The wearable technology market is projected to grow from USD 70.30 billion in 2024 and is projected to reach USD 152.82 billion by 2029; it is expected to grow at a CAGR of 16.8% from 2024 to 2029 due to the growing consumer preference for sleek and compact devices in fitness and healthcare applications.
The smartwatch comes equipped with various high-level sensors which are capable of measuring health parameters such as heartbeat rate, calories burned, distance travelled, and steps taken. All such data is captured by the application developed by the respective company. Thus, with the help of smartwatches, people can keep track of their overall health to monitor their fitness. Samsung Group (South Korea), Fitbit, Inc. (US), LG (South Korea), Sony Corporation (Japan), and Apple Inc. (US) are the major players in the smartwatch market.
The key characteristics of on-device Al are the fast processing of data, local data handling to ensure privacy, it can function even if a wearable is offline, and it results in low latency, which causes faster response rates and provides a better user experience. Further, Al chipsets improve the on-device Al functions in wearable technology by ensuring machine learning and neural network processing for quick insights into data. Moreover, edge computing technology allows wearable devices to execute Al operations at the device end with lesser latency and reduced dependency on the server.
In-depth interviews have been conducted with chief executive officers (CEOs), Directors, and other executives from various key organizations operating in the wearable technology marketplace. The break-up of the profile of primary participants in the Wearable technology market:
The study includes an in-depth competitive analysis of these key players in the wearable technology market, with their company profiles, recent developments, and key market strategies.
Reasons to buy this report The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall wearable technology market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
Growing need of smartwatches in healthcare and fitness sector to boost the market growth of wristwear segment
The wristwear segment market was valued at USD 26,96 billion in 2023 and is estimated to reach USD 70.14 billion by 2029, registering a CAGR of 17.1% during the forecast period. The smartwatch is a wearable technology device that is very similar to a wristwatch or any other time-keeping device. This enables the wearer to answer phone calls received on their mobile phones, read email and text messages, get a weather report, listen to music, dictate email or text messages, or ask a digital assistant a question. Currently, smartwatches are majorly used in fitness applications. Companies such as Apple Inc. (US) and Fitbit Inc. (US) launched application platforms for their smartwatch users.The smartwatch comes equipped with various high-level sensors which are capable of measuring health parameters such as heartbeat rate, calories burned, distance travelled, and steps taken. All such data is captured by the application developed by the respective company. Thus, with the help of smartwatches, people can keep track of their overall health to monitor their fitness. Samsung Group (South Korea), Fitbit, Inc. (US), LG (South Korea), Sony Corporation (Japan), and Apple Inc. (US) are the major players in the smartwatch market.
Market for on-device AI in operation segment is projected to hold for largest share during the forecast timeline.
Artificial intelligence algorithms and processing are directly integrated into wearable devices in on-device Al. This leads to real-time data analysis, personal experience, and functionality improvements that are not reliant on cloud computing or other external server operations. Using specialized hardware components and advanced algorithms, on-device Al interprets and analyses user data locally; thus, everything functions fast with no latency within daily routines for users.The key characteristics of on-device Al are the fast processing of data, local data handling to ensure privacy, it can function even if a wearable is offline, and it results in low latency, which causes faster response rates and provides a better user experience. Further, Al chipsets improve the on-device Al functions in wearable technology by ensuring machine learning and neural network processing for quick insights into data. Moreover, edge computing technology allows wearable devices to execute Al operations at the device end with lesser latency and reduced dependency on the server.
Market for non-textile wearables type holds for largest market share during the forecast period.
Non-textile wearables are a type of electronic device and are designed to be worn on the body, but are not integrated into fabric or textiles. Devices such as smartwatches, fitness trackers, smart glasses, and hearing aids offer various functionalities, including health monitoring, communication, and connectivity. These wearables are made from plastics, metal or silicon. These contain technologies like processors, sensors and wireless communication modules. Enhancing the user experience through data collection and relying on textile integration are the main purposes of these non-textile wearables. Factors like these will boost the non-textile wearable market in the wearable technology market.North America is expected to have the highest market share during the forecast period.
The North America is a major hub for technological innovations and an early adopter of new technologies. Factors such as the presence of major companies in the region, the increasing demand for wearable devices (fitness bands and activity trackers), and the growing popularity of devices based on AR and VR technologies are driving the growth of the market in this region. Some of the major companies operating in the wearable technology market in North America are Apple Inc. (US), Garmin Ltd. (US), Google Inc. (US), and Microsoft (US).In-depth interviews have been conducted with chief executive officers (CEOs), Directors, and other executives from various key organizations operating in the wearable technology marketplace. The break-up of the profile of primary participants in the Wearable technology market:
- By Company Type: Tier 1 - 38%, Tier 2 - 28%, and Tier 3 - 34%
- By Designation: C Level - 40%, Director Level - 30%, Others - 30%
- By Region: North America - 35%, Europe - 35%, Asia Pacific - 20%, ROW - 10%
The study includes an in-depth competitive analysis of these key players in the wearable technology market, with their company profiles, recent developments, and key market strategies.
Research Coverage
his research report categorizes the wearable technology market by product (wristwear, head mounted display, smart clothing, exoskeletons, eyewear, smart rings, smart helmets, smart jewelry, wearable camera, earwear, others), by component (power supply components, positioning and, networking components, sensing components, control components, display & optoelectronic components, memory components, interface components, and sensors), by type (wearable smart textile, wearable products & device), by operation (on-device AI, cloud-based AI), by distribution channel (offline, online), by application (consumer electronics, healthcare, industrial, logistics, sports & fitness, others), by use case (gaming, fashion, education, industrial) and by region (North America, Europe, Asia Pacific, and RoW). The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the wearable technology market. A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions, and services; key strategies; Contracts, partnerships, agreements. New product & service launches, mergers and acquisitions, and recent developments associated with the wearable technology market. Competitive analysis of upcoming startups in the wearable technology market ecosystem is covered in this report.Reasons to buy this report The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall wearable technology market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
Key benefits of buying the report:
- Analysis of key drivers (Increasing growth prospects of next-generation displays in wearable devices; Growing consumer preference for sleek and compact devices in fitness and healthcare applications; Rising popularity of IoT and connected devices ; Augmented reality integration in wearables enhances immersive, context-aware experiences; Hands-free banking and payments enhance convenience and security for customers), restraints (Limited battery life; Security vulnerabilities in wearable-to-network connections pose data protection challenges), opportunities (Demand for wearables that integrate all computing requirements in one compact device; Adoption of wearables in multiple applications; Data-driven performance optimization in sports through real-time monitoring of athlete metrics; Growing integration of AR/VR and affordable designs is providing opportunities for wearable technology market growth) and challenges (Demand for continuous developments in devices; Unaddressed regulatory issues and vulnerability of healthcare information; Achieving long-term, sustainable customer engagement) influencing the growth of the wearable technology market.
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the Wearable technology market.
- Market Development: Comprehensive information about lucrative markets - the report analysis the Wearable technology market across varied regions
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the wearable technology market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading Apple Inc. (US), SAMSUMG (South Korea), Xiaomi (China), Garmin Ltd. (US), Huawei Technologies Co., Ltd. (China), Imagine Marketing Limited (India), Sony Corporation (Japan), LG Electronics (South Korea), Alphabet Inc. (US), Microsoft (US), Lenovo (Hong Kong), Meta (US), Amazon.com, Inc (US), and OPPO (China) among others in the wearable technology market.
Table of Contents
1 Introduction
2 Research Methodology
4 Premium Insights
5 Market Overview
6 Types of Wearable Technology
7 Connectivity Solutions for Wearables
8 Verticals Using Wearable Technology
9 Distribution Channels of Wearables
10 Wearable Technology Components
11 Wearable Technology Market, by Product
12 Wearable Technology Market, by Type
13 Wearable Technology Market, by Operation
14 Wearable Technology Market, by Application
15 Wearable Technology Market, by Region
16 Competitive Landscape
17 Company Profiles
18 Appendix
List of Tables
List of Figures
Companies Mentioned
- Apple Inc.
- Samsung
- Xiaomi
- Huawei Technologies Co. Ltd.
- Imagine Marketing Limited
- Garmin Ltd.
- Sony Corporation
- Lg Electronics
- Alphabet Inc.
- Microsoft
- Lenovo
- Meta
- Amazon.com, Inc.
- Oppo
- Vuzix
- Motorola Mobility LLC
- Intellitix
- Innominds Software India Private Limited
- Comau
- Hyundai Motor Company
- Cyberdyne Inc.
- Ekso Bionics
- Mclear Ltd.
- Jakcom Technology Co. Ltd.
- Token
- Infineon Technologies AG
- Qualcomm Technologies, Inc.
- Adidas AG.
- Fossil Group, Inc.
- Lifesense Group B.V.
- Dynabook Americas, Inc.
- Optinvent
- Seiko Epson Corporation
- Humane Inc.
- Whoop
- Motiv Inc.
- Bragi
- Magic Leap, Inc.
- Clim8 Sas
- Proglove
- Biobeat
- Moov Inc.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 316 |
| Published | October 2024 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value ( USD | $ 70.3 Billion |
| Forecasted Market Value ( USD | $ 152.82 Billion |
| Compound Annual Growth Rate | 16.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 42 |
