Wearable Computing Global Market Report 2024

The wearable computing market size has grown exponentially in recent years. It will grow from $66.93 billion in 2023 to $80.68 billion in 2024 at a compound annual growth rate (CAGR) of 20.5%. The growth observed in the historic period in wearable computing can be attributed to advancements in microelectronics technology, a rising awareness of health among consumers, the popularity of fitness tracking and wellness trends, enhancements in battery life and energy efficiency, and the increased adoption of smartphones as companion devices.

The wearable computing market size is expected to see exponential growth in the next few years. It will grow to $167.07 billion in 2028 at a compound annual growth rate (CAGR) of 20%. The anticipated growth in the forecast period for wearable computing can be attributed to the integration with the Internet of Things (IoT) ecosystem, the rise of remote healthcare monitoring, expansion into fashion and lifestyle segments, the demand for personalized and adaptive computing experiences, and the growth of wearable payments and contactless technology. Major trends expected in the forecast period include the convergence of fashion and technology in design, an emphasis on data privacy and security measures, the development of multifunctional and modular wearables, integration of artificial intelligence (AI) for predictive analytics, and the emergence of wearable tech for mental health and well-being applications.

The increasing awareness and prioritization of fitness and health among consumers are poised to drive the growth of the wearable computing market. Health-conscious behavior involves individuals understanding the impact of their daily choices on overall well-being. Wearable devices, equipped with heart rate sensors, play a crucial role in continuously monitoring heart rate during activities and throughout the day. This data aids users in assessing workout intensity, tracking cardiovascular fitness improvements, and identifying potential health issues. For example, in December 2023, the International Health Racquet reported a 3.7% increase in Americans' fitness facility memberships in 2022, reaching a record 68.9 million consumers, while overall facility users rose by 8.1% to 82.7 million people. This surge in fitness and health consciousness is a driving force behind the growth of the wearable computing market.

Prominent companies in the wearable computing sector are strategically focusing on technological advancements to better serve their existing consumer base. One notable innovation is the RISC-V Snapdragon Wear platform incorporated into wearable devices. RISC-V is an open-source instruction set architecture (ISA) enabling the development of custom cores, fostering innovation and competition. In October 2023, Qualcomm Technologies and Google jointly launched the RISC-V Snapdragon Wear, anticipating a rapid evolution of the Wear OS ecosystem and a streamlined time-to-market for original equipment manufacturers (OEMs). The affordability, effectiveness, and adaptability of the RISC-V architecture position it as a favorable alternative to Arm's designs for wearable platforms.

In January 2021, Google, a leading US-based technology company, completed the acquisition of Fitbit for $2.1 billion, strengthening its presence in the wearables market focused on health and wellness. The acquisition aimed to position Google competitively in the expanding wearables market by leveraging Fitbit's established user base and expertise in developing fitness wearables. Additionally, the collaboration was expected to drive wearable innovation by combining Google's hardware, software, and AI capabilities with Fitbit's technological proficiency. Fitbit, a US-based company specializing in smartwatches and fitness-tracking devices, became an integral part of Google's strategy in the wearables sector.

Major companies operating in the wearable computing market report are Apple Inc., Google LLC, Samsung Electronics Co. Ltd., Microsoft Corporation, Huawei Technologies Co., Sony Corp., LG Electronics Inc., NIKE, Inc., Xiaomi Inc., Medtronic Inc., Adidas AG, Siemens Healthcare, Philips Healthcare, GE Healthcare, Valve Corporation, Boston Scientific Corporation, Motorola Mobility Holdings, Inc., Garmin Ltd., Contour, Ascension Technology Corporation, Casio Computer Company Ltd., Fossil Group, Fitbit, Inc., GoPro, Pebble Technology Corporation, Zephyr Technology Corporation.

North America was the largest region in the wearable computing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the wearable computing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the wearable computing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Wearable computing involves the development, design, and deployment of compact computational and sensory devices that are worn on, under, or within clothing, including integration into apparel. These wearable computers are designed to offer convenient access to information and improve workplaces by quickly delivering relevant data to the wearer.

The primary categories of wearable computing products include smartwatches, smart jewelry, fitness trackers, head-mounted displays, body-worn cameras, and others. Smartwatches are devices that closely resemble traditional wristwatches and incorporate connectivity features such as Bluetooth, Wi-Fi, and 4G/5G. They find applications in various sectors such as fitness and wellness, healthcare, entertainment, defense, gaming, and others.

The wearable computing market research report is one of a series of new reports that provides wearable computing market statistics, including wearable computing industry global market size, regional shares, competitors with wearable computing market share, detailed wearable computing market segments, market trends, and opportunities, and any further data you may need to thrive in the wearable computing industry. This wearable computing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The wearable computing market consists of revenues earned by entities by providing services such as health and fitness tracking, navigation and location services, payments and transactions, safety and security, and personalized assistance. The market value includes the value of related goods sold by the service provider or included within the service offering. products such as smart shoes, wearable medical devices, smart glasses, and smart clothing devices. The wearable computing market also consists of sales of smart watches, fitness trackers, smart glasses, smart clothing, wearable cameras, wearable health monitors, and smart jewelry. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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