The wearable sensors market is valued at USD 1.6 billion in 2023 and is projected to reach USD 4.2 billion by 2028, growing at a CAGR of 21.1% from 2023 to 2028. Increasing demand for smart devices, the growing importance of fitness and health monitoring devices, and the rising focus on innovation and development across industries such as consumer electronics and healthcare are among the key factors driving the growth of the wearable sensors market. Technical difficulties related to hardware and software may hamper the adoption of wearable sensors and are also one of the major challenges in the market.
The market for pressure & force sensors to significant share during the forecast period.
The pressure & force sensors held the largest share of the wearable sensors market in 2022 and are also expected to hold a significant share during the forecast period. Pressure sensors are used to measure force and determine the nature of an applied force, and force sensors are used to measure forces and torques. Smartwatches and fitness bands are the key application areas of pressure & force sensors.
The market for the wristwear segment is expected to hold the largest share during the forecast period.
The market for wristwear is expected to hold the largest share during the forecast period. The wristwear function is to monitor a customer’s health. The wristwear segment includes various factors for it being the dominant segment, such as health and fitness tracking, convenience and comfort, fashion and style, among others. The Wrist-worn devices are generally comfortable to wear and are less intrusive than some other types of wearable sensors. Smartwatches and fitness trackers can track various metrics such as heart rate, steps taken, and sleep patterns making them highly user-friendly for health-conscious consumers.
The US is expected to have the largest market size in North America during the forecast period.
The presence of some of the leading sensor manufacturers in North America (US) and the growing demand for consumer electronics such as wearable devices and gaming consoles also boost the use of sensors in different end-user industries such as entertainment and healthcare. The US offers an ideal environment for innovation, which has facilitated massive strides in wearable sensor technology. Moreover, factors such as health and fitness monitoring, chronic disease management, sports and performance optimization, consumer electronics, and lifestyle are some of the major driving factors for demand in this region.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry experts in the wearable sensors space.
The break-up of primary participants for the report has been shown below:
- By Company Type: Tier 1 - 52%, Tier 2 - 31%, and Tier 3 - 17%
- By Designation: C-level Executives - 47%, Directors -31%, and Others - 22%
- By Region: North America -36%, Europe - 29%, Asia Pacific- 30%, and RoW - 5%
The report profiles key players in the wearable sensors market with their respective market ranking analysis. Prominent players profiled in this report include STMicroelectronics (Switzerland); Infineon Technologies (Germany); Knowles Electronics (US); NXP Semiconductors (Netherlands); Texas Instruments (US); TE Connectivity (Switzerland); Broadcom (Switzerland); Analog Devices (US); Panasonic (Japan); Asahi Kasei (Japan). Apart from these, Robert Bosch (Germany), InvenSense (California), MCube (California), Sensirion AG (Switzerland), AMS AG (Austria); Arms Holdings (UK); Empatica (US); Hexoskin (Montreal); Neofect (SouthKorea), Enflux (US); Hocoma (Switzerland); Actofit (India); Whoop (US); Motiv (US); Oura Health (Finland) are among a few emerging companies in the wearable sensors market.
Report Coverage
The report defines, describes, and forecasts the wearable sensors market based on type, application, vertical, and region. It provides detailed information regarding drivers, restraints, opportunities, and challenges influencing the growth of the wearable sensors market. It also analyzes competitive developments such as product launches, acquisitions, expansions, contracts, partnerships, and actions carried out by the key players to grow the market.
Reasons to Buy This Report
The report will help the market leaders/new entrants in the market with information on the closest approximations of the revenue for the overall wearable sensors market and the subsegments. The report will help stakeholders understand the competitive landscape and gain more insight to position their business better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market's pulse and provides information on key drivers, restraints, opportunities, and challenges.
The report will provide insights into the following pointers:
- Analysis of key drivers (Increasing trend towards smaller, smarter, and cheaper sensors), restraints (High cost of wearable sensors), opportunities (Increasing number of connected devices), and challenges (Technical difficulties related to hardware and software) of the wearable sensors market.
- Product development /Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the wearable sensors market.
- Market Development: With comprehensive information about lucrative markets, the report analyses the wearable sensors market across various regions.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the wearable sensors market.
- Competitive Assessment: In-depth assessment of market share, growth strategies, and services, offering of leading players like STMicroelectronics (Switzerland); Infineon Technologies (Germany); Knowles Electronics (US); NXP Semiconductors (Netherlands); Texas Instruments (US) among others in wearable sensors market.
Table of Contents
Companies Mentioned
- AMS AG
- Analog Devices, Inc.
- Arm Holdings plc.
- Asahi Kasei Corporation
- Broadcom Limited (Avago)
- Infineon Technologies Ag
- Invensense, Inc.
- Knowles Electronics, LLC.
- Mcube, Inc.
- NXP Semiconductors
- Panasonic Corporation
- Robert Bosch GmbH
- Sensirion Ag
- STMicroelectronics
- TE Connectivity Ltd.
- Texas Instruments Inc.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 247 |
| Published | August 2023 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value ( USD | $ 1.6 Billion |
| Forecasted Market Value ( USD | $ 4.2 Billion |
| Compound Annual Growth Rate | 21.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 16 |
