Wearable Device Security Market : Current Analysis and Forecast (2022-2028)

Wearable Device Security Market : Current Analysis and Forecast (2022-2028)

Any electronic equipment that is intended to be worn on the user's body is considered wearable technology. These gadgets come in a variety of shapes and sizes, including jewelry, accessories, medical equipment, and clothing or clothing-related items.

Wearable security includes cloud security, application security, network security, and other types. Wearable devices collect data from the users in real-time, and contain information such as location, blood pressure, oxygen rate, etc. Hence it is very important to protect the data.

The wearable device security market is expected to grow at a steady rate of around 16% owing to the growing prominence of IoT globally. Adding to this, the increasing awareness of fitness, lifestyle, and home healthcare is also anticipated to propel the market growth during the forecast period. Furthermore, the growing adoption of smart devices is attributed to the growing number of smartwatch users around the world. For instance, according to demand sage, USD 43.4 billion is the global revenue generated by the smartwatch industry in the year 2022. Smart wearables collect data from the user constantly to suggest their products and ads, which puts them in a vulnerable spot for malware attacks and data breaches hence, the demand for wearable device security is expected to surge.

• Based on component, the market is bifurcated into software and services. The software segment is expected to achieve the largest market share in 2020 and is expected to maintain its domination throughout the forecast period. The growth of the segment is mainly attributed to its features such as one-time payment, better support services, realtime time firewall access, etc. Furthermore, the growing need for efficient wearable data security is expected to drive the market during the forecast period.
• Based on product type, the market is categorized into headwear, wristwear, bodywear, and others. The wristwear segment is expected to witness the largest market share during the forecast period. The growth is mainly attributed to the advancements in technologies and innovations. For instance, in September 2022, Apple unveiled the apple watch series 8, with many advanced features such as 18-hour battery life, ECG app, Fall detection, etc. Moreover, the growing implementation of health features like the spo2 sensor is expected to drive market growth during the analysis time period.
• Based on the operating system, the market is segmented into apple watch OS, wear OS, fitbit OS, garmin OS, and others. The wear os is expected to grow with the largest CAGR during the forecast period. The growth of the segment is mainly attributed to the wide connectivity that the wear os offers. Furthermore, wear os supports low cost watches, making them accessible for most people across income ranges.
• Based on security type, the market is segmented into cloud security, network security, wireless security, and application security. The cloud security segment is expected to grow with the fastest CAGR during the forecast period. The growth of the segment is mainly attributed to the growing adoption of cloud implementation across the globe. Moreover, the increasing security threats to cloud implementation are expected to drive the segment market during the forecast period.
• On the basis of application, the market is segmented into military & defense, healthcare, fitness, and others. The fitness segment is expected to achieve the largest market share and is expected to maintain its domination throughout the forecast period. The growth of the segment is mainly attributed to the growing prominence of fitness and well beings amongst youngsters across the globe. Moreover, the growing rate of obesity is also expected to influence the market growth during the forecast period.
• For a better understanding of the market adoption of the wearable device security industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. The North America region is expected to achieve the largest market share of wearable device security and is expected to maintain its domination throughout the forecast period. The growth in the region is mainly attributed to the growing demand for wearables in the region. Moreover, the rising prevalence of constant payments is expected to influence the market growth during the forecast period. Furthermore, the presence of key players such as Apple and Microsoft in the region is expected to drive the market during the forecast period.
• Some of the major players operating in the market include SAMSUNG, Apple Inc, Google, Microsoft, Intel Corporation, Biofourmis, Garmin Ltd, Hewlett Packard Enterprise Development LP, Xiaomi, and LG Electronics.