Wearable Technology Market Forecast, 2020-2031

Wearable Technology Market Statistics 2031

The global wearable technology market size was valued at US$ 54841.40 million in 2020 and is projected to reach US$ 184403.60 million by 2031 growing at a CAGR of 12.8% from 2022 to 2031. Key drivers of the wearable technology market include ease of use, convenience, and flexibility to consumers in terms of operational efficiency and data monitoring.

The continuous technological advancements and R&D initiatives by key players for making the smartwatches multifunctional will drive the demand for the wearable technology market during the review period.

The growing awareness of smart wearables and largescale adoption in various end-user industry verticals will surge the growth of the market in the coming years.

However, limited battery life, privacy issues, and malfunctioning will hamper the growth prospects of the market during the forecast period.

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Wearable Technology Market Trends
Benefits of wearables

Smartwatches have come a long way. The wearables industry is going through a rapid transition due to a plethora of features provided to customers. This leads to better operational efficiency. There has been a significant rise in chronic diseases such as diabetes, and obesity. Hence consumers want daily monitoring for better care and prevention of any fatal incidents. Watches come with pedometers, step counters, and heartbeat monitoring which provides flexibility. In addition to it, one can even make calls, listen to music, read notifications and locate phones or keys. Fall detection is enabled with an immediate alert system which is useful for older people. Such features will increase adoption thereby driving the growth of the wearable technology market during the review period.

Technical innovations

The ongoing advancements and rapid R&D efforts by key players will pave the way for the expansion of the wearable technology market. Hearables, smart clothing, watches, glasses, etc are commercializing rapidly. First-person imaging, turn-wise direction, facial recognition tools, and health sensors are heating up the industry. There is a shift from consumer wearable devices to enterprise necessities for enhanced data computation. All these factors are still nascent but provide infinite possibilities for the market moving forward.

Widescale penetration

The industries likely to benefit from smart wearables include defense, fitness and sports, healthcare, consumer usage, lifestyle, enterprise, and entertainment. However, fitness and sports will take precedence. Apart from the usual tracking ability watches help athletes in performance analysis, injury mitigation, and improving physical capability. This caters to an average person too. Everything from self-care, hygiene, nutritional requirements, exercise, and daily schedule can be monitored constantly through smart wearables. This in turn will drive the growth of the wearable technology market in the subsequent years.

Battery issues and maintenance problems

Wearables suffer from issues ranging from Poor data quality and accuracy to limited battery lifespan. There are technical connectivity problems, security threats, and excess data exposure that may make patients hypochondriac as they may be filled with errors. These factors will restrain the growth of the wearable technology market during the forecasted period.

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Key Segments
Device
Fitness
Smart Watches
Smart Glasses
Smart Clothing
Others

By Product type
Wrist Wear
Eyewear
Hearables
Neckwear
Bodywear
Others

By Application
Lifestyle
Consumer Applications
Entertainment
Healthcare
Fitness And Sports
Defense
Enterprise

By Region
North America
U.S.
Canada
Mexico
Europe
U.K.
Germany
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Asean
Australia
Rest of Asia-Pacific
LAMEA
Brazil
South Africa,
Saudi Arabia
Turkey
Rest of LAMEA

Key Players
Garmin Ltd.
Adidas AG.
Nike Inc.
Samsung Electronics Co., Ltd.
Sony Corporation
Huawei Technologies Co., Ltd.
LG Electronics Inc.
Motorola Solutions Inc
Apple Inc.
Fitbit, Inc.

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