Wearable Technology Market to Grow by USD 87.3 Billion from 2024-2028, Driven by Payment Wearables and AI Impacting Market Trends - Technavio Report

NEW YORK, Sept. 9, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape- The global wearable technology market size is estimated to grow by USD 87.3 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 17.28%  during the forecast period. Popularity of wearable devices as a payment method is driving market growth, with a trend towards development of low-power electronics. However, rising penetration of counterfeit products  poses a challenge. Key market players include Alphabet Inc., Apple Inc., ASUSTeK Computer Inc., BAE Systems Plc, CINOPTICS, Citizen Watch Co. Ltd., Elbit Systems Ltd., Fossil Group Inc., Garmin Ltd., Huawei Technologies Co. Ltd., Kopin Corp., Lenovo Group Ltd., LG Electronics Inc., Magic Leap Inc., Polar Electro Oy, Samsung Electronics Co. Ltd., Sony Group Corp., Tex Ray Industrial Co. Ltd., Vuzix Corp., and Xiaomi Communications Co. Ltd..

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Market Driver

The global wearable technology market is experiencing significant growth due to the increasing demand for advanced wearable devices, such as smartwatches, smart bands, smart rings, and Head-Mounted Displays (HMDs). To meet the requirements of these devices, there is a growing focus on developing high-performance and low-power-consumption electronic components. Chip manufacturers are responding to this trend by creating new processor architectures with large, small, and tiny cores, optimizing battery life and enhancing device reliability. The adoption of these low-power components, including sensors, processors, and batteries, is enabling vendors to introduce innovative features and improve the performance of their wearable electronics. As a result, the market for wearable technology is expected to expand during the forecast period. 

The wearable technology market is experiencing significant growth, driven by trends in mobile applications, digital health technology, and technological innovatness. Fitness-tracking wearables, such as wristbands, smartwatches, and ear-wearables, are popular among consumers seeking health self-efficacy and autonomy. MEMS sensors, GPS, and IMU are key components, enabling features like fall detection and gesture controls. Older populations benefit from wearables, especially those with fall detection and medical professionals use head-mounted displays for digital projections. Data security is a concern, but advancements in this area are ongoing. Wearable healthcare devices include swimmers, cyclists, runners, gym-goers, smart clothing, and IoT-based apparel. Gaming console producers and tablet manufacturers are entering the market, expanding the range of applications. Counterfeit products are a challenge, but efforts are being made to ensure authenticity. Overall, the market is diverse, catering to various user groups, including athletes and professionals. 

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• The global wearable technology market faces a significant challenge from the proliferation of counterfeit devices. Counterfeits of popular products from major vendors, including Apple, Samsung, and Xiaomi, are prevalent in the market, particularly in APAC. Smartwatches and smart bands are the most frequently counterfeited items due to their appeal to local consumers. Consumers, knowingly or unknowingly, purchase these cheaper alternatives, impacting original device sales and market revenue. The distribution of counterfeit products extends to various channels, including retail stores, online platforms, and social media. These devices, priced significantly lower than originals, pose a threat to consumer privacy and security, as they may not adhere to the same security standards. The growth of the counterfeit market erodes the sales, reliability, and brand value of original products, potentially hindering the expansion of the global wearable technology market.
• Wearable technology market is witnessing significant growth, driven by the demand from adventure lovers and sports enthusiasts for Virtual Reality and Augmented Reality devices. The multimedia industry is also embracing smart hats and Spree Wearables for great experiences. In the consumer electronics segment, fitness bands and AR/VR headsets lead the way, with Pharma and Telehealth solutions exploring wearables for disease management and real-time health monitoring. IoT-enabled garments and electronic devices with small sensors and electronic displays are revolutionizing healthcare, benefiting patients and healthcare providers. The younger population's purchasing power and technological literacy fuel the market's expansion. Chronic diseases like cardiovascular disease and obesity present significant opportunities. Fitness enthusiasts and consumers seek benefits beyond health monitoring, including connectivity with mobile phones and payment services. The challenges include ensuring technological literacy, integrating clinical and non-clinical data, and addressing privacy concerns.

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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-  Wrist-wear, including smartwatches and smart bands, offer various functionalities for consumers. Smartwatches, such as Apple Watch, Samsung Galaxy Watch, and Fitbit Versa, provide features like making calls, messaging, health monitoring, and quick access to smartphone apps. OEMs like Xiaomi's Poco have entered the market with less complex operating systems and competitive prices, targeting millions of potential customers. Partnerships and collaborations enable vendors to upgrade products with innovative features and expand market presence. For instance, the Poco Watch offers heart rate and SpO2 monitoring, a 225mAh battery, and a 5 ATM water resistance rating. Smart bands, like Fitbit Charge 4 and Garmin Vivosmart 4, monitor fitness, heart rate, sleep statistics, and calorie control. The growing awareness of health and fitness drives the demand for these devices, making it easier for consumers to lead active lifestyles. The market for wearable technology is expected to grow significantly due to the increasing applications of smartwatches and smart bands.

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Wearable technology is revolutionizing the way we monitor and improve our health and fitness. From smartwatches and fitness trackers for runners, cyclists, and gym-goers, to swimmers' devices and IoT-based apparel for healthcare professionals and patients, these electronic devices are transforming consumer behavior. Health monitoring solutions, including MEMS sensors, GPS, IMU, and heart rate monitors, are becoming increasingly popular among consumers seeking to enhance their health self-efficacy. Wristwear, such as fitness bands and smartwatches, with electronic displays and connectivity to mobile phones, enable real-time data tracking and analysis. However, the market also faces challenges, including counterfeit products and concerns around data privacy and security. The future of wearable technology lies in the integration of healthcare data and IoT-enabled garments, offering personalized and comprehensive health and fitness solutions.

Wearable technology is revolutionizing the way we monitor and manage our health, with various types of devices catering to different consumer groups. Smartwatches, fitness bands, and IoT-based apparel are popular among athletes, adventure lovers, and fitness enthusiasts, providing real-time health monitoring, connectivity to mobile phones, and fitness tracking. Wristwear, eyewear, and headwear, including smart hats and AR/VR headsets, offer multimedia experiences and virtual reality. Healthcare providers and patients benefit from wearable healthcare devices, such as medical monitoring solutions and telehealth services, which enable remote patient monitoring and disease management. The consumer electronics segment is driving the growth of wearable technologies, with benefits extending to older populations, fall detection, and gesture controls. However, concerns around data security and counterfeit products pose challenges to the industry's growth. The younger population, with increasing purchasing power and technological literacy, is expected to fuel the demand for wearable technologies in the future. Small sensors, MEMS sensors, GPS, IMU, and digital health technology are key components of these devices, transforming the way we approach healthcare and fitness.

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

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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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