Wearable technology or wearables are electronic technology or devices incorporated into items that can be comfortably worn on the body. These electronic devices are used for tracking information on a real-time basis, comprising of motion sensors. The sleek design and multi-functionality are the factors that always attract a customer towards a product and wearable technology products offer these benefits, which are likely to boost the demand for wearable technology products. Over the years, wearable electronics have evolved significantly with the incorporation of novel technologies.
The global wearable technology market is expected to surpass US$ 235,312.4 Mn in terms of value by the end of 2028.
Multi-functionality of wearable technology products is expected to drive growth of the global wearable technology market during the forecast period. Multi-functionality is one of the prominent features that is increasing adoption of wearable technology among consumers. Advancement in sensor technology has led to product innovation in the market. Wearable technology products incorporate several features such as microphones, speakers, computer displays, and forward-facing cameras, wireless, and operate phone calls and work through voice and gesture commands.
Increasing demand for real-time and actionable can present lucrative opportunities. There has been an increase in the demand for real-time data and this will drive the market for wearable technology products. The wearable technology products used in the fitness and wellness sector, monitor emotions and activities, whereas medical and healthcare devices, observe vital signs, and enhance senses. In the industrial and military sectors, it receives and transmits real-time data, whereas in the infotainment sector products such as smartwatches, smart glasses, heads-up displays, and others receive and transmit real-time information.
Global Wearable Technology Market: Recent Developments
In September 2021, Xiaomi launched Xiaomi Smart Glasses – a brand new smart wearable device. Xiaomi Smart Glasses is capable of combining imaging system and sensors into a subtle, ordinary glasses design through MicroLED optical waveguide technology.
In October 2021, Amazfit, a chinese smart wearable brand has launched three new smartwatches: the GTR 3 Pro, GTR 3 and GTS 3 with innovative haptic technology.
In August, 2021, Xiaomi launched Mi Smart Band 6 in India for women's health tracking and continuous heart-rate tracking.
Major companies in the market are focused on mergers and acquisitions, in order to enhance the market presence. For instance, in December 2019, Medtronic acquired Klue, a diabetes management wearable startup.
Regulatory issues and vulnerability of healthcare information is expected to hamper the global wearable technology market growth over the forecast period. There are several regulatory issues related to wearable devices including data security, incentivization to regulatory and ethical hurdles, and trust issues. Furthermore, regulations surrounding wearable devices are in flux while some regulatory agencies view wearables as low-risk devices. Such factors are hindering the adoption of wearable devices among consumers.
To know the latest trends and insights prevalent in the Global Wearable Technology Market, click the link below:
Global Wearable Technology Market - Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 pandemic has creased numerous challenges across various industries due to temporary suspension in the international travel and trade. Due to disruption in the global supply chain industry, many market witnessed significant decline, following the pandemic. The global wearable technology market witnessed significant growth during the pandemic. This is typically due to rising adoption of smartphones, wearable devices, and implants across the globe. That being said, manufacturers faced numerous difficulties due to stringent regulations on physical distancing and adoption of nationwide lockdown policies. However, the demand for wearables in different sectors is expected to increase including in telemedicine, infotainment, and navigation.
The global wearable technology market was valued at US$ 11,945.92 Mn in 2020 and is forecast to reach a value of US$ 235,312.4 Mn by 2028 at a CAGR of 45.4% between 2021 and 2028, owing to rising popularity of connected devices and the Internet of Things (IoT) and the rapid growth of the market.
The youth of today are found to be more tech-savvy and this is true mainly for those in the age group of 13-25. This age group has offered fresh opportunities helpful in formulating new strategies for future development. Market players keep in mind the need of this age group before finalizing strategies associated with innovative product development. Wearable smart glasses, activity monitors, smart clothing, and smartwatches are likely to attract the youth of the present generation.
Currently, wearable technology products are a niche market with handful of players dominating the market but in the near future new players, both small and big, are expected to enter this market. These new and existing players are likely to bring more changes in product design and will thus result in more compact products. The prices of wearable technology products are likely to reduce with the increase in number of players competing against each other and the smaller players will play a major role in this trend as they will come up with substitutes at lower prices. Better products at a cheaper price will thus increase the demand for wearable technology products and further drive this market.
Key players operating in the global wearable technology market are Adidas, Suunto, Abbott laboratories, Sony, Eurotech, Nike, Google, Inc., Garmin International Inc., Medtronic, Fitbit Inc., and Apple Inc.
Joining thousands of companies around the world committed to making the Excellent Business Solutions.