The Global Wearable Sensors Market size is expected to reach $6.5 billion by 2030, rising at a market growth of 21.9% CAGR during the forecast period. In the year 2022, the market attained a volume of 369.2 million Units, experiencing a growth of 16.4% (2019-2022).
Several factors are driving this business ahead, including the rising demand for smart, connected medical devices, increased public awareness of the advantages of wearable medical sensors, and developments in medical sensor technology. Consequently, the Medical- Based Sensors & Others segment is exhibiting $88.5 million revenue in the market in 2022. As a result of enabling continuous patient monitoring, improved care outcomes, and reduced medical expenses, these sensors are quickly becoming a crucial part of healthcare delivery systems. The aging of the population, an increase in chronic diseases, and the growing use of home healthcare are all contributing to this segment's expansion. Some of the factors impacting the market are growing demand for fitness & health monitoring devices, growing popularity of wearable gaming, and issues related to data privacy and security.
The market for wearable computing is experiencing revenue growth due to the growing demand for fitness and health monitoring gadgets. In recent years, there has been an obvious shift toward emphasizing individual health and well-being, which has prompted people to look for cutting-edge technologies to track and enhance their fitness and general well-being. Fitness trackers, smartwatches, and various other wearable devices are now the most widely used alternatives for addressing these needs. Additionally, the gaming sector is one of the industries with the fastest rate of change on a global scale. In line with recent technical advancements, this market continues to flourish. The development of wearable gaming technology has been one of the key factors in the gaming industry's growth to new heights. Customers can have the best gaming experience because of technology's capacity to actively participate in digital games. The immersive experience provided by virtual and augmented reality is the primary factor driving the development of wearable gaming technology. As a result, the market is anticipated to expand significantly in light of the growing popularity of wearable gaming.
However, Wearables commonly gather information on a person’s health and behaviour, which raises concerns regarding security and privacy. If consumers are uncertain about the security of their private information, they can be hesitant to adopt wearable technology. Sensitive personal data may be compromised if hackers or unauthorized users access wearable technology or the apps that go with it. Devices may be vulnerable to these attacks if their authentication processes are weak, or their encryption is inadequate. Some wearables include location tracking, which raises concerns about personal privacy, particularly if this data is obtained or used inappropriately. This would eventually decline the adoption of wearables, thereby hindering the growth of market.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include STMicroelectronics N.V., NXP Semiconductors N.V., Texas Instruments, Inc., TE Connectivity Ltd., Analog Devices, Inc., Broadcom, Inc., Asahi Kasei Corporation, Infineon Technologies AG, Panasonic Holdings Corporation, Knowles Electronics, LLC (Dover Corporation).
Several factors are driving this business ahead, including the rising demand for smart, connected medical devices, increased public awareness of the advantages of wearable medical sensors, and developments in medical sensor technology. Consequently, the Medical- Based Sensors & Others segment is exhibiting $88.5 million revenue in the market in 2022. As a result of enabling continuous patient monitoring, improved care outcomes, and reduced medical expenses, these sensors are quickly becoming a crucial part of healthcare delivery systems. The aging of the population, an increase in chronic diseases, and the growing use of home healthcare are all contributing to this segment's expansion. Some of the factors impacting the market are growing demand for fitness & health monitoring devices, growing popularity of wearable gaming, and issues related to data privacy and security.
The market for wearable computing is experiencing revenue growth due to the growing demand for fitness and health monitoring gadgets. In recent years, there has been an obvious shift toward emphasizing individual health and well-being, which has prompted people to look for cutting-edge technologies to track and enhance their fitness and general well-being. Fitness trackers, smartwatches, and various other wearable devices are now the most widely used alternatives for addressing these needs. Additionally, the gaming sector is one of the industries with the fastest rate of change on a global scale. In line with recent technical advancements, this market continues to flourish. The development of wearable gaming technology has been one of the key factors in the gaming industry's growth to new heights. Customers can have the best gaming experience because of technology's capacity to actively participate in digital games. The immersive experience provided by virtual and augmented reality is the primary factor driving the development of wearable gaming technology. As a result, the market is anticipated to expand significantly in light of the growing popularity of wearable gaming.
However, Wearables commonly gather information on a person’s health and behaviour, which raises concerns regarding security and privacy. If consumers are uncertain about the security of their private information, they can be hesitant to adopt wearable technology. Sensitive personal data may be compromised if hackers or unauthorized users access wearable technology or the apps that go with it. Devices may be vulnerable to these attacks if their authentication processes are weak, or their encryption is inadequate. Some wearables include location tracking, which raises concerns about personal privacy, particularly if this data is obtained or used inappropriately. This would eventually decline the adoption of wearables, thereby hindering the growth of market.
Vertical Outlook
Based on vertical, the market is classified into consumer, healthcare, industrial, and others. In 2022, the consumer segment dominated the market by generating the maximum revenue share. The demand for devices with embedded sensors rises as consumers become more aware of the benefits of remote health and wellness monitoring. The number of wearables available, the development of sensors as a technology, and the capability of vendors to offer distinctive goods are just a few of the many variables that affect demand. Shipments of wearables have recently been mostly driven by the desire for wellness, fitness, and lifestyle tracking devices. Wrist-worn sensors, virtual reality headsets, and smart clothes are all in high demand, and vendors are working hard to stay ahead of the curve and offer customers the best products.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
Type Outlook
Based on Type, the market is segmented into accelerometers, magnetometers, gyroscopes, inertial sensors, motion sensors, pressure & force sensors, temperature & humidity sensors, microphones & micro speakers, medical- based sensors & others, and image sensors & touch sensors. In 2022, the magnetometers segment acquired a substantial revenue share in the market. Magnetometers are instruments used to assess the direction and strength of magnetic fields. Compact in size, magnetometers are enclosed by tiny electronic chips that assist in detecting the magnetic field and determining the relative orientation of the instrument. These gadgets have a sensor that detects the strength of the magnetic field.
Application Outlook
On the basis of application, the market is categorized into wristwear, eyewear, footwear, neckwear, bodywear, and others. The wristwear segment witnessed the largest revenue share in the market in 2022. The wristwear's purpose is to keep track of a customer's health. The advantage of this device is that it may be used to monitor a person's health at home or at work. Most wristwear is worn for health, fashion, and lifestyle reasons. Smart and stylish accessories include wearable electronics like smartwatches and smart bands. They may connect to mobile devices via several apps to display data on the devices.Regional Outlook
Region wise, the market is analysed across North America, Europe, Asia Pacific and LAMEA. In 2022, the North America region led the market by generating the highest revenue share. This is due to constant advances in technology and the existence of some of the top sensor manufacturers in North America. In addition, rising consumer electronics demand for items like wearable technology and gaming consoles is encouraging the use of sensors in a variety of end-user industries, including entertainment and healthcare.The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include STMicroelectronics N.V., NXP Semiconductors N.V., Texas Instruments, Inc., TE Connectivity Ltd., Analog Devices, Inc., Broadcom, Inc., Asahi Kasei Corporation, Infineon Technologies AG, Panasonic Holdings Corporation, Knowles Electronics, LLC (Dover Corporation).
Strategies Deployed in the Market
- Apr-2023: Knowles Corporation revealed V2S200D, the first-of-its-kind Digital Voice Vibration Sensor. V2S200D offers a high bandwidth, low-power specialized vibration sensor that improves voice call quality by picking up the speaker’s voice and rejecting ambient sounds in noisy environments.
- Jan-2023: Texas Instruments teamed up with TDK Corporation, a world leader in electronic solutions. With this collaboration, both companies aimed to bring more technologies to industries by providing powerful sensing and real-time communication.
- Jan-2023: Asahi Kasei Microdevices Corporation unveiled AK09940A, a 3-axis magnetic sensor with ultra-low noise and ultra-low power consumption performance. The new AK09940A sensor can measure minute magnetic field fluctuations, magnetic field leakage, and magnetic field distortion precisely. Moreover, the ultra-low power consumption of this sensor is very useful for 3-axis magnetic measurement in wearable devices and IoT devices.
- Aug-2021: Analog Devices (ADI) took over Maxim Integrated, a US-based designer of mixed-signal and analog semiconductor products. The addition of Maxim puts ADI in a better position to design and develop comprehensive, state-of-the-art solutions for its clients. Further, the acquisition aims at working together to develop a better, safer, and more sustainable future.
- July-2021: Texas Instruments joined hands with B-Secur, a software solution provider. By combining B-Secur’s algorithms with its innovative technologies, the company aimed to make clinical-quality monitoring more accessible to a wider population by helping wearables manufacturers design solutions.
- Nov-2020: STMicroelectronics collaborated with Qualcomm Technologies, an American multinational corporation. In this collaboration, STMicroelectronics strengthened its leadership in sensor technologies by making innovative software solutions utilizing the technology from Qualcomm Technologies via the Qualcomm Platform Solutions Ecosystem program.
- Sep-2020: Infineon Technologies extended its partnership with Elliptic Labs, a global AI software company and virtual smart sensor leader. This expansion aims to provide support for Infineon’s mmWave Radar sensor to Elliptic Labs’ Virtual Smart Sensor Hub. The partnership also delivers the latest capabilities like breathing and heartbeat detection, along with Elliptic Labs’ existing established position and gesture detection offerings.
- Jan-2020: STMicroelectronics announced a partnership with Fieldscale, an ST Authorized Partner and provider of simulation software. The partnership was focused on simplifying the development of touch-enabled user interfaces for smart devices containing ST’s STM32 microcontrollers (MCUs).
Scope of the Study
Market Segments Covered in the Report:
By Vertical(Volume, Million Units, USD Million, 2019-2030)
- Consumer
- Healthcare
- Industrial
- Others
By Type(Volume, Million Units, USD Million, 2019-2030)
- Accelerometers
- Magnetometers
- Gyroscopes
- Pressure & Force Sensors
- Inertial Sensors
- Temperature & Humidity Sensors
- Motion Sensors
- Image Sensors & Touch Sensors
- Microphones & Micro Speakers
- Medical- Based Sensors & Others
By Application(Volume, Million Units, USD Million, 2019-2030)
- Wrist Wear
- Footwear
- Bodywear
- Eyewear
- Neckwear & Others
By Geography(Volume, Million Units, USD Million, 2019-2030)
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- STMicroelectronics N.V.
- NXP Semiconductors N.V.
- Texas Instruments, Inc.
- TE Connectivity Ltd.
- Analog Devices, Inc.
- Broadcom, Inc.
- Asahi Kasei Corporation
- Infineon Technologies AG
- Panasonic Holdings Corporation
- Knowles Electronics, LLC (Dover Corporation)
Unique Offerings
- Exhaustive coverage
- The highest number of Market tables and figures
- Subscription-based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market At a Glance
Chapter 3. Market Overview
Chapter 4. Competition Analysis - Global
Chapter 5. Global Wearable Sensors Market by Vertical
Chapter 6. Global Wearable Sensors Market by Type
Chapter 7. Global Wearable Sensors Market by Application
Chapter 8. Global Wearable Sensors Market by Region
Chapter 9. Company Profiles
Companies Mentioned
- STMicroelectronics N.V.
- NXP Semiconductors N.V.
- Texas Instruments, Inc.
- TE Connectivity Ltd.
- Analog Devices, Inc.
- Broadcom, Inc.
- Asahi Kasei Corporation
- Infineon Technologies AG
- Panasonic Holdings Corporation
- Knowles Electronics, LLC (Dover Corporation)
Methodology
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