Wearable Computing Market Forecasts to 2028 – Global Analysis By Technology (Networking Technologies, Computing Technologies, Display Technologies), Application (Infotainment, Medical and Healthcare), and By Geography

Wearable Computing Market Forecasts to 2028 – Global Analysis By Technology (Networking Technologies, Computing Technologies, Display Technologies), Application (Infotainment, Medical and Healthcare), and By Geography

According to Stratistics MRC, the Global Wearable Computing Market is accounted for $48.76 billion in 2022 and is expected to reach $136.40 billion by 2028 growing at a CAGR of 18.7% during the forecast period. Wearable computing is the technology embedded in wearable accessories such as a watch, wristband to work as small electronic gadgets and facilitate ease in accessing technology. It is widely used for media and healthcare purpose. It provides various computational supports such as gyroscopes and accelerometers, which are becoming the key attraction for the consumer to fuel the demand for wearable devices. More than trendy accessories, these devices are gaining popularity owing to smart and advanced features such as easy synchronization, and high portability.

In 2021, the European cloud computing market is forecast to amount to 63 billion euros. By 2030, the market is projected to reach 560 billion euros. In 2020, the software as a service (SaaS) segment of the European cloud computing market stood at 61 percent. The share of the platform as a service segment is forecast to grow to 24 percent market share by 2030 from 16 percent in 2021.

Market Dynamics:

Driver:

Adopting the use of smart watches and wristbands

The global wearable computing market expected to drive growth during the forecast period, due to adopting the use of smart watches and wristbands in the consumer wearable computing market. Here the rise in growing interest in communication, for networking services and recognition technology which helps in wearable computing market size during the market forecast period. A rise in awareness about communication skills, networking along with recognition skills of the market along the rise in wearable computing market trends leads to the adoption of new marketing factors.

Restraint:

Consumption of high energy power

The global wearable computing market expected to hamper growth during the forecast period, due to use of high energy power and the decrease in battery life hampers up the wearable computing market size during the assessment period. It hampered the growth of various products like activity trackers, the discovery of smart watches and smart glasses. Hereby, it is found that the wearable devices are used up by the high-end user’s space in almost all of the products.

Opportunity:

Increased productivity

The global wearable computing market expected to drive growth during the forecast period, due to wide range of features that deliver increased production by 15%. This is essential for the need-it-now culture we are living in. Consumers now want faster delivery time, which can put new challenges on manufacturers and their supply chain. These hands-free scanners come in handy for applications that demand the constant use of hands. These changes might be an opportunity for wearable computing for growing.

Threat:

High cost and safety issues

The global wearable computing market expected to hamper growth during the forecast period. Low consumer awareness and safety concerns about data security are major factors restraining growth of the wearable computing devices market. Less battery back-up coupled with high cost of wearable devices are expected to limit growth of the market over the forecasted period.

Covid-19 Impact:

COVID-19 is having a large impact on both consumer and the economy. Electronics manufacturing hubs have been temporarily working at low efficiency to liming the COVID-19 spread among the individuals. This has majorly affected the supply chain of semiconductor market by creating shortages of materials, components, and finished goods. Lack of business continuity has ensured significant negative impacts on revenue, shareholder returns, and revenue, which are expected to create financial disruptions in the wearable industry.

The infotainment is expected to be the largest during the forecast period

The infotainment segment is expected to have a lucrative growth, due to increasing adoption of wearable devices such as smart watches and augmented devices.

The fitness and wellness segment is expected to have the highest CAGR during the forecast period

The fitness and wellness segment is anticipated to witness the fastest CAGR growth during the forecast period. Consumers have become more intrigued in fitness activities because of increasing health concerns. Wearable devices like fitness trackers help them in tracking their exercises, increasing the sales of wearable computing devices in this segment. Economic factors, such as rising per capita healthcare expenditure, healthcare infrastructure, and increased investment in the healthcare sector are predicted to accelerate global wearable computing devices market expansion by 2032.

Region with highest share:

The Asia Pacific region market is estimated to witness a highest share of the global wearable computing market during the forecast period, due to growing geriatric population in emerging economies such as India and China, is one of the factors driving growth of the market in the region. For instance, According to the United Nations Population Fund, in India, the total geriatric population accounted for 7.9 million in 2011, which increased to 9.7 million in 2015. This in turn, is likely to increase the demand for wearable computer devices for easy and remote, and real-time diagnosis of health, which is thus, expected to fuel growth of the market in the region.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, due to an increase in adoption of advance technologies in wearable devices and increased awareness among people toward these devices.

Key players in the market

Some of the key players profiled in the Wearable Computing market include GE Healthcare, Medtronic Inc, Apple Inc., Zephyr Technology Corporation, Sony Corporation, Samsung Electronics Co., Ltd, Pebble Technology, Corporation, Nike, Inc., Motorola Mobility Holdings Inc, LG Electronics, Inc., Jawbone, Boston Scientific Corporation, Fitbit Inc., Adidas AG, Garmin, Ltd., Silicon Micro Display and CSR plc., AiQ Smart Clothing Inc, Carl Zeiss Inc,, Invensense Inc and Textronics.

Key Developments:

In May 2020, Garmin announced the quatix 6X Solar, the latest addition to its new marine GPS smartwatch series, featuring a transparent solar charging display that uses the sun’s energy for extending the battery life. As the first Garmin marine-centric GPS smartwatch offering solar charging, the quatix 6X Solar combines all of the features of Garmin’s fēnix 6X Pro Solar with specialization in boating, fishing, cruising, and sailing capabilities, so that users can spend more time on the water.

In January 2020, Nuheara, the smart-hearing company, launched its IQbuds2 MAX earbuds. This product has a hybrid Active Noise Cancellation feature and unique features for personalizing and enhancing the wearer’s soundscape. Moreover, this product allows users to fine-tune their sound environment.

In November 2019, Vuzix Corporation, a supplier of smart glasses and Augmented Reality technology and products, entered a reseller segment. It receives orders worth USD 7.1 million, representing 10,000 units of Vuzix Blade Smart Glasses.

Technologies Covered:
• Networking Technologies
• Computing Technologies
• Display Technologies
• Other Technologies

Applications Covered:
• Infotainment
• Medical and Healthcare
• Enterprise and Industrial
• Fitness and Wellness
• Other Applications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements