Wearable Technology Market Overview:
Global Wearable Technology Market is projected to experience a significant growth rate at a Compound Annual Growth Rate (CAGR) of 15.1% from 2022 to 2030. This marks a notable increase compared to the previous forecast period of 2018 to 2021, during which the market witnessed growth at a CAGR of 12.8%. Wearable technology encompasses a diverse range of electronic devices intended to be worn on the body by users. These devices come in various forms, including jewellery, accessories, medical equipment, and components integrated into clothing or standalone wearable garments.
The market for wearable technology is growing in popularity because of features including convenience, adaptability, and ease of use. It also offers operational effectiveness, fitness tracking, and real-time data monitoring, all of which contribute to the market expansion.
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Market Growth Factors:
According to technological advancements, a Bluetooth smartwatch with built-in functionality has also been introduced, and connecting it to mobile devices is now a straightforward process. The extremely complex, ultra-portable Bluetooth smartwatches that are drawing attention from consumers and providing instantaneous information are driving the wearable technology market.
The growing adoption of smart wearables among the mainstream consumer base is anticipated, driven by collaborations between digital and fashion industries. Examples like the Levi Commuter x Jacquard Jacket, allowing users to track Uber rides and control their phones with gestures, illustrate this trend. Moreover, businesses are witnessing a surge in specialized wearable tech applications, such as the integration of Nadir smart yoga trousers with smartphone apps. Clothing offers more practicality and coverage compared to smaller accessories like watches and bracelets. Samsung’s initiative to develop a smart shirt capable of identifying early-stage lung diseases and other illnesses underscores the potential for deeper functionality in wearable clothing.
Market Trends:
Wearable technology is shifting its focus towards lifestyle applications rather than targeting business or technology markets. A prime example of this shift is seen in Snapchat’s Spectacles, which are closely integrated with Snapchat’s social sharing and messaging platform. Spectacles enable users to upload images and videos directly to the app from their device and feature entertaining AR technology, which has gained significant popularity.
Although early products like the Apple Watch initially carried premium price tags, there is now a prevailing trend towards designing compact, efficient, and affordable wearables. This has led to the emergence of budget-friendly smartwatches, offering basic functionalities akin to Apple’s high-end offerings. This trend is extending to wearable headwear from companies like Facebook, Google, and potentially Apple. Additionally, the rapid development of apps and data services is expected to expand the user base for these wearables.
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Market Segmentation:
By Product Type
- Wrist-Wear
- Eye-Wear & Head-Wear
- Foot-Wear
- Neck-Wear
- Body-Wear
- Others
By Application Type
- Consumer Electronics
- Healthcare
- Enterprise & Industrial Application
- Others
Market Regional Analysis:
According to the research, during the anticipated period, the US would be a major driver of market expansion. Technological developments in the food industry in the region are anticipated to be especially helpful to this expansion. Over the course of the projected period, Europe is expected to grow at a robust rate. Similar to this, the market is anticipated to rise significantly in the Asia Pacific area.
Leading Companies Involved in this Industry:
- Alphabet Inc.
- Xiaomi Corporation
- Samsung Electronics Co. Ltd.
- Garmin Ltd.
- Apple Inc.
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