issues. For instance, in December 2023, according to the International Health Racquet, a US-based not-for-profit trade association representing the global fitness industry, found that the number of Americans who were members of a fitness facility in 2022 increased by 3.7% to 68.9 million consumers, a record number for the industry, and overall facility users climbed 8.1% to 82.7 million people. Therefore, growing fitness and health consciousness among people is driving the growth of the wearable computing market.
Market Trends –
Major companies operating in the wearable computing market are focusing on technological advancements such as the RISC-V Snapdragon Wear platform in wearable devices to meet the needs of their existing consumers better. RISC-V Snapdragon Wear is an innovative development of a wearable platform based on the RISC-V instruction set architecture (ISA). RISC-V is an open-source ISA that allows for the creation of custom cores, fostering innovation and competition. For Instance, in October 2023, Qualcomm Technologies, Inc., a US-based designer and manufacturer of wireless communication products, and Google, a US-based technology company, collaboratively launched the RISC-V Snapdragon Wear. The wearables solution built on RISC-V is anticipated to speed up the Wear OS ecosystem’s rapid evolution and help original equipment manufacturers (OEMs) cut down on time to market. The RISC-V architecture is a desirable substitute for Arm’s designs for wearable platforms due to its affordability, effectiveness, and adaptability.
The aerospace support and auxiliary equipment market covered in this report is segmented –
1) By Type: Commercial Radars, Satellites
2) By Ownership: Public, Private
3) By Platform: Airborne, Land, Naval, Space
Subsegments Covered: Continuous Waveform, Pulse Waveform, Large Satellite, Mini Satellite, Micro Satellite, Nano Satellite
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Regional Insights –
North America was the largest region in the wearable computing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the wearable computing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major companies operating in the wearable computing market are Apple Inc., Google LLC, Samsung Electronics Co. Ltd., Microsoft Corporation, Huawei Technologies Co., Sony Corp., LG Electronics Inc., NIKE, Inc., Xiaomi Inc., Medtronic Inc., Adidas AG, Siemens Healthcare, Philips Healthcare, GE Healthcare, Valve Corporation, Boston Scientific Corporation, Motorola Mobility Holdings, Inc., Garmin Ltd., Contour, Ascension Technology Corporation, Casio Computer Company Ltd., Fossil Group, Fitbit, Inc., GoPro, Pebble Technology Corporation, Zephyr Technology Corporation
Table of Contents
1. Executive Summary
2. Wearable Computing Market Report Structure
3. Wearable Computing Market Trends And Strategies
4. Wearable Computing Market – Macro Economic Scenario
5. Global Wearable Computing Market Size and Growth
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32. Global Wearable Computing Market Competitive Benchmarking
33. Global Wearable Computing Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Wearable Computing Market
35. Wearable Computing Market Future Outlook and Potential Analysis
36. Appendix
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