Press release
Smart Wearables Market Landscape to 2034: Key Forces Shaping the Next Decade of Growth
Smart Wearables
How Large Will the Smart Wearables Market Size By 2025?
Quick acceleration in the size of the smart wearables market has been observed in the last few years. The market is projected to escalate from an amount of $26.36 billion in 2024 to $29.35 billion in 2025, showcasing a compound annual growth rate (CAGR) of 11.3%. Factors contributing to this growth in the past include the robust economic expansion in developing markets, improved accessibility to the internet, rising millennial demography, enhanced internet penetration, and more widespread acceptance of smart technologies.
How Big Is the Smart Wearables Market Size Expected to Grow by 2029?
The market for smart wearables is predicted to experience robust expansion in the upcoming years, reaching a valuation of $38.85 billion in 2029 with a CAGR of 7.3%. This anticipated growth during the forecast period is attributed to the rising acceptance of 5g networks, the expansion of smart cities, and the proliferation of internet of things (IoT). Some key trends expected during this period include investing in AI solutions for better, more accessible services, leveraging 5G services to boost sales, enhance operational efficiency, increase client satisfaction and deliver improved customer service, implementing beacon technology for improved data analysis, focusing on the smart clothing and footwear segment as well as smart rings, and procuring smaller tech companies that deliver specific services to augment their market share.
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Which Key Market Drivers Powering Smart Wearables Market Expansion and Growth?
The smart wearables market is expected to gain momentum due to the increasing need for wireless sports and fitness gadgets. Smart devices like smartwatches are becoming increasingly popular among cyclists, runners, gym enthusiasts, swimmers, and athletes, serving as a tool to keep track of burnt calories, hourly activities, idle time, and active time. For example, the Australasian Society of Lifestyle Medicine, a non-profit organization based in Australia, reported that around 500 million smartwatches had been distributed worldwide as of June 2022. It is forecasted that the yearly sales will surpass 250 million units by 2025. As a result, the smart wearables market is predicted to thrive because of the growing demand for smart, wireless fitness devices.
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Which Emerging Trends Are Transforming the Smart Wearables Market in 2025?
The expansion of the smart wearables market is significantly influenced by the increasing adoption of smart rings. These are wearable electronic devices fitted with features such as sensors and NFC chips, serving as supplementary tools for mobile devices, aiding in numerous functions, predominantly the monitoring of daily chores. For instance, Gucci x Oura, a fitness tracker business based in Finland, introduced a smart ring costing $950 in May 2022. The device, crafted from black PVD-coated titanium, offers a highly personalized and interactive experience, promoting self-discovery, and features the designer's logo in 18-karat yellow gold stretched along the exterior of the band.
What Are the Emerging Segments in the Smart Wearables Market?
The smart wearables market covered in this report is segmented -
1) By Device Type: Smart Watches, Smart Glasses, Fitness & Wellness Devices, Smart Clothing, Others
2) By Technology: Memory And Storage Technology, Speech And Pattern Recognition Technology, Communication And Networking Technology, Computing Technology, Sensing Technology, Display Technology
3) By Application: Healthcare, Consumer Smart Wearables, Defense, Fitness And Sports, And Enterprise And Industrial Applications
Subsegments:
1) By Smart Watches: Fitness-Focused Smartwatches, Smartwatches With Health Monitoring Features, Gps-Enabled Smartwatches For Navigation And Activity Tracking
2) By Smart Glasses: Augmented Reality (Ar) Smart Glasses, Virtual Reality (Vr) Headsets, Smart Glasses With Integrated Cameras And Display Functionalities
3) By Fitness And Wellness Devices: Fitness Trackers, Health Monitoring Devices, Sleep Trackers And Stress Management Devices
4) By Smart Clothing: Smart Shirts And Fitness Apparel With Embedded Sensors, Smart Shoes With Activity Tracking Capabilities, Wearable Technology For Medical Monitoring
5) By Others: Smart Rings And Wearables For Specific Health Monitoring, Wearable Patches And Biosensors, Hearing Aids And Other Specialized Smart Devices
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Who Are the Global Leaders in the Smart Wearables Market?
Major companies operating in the smart wearables market include Apple, Fitbit Inc, Garmin Ltd., Xiaomi, Samsung Electronics Co., Huawei Technologies Co. Ltd., Fossil Group Inc., Qualcomm Inc., Sony Corporation, LG Electronics, Titan, BioTelemetry, Inc, Lifesense, Sotera Wireless, Adidas, Microsoft, Nike, Ava, GymWatch, KardiaMobile, Motiv, My Skin Track UV, Owlet, TempTraq, Withings, InteraXon, Carré Technologies, PUSH
Which are the Top Profitable Regional Markets for the Smart Wearables Industry?
Asia-Pacific was the largest region in the smart wearables market in 2024. North America was the second-largest region in the global smart wearables market analysis. The regions covered in the smart wearables market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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