Global Wearable Technology Market Size to Reach USD 236.38 Billion in 2032 | Emergen Research
Rising demand for wearable devices to tracking and monitoring health vitals and rapid advancements made in sensors are some key factors driving Wearable Technology market revenue growth
Vancouver, Aug. 29, 2023 (GLOBE NEWSWIRE) — The worldwide market for wearable technology achieved a total value of USD 61.30 Billion in the year 2022. As outlined by the most recent analysis conducted by Emergen Research, it is projected to maintain a Compound Annual Growth Rate (CAGR) of 14.4% throughout the forecast period. The escalating desire for wearable devices designed to monitor and record essential health metrics, coupled with the rapid progress achieved in sensor technology, stands as the principal drivers behind the market’s expansion in terms of revenue.
Wearable devices utilize specialized sensors to oversee and monitor health conditions, encompassing chronic ailments. These sensors measure a range of physiological indicators, including heart rate, sleep patterns, and levels of physical activity. In some instances, these devices incorporate additional sensors like blood glucose monitors for individuals with diabetes, or spirometers for those with respiratory issues. The information amassed through these sensors is subsequently transmitted to a corresponding smartphone or computer application, where it is subjected to analysis. This data analysis aids in the tracking of health trends across time. Notably, select wearable devices integrate machine learning algorithms capable of identifying patterns within the data, thereby supplying tailored health insights. This phenomenon has sparked an increase in demand for healthcare-oriented wearable devices. The escalating request for wearable devices tailored to health monitoring constitutes a driving force behind the market’s revenue surge.
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Smartwatches harness advanced sensors to enhance their effectiveness, facilitating the tracking of diverse data such as heart rates, activity levels, sleep patterns, and more. These data insights not only furnish users with a comprehensive understanding of their health and fitness but also empower them to make well-informed decisions pertaining to their physical activity and overall well-being. Among the array of sensors commonly employed in smartwatches are accelerometers, gyroscopes, heart rate monitors, and Global Positioning System (GPS) sensors. These sensors can additionally detect variables like ambient light, temperature, and even blood oxygen levels. The gathered data contributes to personalized recommendations, instantaneous feedback, and trigger alerts upon the crossing of specific thresholds. This holistic approach renders wearable devices more potent and is contributory to increased sales.
Nevertheless, it’s worth noting that the proliferation of counterfeit products and the constrained battery capacity represent significant factors capable of impeding the market’s revenue progression.
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Scope of Research
|Market size in 2022||USD 61.30 Billion|
|Revenue forecast to 2032||USD 236.38 Billion|
|Base year for estimation||2022|
|Quantitative units||Revenue in USD Billion and CAGR in % from 2023 to 2032|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||product, technology, application, and region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Country scope||U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, U.A.E., South Africa, Turkey, and Rest of MEA|
|Key companies profiled||Alphabet Inc., Samsung, Sony Corporation, Huawei Device Co., Ltd, Apple Inc., Xiaomi Inc., Nike Inc., Runtastic GmbH (Adidas), Fitbit, Inc. (Google), and Garmin Ltd|
|Customization scope||10 hours of free customization and expert consultation|
Major Companies and Competitive Landscape
The global wearable technology market is fairly fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing new products. Some major players included in the global wearable technology market report are:
- Alphabet Inc.
- Sony Corporation
- Huawei Device Co., Ltd
- Apple Inc.
- Xiaomi Inc.
- Nike Inc.
- Runtastic GmbH (Adidas)
- Fitbit, Inc. (Google)
- Garmin Ltd
- On 30 September 2022, Fitbit expanded its smartwatch product portfolio and launched Fitbit Versa 4, Fitbit Sense 2 fitness watches, and the Fitbit Inspire 4 fitness tracker with improved design and better performance
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Some Key Highlights From the Report
- The wristwear segment is expected to account for largest revenue share over the forecast period. This can be attributed to decreasing cost of smart wristwear devices such as smartwatches, fitness trackers. In addition, rising demand for preventive healthcare among consumers is expected to increase sales and drive revenue growth of the segment.
- The sensor technology segment revenue accounted for largest revenue share in 2022. This can be attributed rising demand for sensors in various wearable devices. In addition, rising health awareness among consumers had led to rise in sales for smart wearable devices for tracking health vitals.
- The healthcare segment revenue is expected to register significantly rapid revenue CAGR in the global wearable technology market over the forecast period. Increasing chronic devices and rising demand for home healthcare services has led to rise in demand for wearable devices in healthcare are factors driving revenue growth of the segment.
- The market in North America is expected to register largest revenue share over the forecast period. Revenue growth of the wearable device market in the U.S. is driven by advancements in technology and increasing focus on health and fitness. New and innovative products and rising interest in using wearable technology to improve health and fitness are other major factors driving revenue growth of the market in the region.
- On 10 December 2020, Huawei announced a brand new Health Lab in the city of Xian in China. The Health Lab facilitates innovation and provides a scope for researchers, engineers, and developers from Huawei to explore and innovate emerging technologies related to smart wearables in sports and health.
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Emergen Research has segmented the global wearable technology market on the basis of product, technology, application, and region:
- Product Outlook (Revenue, USD Billion; 2019-2032)
- Technology Outlook (Revenue, USD Billion; 2019-2032)
- Computing Technology
- Display Technology
- Network Technology
- Sensor Technology
- Application Outlook (Revenue, USD Billion; 2019-2032)
- Consumer Electronics
- Enterprise & Industrial
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- North America
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