Wearable Technology Market size is set to grow by USD 62.81 bn from 2023-2027, popularity of wearable devices as a payment method to boost the market growth, Technavio

NEW YORK, May 16, 2024 /PRNewswire/ -- The global wearable technology market size is estimated to grow by USD 62.81 bn from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of over 14.8% during the forecast period. 

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Key Market Trends Fueling Growth

The global wearable technology market is experiencing significant growth due to the advancement of low-power-consumption semiconductor components for mobile applications, digital health technology, and various wearable devices such as fitness trackers, smartwatches, and head-mounted display devices. Innovative features in upgraded products increase usage, necessitating high-performance and energy-efficient electronics, including sensors, processors, and batteries. Vendors are responding by integrating low-power-consumption components, like MEMS sensors, GPS, IMUs, and fitness-tracking wearables, to enhance device performance. This trend is influencing consumerism, particularly in older populations, for health self-efficacy and autonomy, as well as in athletes and IoT-based apparel. However, data security issues and counterfeit products pose challenges to market growth. 

Market Challenges

• The global wearable technology market experiences challenges due to the proliferation of counterfeit devices. These imitations affect various sectors, including fitness bands, smartwatches, AR/VR headsets, and IoT-enabled garments. Manufactured predominantly in APAC, these counterfeits appeal to consumers due to their lower prices. Adventure lovers, sports enthusiasts, and healthcare providers are among the purchasers, unknowingly or knowingly. Key industries such as virtual reality, augmented reality, pharma, telehealth solutions, and consumer electronics are impacted. Counterfeits pose risks to consumers, healthcare providers, and patients, affecting clinical and non-clinical data, real-time health monitoring, and technological literacy. Chronic diseases like cardiovascular disease and obesity, as well as fitness enthusiasts and the younger population, are potential beneficiaries of wearable technologies, but the presence of counterfeits may hinder their purchasing power and trust in the market.

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Segment Overview 

This wearable technology market report extensively covers market segmentation by

1. Product 
• 1.1 Wrist-wear
• 1.2 Eyewear and headwear
• 1.3 Footwear
• 1.4 Neckwear
• 1.5 Others
2. Application 
• 2.1 Consumer electronics
• 2.2 Healthcare
• 2.3 Enterprise and industrial
• 2.4 Entertainment
• 2.5 Others
3. Geography 
• 3.1 North America
• 3.2 APAC
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Wrist-wear- The wearable technology market is segmented into various product categories, catering to diverse consumer needs. Adventure lovers and sports enthusiasts opt for smart hats, Spree Wearables, and fitness bands, which offer real-time health monitoring and IoT-enabled garments. The multimedia industry embraces virtual reality (VR) and augmented reality (AR) headsets for immersive experiences. Consumer electronics encompasses smartwatches, featuring small sensors, electronic displays, and connectivity to mobile phones for quick access to non-clinical data. The pharma and telehealth solutions sector utilizes wearable technologies for disease management, health event tracking, and IoT-connected devices for clinical data collection. Medical practice and surgical training benefit from these technological advancements, enhancing patient care and improving healthcare provider efficiency. The benefits of wearable technologies extend to chronic disease management, such as cardiovascular disease and obesity, targeting the younger population with increased technological literacy and purchasing power.

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Research Analysis

The Wearable Technology Market encompasses a range of electronic devices, including smartwatches, fitness trackers, and IoT-enabled garments. These wearables cater to various consumer segments such as swimmers, cyclists, runners, gym-goers, and patients. Healthcare professionals utilize these devices for health monitoring solutions, ensuring accurate clinical data. The market is driven by consumerism and the desire for health self-efficacy. Wristwear, equipped with MEMS sensors, GPS, IMU, and electronic displays, offers connectivity to mobile phones for real-time data tracking. Counterfeit products pose a challenge to market growth, but advancements in technology continue to push the boundaries of what is possible with wearable technology. Head-mounted displays and fitness bands are also gaining popularity in this space.

Market Research Overview

Wearable technology market refers to the industry that produces and supplies wearable devices, such as smartwatches, fitness trackers, virtual reality headsets, and augmented reality glasses. These devices integrate technology into clothing or accessories, enabling users to monitor their health, communicate, navigate, and access information hands-free. The market is driven by increasing consumer demand for convenience, connectivity, and health tracking. Additionally, advancements in technology, such as miniaturization, wireless connectivity, and artificial intelligence, are fueling innovation and growth in the sector. The market is also influenced by demographic trends, regulatory policies, and economic factors. Overall, wearable technology is transforming various industries, including healthcare, sports, entertainment, and education, by providing new opportunities for innovation and growth.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Wrist-wear
• Eyewear And Headwear
• Footwear
• Neckwear
• Others
• Application
• Consumer Electronics
• Healthcare
• Enterprise And Industrial
• Entertainment
• Others
• Geography
• North America
• APAC
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio