Global Wearable Computing Market Size, Share & Industry Trends Analysis Report By Product Type, By Application (Consumer, and Non-Consumer), By Connectivity (Bluetooth, Wi-Fi, 4G/5G, and Others), By Regional Outlook and Forecast, 2023 - 2030

Global Wearable Computing Market Size, Share & Industry Trends Analysis Report By Product Type, By Application (Consumer, and Non-Consumer), By Connectivity (Bluetooth, Wi-Fi, 4G/5G, and Others), By Regional Outlook and Forecast, 2023 - 2030

The Global Wearable Computing Market size is expected to reach $238.2 billion by 2030, rising at a market growth of 19.6% CAGR during the forecast period.

Wearable gaming technology has propelled expansion to new heights in gaming industry. The technology gives consumers the ideal gaming experience therefore, the consumer segment would generate approximately 50% share of the market by 2030. As a result, the use of wearable gaming technology by consumers is the completely immersive experience produced by virtual and augmented reality.

The major strategies followed by the market participants are Product Launches as the key developmental strategy to keep pace with the changing demands of end users. For instance, In July, 2023, Garmin Ltd. introduced Epix Pro and Fenix 7 Pro smartwatches. The Fenix 7 Pro features a steel bezel polymer case and has a battery life of up to 37 days while the Epix Pro features a body made up of titanium and sapphire and has a battery life of up to 31 days. Moreover, In April, 2023, Xiaomi Corporation unveiled Mi Band 8 fitness tracker. The Mi Band 8 features a pill-shaped body design and is pairable with Android 6.0 devices.

Based on the Analysis presented in the KBV Cardinal matrix; Apple, Inc. is the forerunner in the Market. In June, 2023, Apple, Inc. announced the launch of Apple Vision Pro, a computer used for blending the physical world with digital content. The product features visionOS spatial operating system and HD display with 23 million pixels. Companies such as Samsung Electronics Co., Ltd., Google LLC, Sony Corporation are some of the key innovators in the Market.

Market Growth Factors

Rising demand for health & fitness monitoring devices

The rising need for fitness & health monitoring devices is fuelling the market's revenue growth. There has been a noticeable change in recent years toward stressing personal health & well-being, leading people to search for cutting-edge technologies to monitor and improve their fitness and overall well-being. The most popular solutions for meeting these needs now include fitness trackers, smartwatches, and other wearable devices. An important factor affecting the rise in demand for fitness & health monitoring devices is the public's increasing awareness of the benefits of leading an active and healthy lifestyle. The impact of daily activities on one's physical and mental well-being is becoming increasingly widely recognized. By encouraging a sense of accountability, motivation, and community, these elements enhance fitness & health monitoring, further influencing the market's growth.

Enhanced convenience offered to user

Increasing productivity, wearable computers free up users' hands. The user is able to utilize both hands while concurrently operating the gadget, eliminating the need to open a laptop or use a cell phone. In professional environments where duties frequently call for both hands and undivided attention, like in computer programming and graphic design, this can be incredibly helpful. Furthermore, compared to using a conventional gadget, the user's arms may frequently reach objects that are farther away with greater ease. In essence, wearable computers boost user convenience by making information accessible instantly whenever needed. This benefit of wearable computing is raising their adoption and thus is estimated to result in the growth of the market.

Market Restraining Factors

Data Privacy and Security Issues

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. These issues will hamper the market's expansion with wearable computing.

Product Type Outlook

Based on product type, the market is classified into smart watches, smart jewelry, fitness trackers, body-worn cameras, head mount displays, and others. In 2022, the fitness trackers segment held the highest revenue share in the market. Consumer awareness of the value of measuring fitness & physical activity has grown as the emphasis on health and wellbeing has expanded. The demand for fitness trackers is rising as people look for ways to monitor and manage their health. From simple step counters to more complex gadgets with extra functionality, fitness trackers have undergone an evolution. These features could include guided workouts, sleep analysis, GPS tracking, stress monitoring, blood oxygen level testing, and heart rate monitoring. By including such functionalities, fitness trackers' usefulness, and value proposition are improved.

Application Outlook

By application, the wearable computing is segmented into consumer, and non-consumer. The non-consumer segment acquired a substantial revenue share in the market in 2022. Wearable technology is being used in industrial settings to increase worker efficiency, productivity, and safety. Smart glasses and similar gadgets can offer hands-free access to knowledge, training, and instructions, minimizing errors and speeding up operations. In several businesses, wearables can improve safety and security. Wearable technology, for instance, can monitor a worker's surroundings for potentially dangerous situations and immediately alert them to them.

Connectivity Outlook

On the basis of connectivity, the market is fragmented into Bluetooth, Wi-Fi, 4G/5G, and others. In 2022, the Bluetooth segment witnessed the largest revenue share in the market. When wearables and smartphones are connected via Bluetooth, services like notifications, music control, call management, and data syncing are made possible. Wearable technology can be utilized to extend the capabilities and user experience of smartphones. Additionally, wearables can serve as IoT device hubs thanks to Bluetooth connectivity. IoT devices can be controlled and monitored by users, such as smartwatches managing smart home equipment or fitness trackers coordinating with IoT-enabled medical equipment.

Regional Outlook

Region wise, the market is analysed across North America, Europe, Asia Pacific and LAMEA. The North America region led the market by generating the highest revenue share in 2022. A center for technical development and wearable computing innovation has been North America, notably the United States. The development and widespread use of wearable technology like Fitbit and smartwatches such as Apple Watch for tracking one's health and way of life is fueled by the region's strong presence of major market players. Additionally, wearable technology has been embraced by the North American healthcare sector for remote patient monitoring, managing chronic diseases, and enhancing patient outcomes. The focus on telehealth in the region and the rising use of wearable fitness trackers and smartwatches support market expansion.

The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include Apple, Inc., Fossil Group, Inc., Garmin Ltd., Google LLC (Alphabet Inc.), Nike, Inc., Samsung Electronics Co., Ltd. (Samsung Group), Sony Corporation, Sensoria Health Inc, Huawei Technologies Co., Ltd., and Xiaomi Corporation.

Strategies Deployed in Wearable Computing Market

Product Launches and Product Expansions:

Jul-2023: Garmin Ltd. introduced Epix Pro and Fenix 7 Pro smartwatches. The Fenix 7 Pro features a steel bezel polymer case and has a battery life of up to 37 days while the Epix Pro features a body made up of titanium and sapphire and has a battery life of up to 31 days.

Jun-2023: Apple, Inc. announced the launch of Apple Vision Pro, a computer used for blending the physical world with digital content. The product features visionOS spatial operating system and HD display with 23 million pixels.

May-2023: Garmin Ltd. released Edge 840, a series of cycling computers used for providing performance-based training metrics. The computer features a 60 hours battery life and compatibility with Varia cycling radars. Furthermore, the computers are pairable with Tacx indoor smart trainers.

Apr-2023: Samsung Electronics Co., Ltd. announced the launch of Samsung Health Stack 1.0, an open-source platform used for the development of digital health-related applications for use in wearable devices. The Samsung Health Stack 1.0 has several features including a task feature for health tracking and a survey feature for direct data collection from users.

Apr-2023: Xiaomi Corporation unveiled Mi Band 8 fitness tracker. The Mi Band 8 features a pill-shaped body design and is pairable with Android 6.0 devices. Furthermore, the device has a 1.62-inch AMOLED display and a maximum brightness of 600 nits.

Oct-2022: Fossil Group, Inc. introduced Gen 6 Wellness Edition smartwatch. The smartwatch is powered by Google Wear OS 3 and has a 44mm thick body. Additionally, the smartwatch features Snapdragon Wear 4100+ SoC and 1 GB RAM.

Oct-2022: Garmin Ltd. unveiled Venu Sq 2 smartwatch. The smartwatch comes with a GPS connectivity feature and has an AMOLED display. Additionally, the smartwatch has a battery life of up to 11 days.

Nov-2022: Sony Corporation released Mocopi, a wearable motion-tracking device used for gaming purposes. The device features circular-shaped modules and comes in a range of six models for ankles, head, back, and wrists. Additionally, the device is powered by Sony's proprietary algorithm.

Jan-2021: Fossil Group, Inc. launched Gen 5 LTE Touchscreen Smartwatch. The smartwatch features 4G connectivity and has 8GB of storage. Additionally, the smartwatch is powered by Snapdragon Wear 3100 platform.

Partnerships, Collaborations & Agreements:

Sep-2021: Xiaomi Corporation teamed up with Mastercard, a financial services company based in the US, to launch an updated version of the Mi Smart Band 6 contactless payment device. The collaboration with Mastercard would allow Xiaomi to provide customers with convenient payment and health monitoring solutions.

Feb-2021: Fossil Group, Inc. extended its partnership with Flipkart and Myntra, both of them being e-commerce companies, to distribute its Gen 5E smartwatch. With the partnership, Fossil would be well-positioned to deliver its Indian customers with smart wearable technology.

Scope of the Study

Market Segments covered in the Report:

By Product Type

• Fitness Trackers
• Smart Watches
• Head Mount Displays
• Smart Jewelry
• Body-worn Cameras
• Others

By Application

• Consumer
• Non-Consumer

By Connectivity

• Bluetooth
• Wi-Fi
• 4G/5G
• Others

By Geography

• 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

Companies Profiled

• Apple, Inc.
• Fossil Group, Inc.
• Garmin Ltd.
• Google LLC (Alphabet Inc.)
• Nike, Inc.
• Samsung Electronics Co., Ltd. (Samsung Group)
• Sony Corporation
• Sensoria Health Inc
• Huawei Technologies Co., Ltd.
• Xiaomi Corporation

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