Global Wearable Technology Market Outlook, 2028

Global Wearable Technology Market Outlook, 2028

In today's fast-paced world, technology is evolving at an unprecedented rate, changing the way people live and work. The rise of wearable electronics has been one of the most fascinating advancements in recent years. These unique body-worn technologies are poised to shape the future of human-technology interaction. Wearable technology, commonly referred to as wearables, refers to a wide range of devices that may be worn on the body, such as smart watches, fitness trackers, augmented reality glasses, and even clothing fitted with sensors. These devices are intended to improve users' daily life by giving real-time information, tracking health and fitness, and enabling seamless communication. Wearable technology, such as Google Glass, allows you to interact with your smartphone without touching it. This includes smartwatches like the Apple Watch, which can get notifications and do other things. Wearable devices, like other forms of technology, have gotten more sophisticated, allowing businesses to use them to boost productivity and improve the customer experience. Wearable technology has become significantly more accessible in the consumer sector. According to the National Library of Medicine, over 30% of US adults use wearable healthcare devices such as smartwatches, smart glasses, and other fitness trackers. Many people associate wearable technology with tracking fitness, but advances in medical devices mean that patients may use this technology to check their health. Wearables offer the potential to address rising healthcare expenses, aging populations, and the chronic illness burden. As the aging population places a greater strain on the healthcare system, goods like remote patient monitoring devices and devices that use mobile health apps will become more appealing to the typical customer. Additionally, corporations will increase R&D expenditure on wearable technology to capitalize on rising demand and try to develop more precise sensors and more dependable data for medical usage. As a result, the populace will begin to readily embrace and learn new wearable technology, adding to the sector's current growth.

According to the research report, “Global Wearable Technology Market Outlook, 2028” published by Bonafide Research, the market is anticipated to cross USD 135 Billion by 2028, increasing from USD 60.42 Billion in 2022. The market is expected to grow with 13.32% CAGR by 2023-28. Wearable technology involves more than just smart watches; it also includes fitness trackers, medical wearables, and even smart clothes. Medical wearables, for example, can monitor vital signs and transmit data to healthcare specialists in real time. Steps, heart rate, and other fitness-related data can be tracked by fitness trackers to assist users in maintaining a healthy lifestyle. There are several wearable platforms on the market now, each with its own set of features and capabilities. The Amulet wearable platform, for example, is intended to help people with diabetes manage their illness by monitoring their glucose levels in real time. Lattice Semiconductor's Ice40 Ultra Wearable Development Platform is a low-power platform that allows developers to design energy-efficient wearable devices. Wearable technology is finding life-changing uses in medicine and other disciplines as it expands into a key category of the Internet of Things. The advancement of mobile networks, high-speed data transfer, and smaller microprocessors has enabled this technology, also known as wearables. These technologies can be worn, implanted in clothing or accessories, or tattooed onto the skin. Fitbit, Samsung, Noise, and Fossil Group, Inc. are among the firms introducing wearable technology watches and other accessories with health tracking solutions. Such a function is expected to appeal to consumers because it allows them to check their health, paving the path for market expansion. For example, Xiaomi Corp. released the latest Xiaomi Watch S1 Series in March 2022. It features 117 workout modes and monitors blood oxygen saturation, health, and sleep. It supports magnetic charging and Amazon's Alexa voice assistant. Rapid changes in consumer demographics, such as shifting lifestyle patterns and preferences, are likely to improve product demand, driving industry growth. Furthermore, rising consumer expenditure on personal care goods is expected to drive demand for wearable gadgets. Smart watches are popular among swimmers, cyclists, runners, and gym users because they help track calories burned, hourly activity, and stationary time.

Asia Pacific is estimated to hold the highest CAGR during the forecast period owing to the rapid urbanization and increasing disposable income across the region.

Based on the regions, the global wearable technology market is segmented into five major regions including North America, Europe, Asia-Pacific, South America and Middle East & Africa. Among them, Asia-Pacific is witnessing prominent market growth across the market. The demand for wearable technology in the country is also expected to be driven by the lower costs of smartphones, which are anticipated to fall further in the near future. The increasing demand from various target customer groups enables manufacturers to reduce product prices with improved production volumes. Countries such as India and China have major manufacturing facilities for various industrial segments (including consumer electronics, car manufacturing, and heavy materials, among others). This creates huge opportunities for the wearable technology industry to grow at the highest rate for the enterprise and industrial application. Increase in per capita income in developing countries, high population in many countries of the region and affordability of wearable devices for customers at a low price by manufacturers in India and China and countries such as Japan, Singapore, China and Australia, which are proving to be digitally mature markets are the major reasons for APAC to capture exponential market growth. Asia Pacific is known for its strong mobile-first approach, with a high penetration of smartphones and mobile devices. The technology related to wearables integrated with mobile apps and services fits seamlessly into the region’s digital lifestyle, contributing to the region's market growth.

The wrist-wear product segment dominated the global industry in 2022 and accounted for the maximum share of more than 60% of the overall revenue.

The global market is categorised into various product types including wrist-wear, eyewear & headwear, footwear, jewellery, body-wear and others (wearable camera) etc. Among them, the wrist-wear product segment dominated the global industry in 2022. Smart wrist-wear has become more powerful and capable over the years. They now offer a wide range of features, from fitness tracking and health monitoring to communication and entertainment. As technology has improved, these devices have become more appealing to a broader audience. Many people are increasingly health-conscious and interested in monitoring their physical activity, sleep patterns, heart rate, and other health metrics. Smart wrist-wear provides a convenient and accessible way to track and manage their health and fitness goals. Smart wrist-wear devices often sync with smartphones, allowing users to receive notifications, make calls, send messages, and control various smartphone functions directly from their wrist. This seamless integration enhances convenience and productivity. Manufacturers have recognized the importance of aesthetics in consumer technology. Smart-watches and fitness trackers now come in various designs and styles, making them more appealing to fashion-conscious individuals. Users can also customize their devices with different bands and watch faces. An extensive ecosystem of apps and watch faces has developed around smart wrist-wear. This allows users to extend the functionality of their devices, accessing a wide range of applications and services tailored to their interests and needs. The ability of smart wrist-wear to monitor vital signs and provide timely health alerts has gained significant attention. Features like ECG (electrocardiogram) readings, fall detection, sleep tracking, and blood oxygen monitoring have made these devices valuable tools for health management. Many smart wrist-wear devices now offer integration with smart home systems, allowing users to control lights, thermostats, and other devices from their wrists. This adds to their appeal for tech-savvy consumers. Smart wrist-wear has become a trend and a lifestyle choice for many. Wearing a smart-watch or fitness tracker has become a symbol of being connected and staying active, which further fuels their popularity.

Based on the type, wearable products and devices (non-textiles) are projected to acquire major market share by the end of the forecast period.

Non-textile wearable benefit from continuous technological advancements, including miniaturization, improved battery life, and increased processing power. This has enabled the development of smaller, more powerful, and versatile devices that can be integrated seamlessly into various aspects of daily life. Many non-textile wearable focuses on health and fitness monitoring, which is a significant driver of their popularity. Devices like smart-watches and fitness trackers offer features such as heart rate monitoring sleep tracking, step counting, and stress tracking, which appeal to a wide audience of individuals interested in improving their well-being. Non-textile wearable has a diverse range of applications beyond health and fitness. They can be used for communication, navigation, entertainment, smart home control, and more. This versatility makes them attractive to consumers who seek multifunctional devices. Non-textile wearable often comes in sleek, attractive designs, making them desirable fashion accessories. Manufacturers pay attention to aesthetics and offer a variety of styles and materials, appealing to consumers who want both functionality and style. Some companies, such as Apple, have developed entire ecosystems around their non-textile wearable products. For example, the Apple Watch is deeply integrated with the iOS ecosystem, which includes iPhones, iPads, and Macs. This tight integration enhances the user experience and makes the wearable more appealing to existing users of those ecosystems. Non-textile wearable, such as smart-watches, have gained popularity for their ability to improve productivity and efficiency by providing quick access to notifications, calendars, reminders, and apps, making them valuable tools for both work and personal life.

The consumer electronics application segment led the industry in 2022 and accounted for nearly half of the market.

The increase in the use of wearable technology, such as fitness bands and AR/VR headsets, can be credited to the high share of this segment. Many manufacturers, like Garmin Ltd., Omron, Apple Inc., and Nemaura, concentrate on creating gadgets that deliver data, which incorporates both clinical and non-clinical information. For instance, Nemaura’s sugarBEAT Wearable Technology dispenses with the daily finger-prick calibration process by enabling frequent blood glucose monitoring in diabetic patients. There's a growing demand for consumer electronics in the Asia Pacific region and a large number of manufacturers are present in China as well as India due to which the market is expected to grow well. Different types of equipment's used in the sports and fitness, multimedia, infotainment, garments and fashion will drive the market growth. The market players are constantly making efforts to provide more innovative devices as the demand for the consumer electronics is growing constantly. Increased use of the technology which has made communication between machines possible the market is expected to grow well. This type of technology has created greater demand for wearable technologies. The demand for the variable technologies or devices is expected to grow well as they help in monitoring the health of a patient remotely. It also enhances the communication between the doctor and the patient. The use of artificial intelligence in these devices and sweat sensors will be useful for the athletes. It also helps in tracking the electrolyte loss due to the integration of these features the market for the variable devices will grow well in the coming years.

Market Drivers

• Health and Fitness Applications: The global wearable technology market is strongly driven by the increasing emphasis on personal health and fitness. Wearable devices, such as fitness trackers, smartwatches, and health monitoring tools, have gained immense popularity as they empower users to monitor and manage their physical well-being. These wearables enable individuals to track their daily physical activities, monitor vital signs like heart rate and sleep patterns, and maintain overall health. The ongoing COVID-19 pandemic has further accelerated this trend, as individuals have sought ways to stay connected to their health and healthcare providers remotely through telehealth services and wearable devices.

• IoT Integration and Connectivity: The integration of wearable technology into the broader ecosystem of the Internet of Things (IoT) is a key driver of the market's growth. Wearables are increasingly becoming interconnected with other IoT devices and systems, creating a seamless and interconnected environment. Users can now control their smart homes, track their vehicles, and make payments through their wearables. This connectivity enhances the functionality and versatility of wearable devices, making them more appealing and practical for users in various aspects of their daily lives.

Market Challenges

• Privacy and Data Security: As wearables collect a wealth of personal and health-related data, privacy and data security have emerged as significant challenges. Protecting sensitive information from data breaches and unauthorized access is paramount. Users need to trust that their personal data will be handled securely, and wearable manufacturers and service providers must implement robust security measures and data encryption to ensure the privacy and security of user information. Regulatory compliance, such as GDPR in Europe and similar legislation in other regions, further underscores the importance of addressing these concerns.

• Battery Life and Energy Efficiency: Battery life and energy efficiency remain a notable challenge in the wearable technology market. Many wearable devices have limitations in terms of how long they can operate on a single charge, which can be inconvenient for users who need to recharge frequently. Overcoming this challenge necessitates advancements in battery technology and energy management. Manufacturers are continually working to develop more energy-efficient components, explore alternative power sources, and optimize software to extend the battery life of wearables, making them more practical for users.

Market Trends

• Wearable Health Tech: Wearables are evolving beyond simple fitness tracking to encompass medical-grade health monitoring and diagnostic tools. Features like electrocardiogram (ECG) recording, blood pressure monitoring, and blood glucose tracking are becoming more common. These advancements have the potential to transform how individuals manage their health and interact with healthcare providers, offering greater insights and early detection of health issues.

• Fashionable and Customizable Wearables: Wearable technology is no longer solely about functionality; it is increasingly about style and personal expression. Consumers seek wearables that are not only high-performing but also fashionable and customizable to reflect their unique tastes. This trend has led to collaborations between technology companies and fashion brands to create wearables that are aesthetically pleasing and allow users to personalize their devices with various bands, cases, and accessories. The fusion of technology and fashion is reshaping the market by making wearables more appealing and versatile to a broader consumer base.

Covid-19 Impacts

The COVID-19 pandemic has had a significant impact on the wearable technology industry. While initial disruptions in supply chains and manufacturing processes were felt, the pandemic also accelerated the adoption and development of wearables for health monitoring. Wearable devices, such as smartwatches and fitness trackers, gained prominence as they could track vital signs and detect early symptoms of the virus, providing users with valuable health insights. Additionally, the demand for remote healthcare solutions led to the integration of telehealth features in many wearables, enabling users to consult with healthcare professionals from the safety of their homes. As a result, the wearable technology market witnessed a surge in sales, with an increased focus on health and wellness features, paving the way for innovations in this sector and reinforcing the importance of wearable technology in our daily lives.

Competitive Landscape
Major manufacturers focus on new product launches to attain a competitive edge in the industry and expand their product offerings. For instance, on August 2022, Fitbit Inc. announced the launch of its lineup of new watches. The lineup includes Sense 2, Inspire 2, and Versa 4. The wearable technology market is moderately competitive and consists of significant individual players. Key players considered in the report include Samsung Electronics Co., Ltd, Apple Inc., Garmin Ltd., Sony Group Corporation, Xiaomi Corporation, HTC Corporation, Huawei Technologies Co., Ltd, Fossil Group, Inc., Google LLC, Toray Industries, Inc., Seiko Epson Corporation, Axon Enterprise, Inc, Vuzix Corporation, Titan Company Limited, Lenovo Group Limited,, Polar Electro Oy, Magic Leap, Inc., Bellabeat, Adidas AG and Withings.

Key Developments

• In July 2023, Samsung Electronics and the National Sleep Foundation have stepped up their partnership to combat the rise in sleep disorders using new technologies. The tech company will use NSF information to improve its wearable innovations.

• In April 2023, QMS MAS (Medical Allied Services) launched a wide range of products under the Q Devices banner. This event was organized in cooperation with Varanium Cloud Ltd. It also announced Vyana, a revolutionary medical wearable. Vyana objects to meeting the growing requirement for medical wearables that deliver timely assistance. It is designed to constantly monitor critical parameters, send immediate notifications, and communicate directly to users and their emergency contacts in the event of significant fluctuations.

• In April 2023, Xiaomi launched Xiaomi Mi Band 8 smart wearable device. The Mi Band 8 features a tablet-molded dial with an AMOLED display. The Mi’s Band 8 bands are attached to both sides of the wearable unlike other models where the bands are wrapped around.

Considered in this report:

• Geography: Global
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report:

• Global Wearable Technology market Outlook with its value and forecast along with its segments
• Region & Country-wise Wearable Technology market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Regions & Countries covered in the report

• North America (United States, Canada, Mexico)
• Europe (Germany, United Kingdom, France, Spain, Italy, Russia)
• Asia-Pacific (China, Japan, India, Australia, South Korea)
• South America (Brazil, Argentina, Colombia)
• Middle-East & Africa (UAE, Saudi Arabia, South Africa)

By Product:

• Wristwear
• Eyewear & Headwear
• Footwear
• Fashion & Jewelry
• Bodywear
• Other Wearable Technology (Wearable Camera)

By Type:

• Wearable Smart Textiles
• Wearable Products and Devices (Non-Textiles)

By Application:

• Consumer Electronics
• Healthcare
• Enterprise and Industrial Applications
• Other Applications (fashion and lifestyle, gaming and entertainment, military and defense, education and training, tourism and navigation, pet and animal health, etc.)

The approach of the report:

This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience:

This report can be useful to industry consultants, manufacturers, suppliers, associations, and organisations related to the Wearable Technology industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.

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