Global Wearable Technology Market size is projected to be valued $58 Billion by 2024; with a CAGR of 15.7% from 2017 to 2025. Wearable technology comprises electronic devices that are capable of connecting with internet and exchanges data between network and device. These devices are designed to be worn on body as accessories or implant. Wearable technologies in applications cover a broad range including from health and exercise, to sports and maps. Furthermore, technological innovations in wearable devices would show future opportunities for the market.
Increasing popularity of connected devices and IoT, launch of advanced devices by major manufacturers, and increasing disposable income are the factors driving the growth of the global wearable technology market. Increasing health awareness and need for sophisticated devices also fuel the market growth. However, high cost of these devices may limit the adoption among end users. Additionally, increasing applications, and growing demand for multi-featured application of smartphone devices would create market opportunities in the coming years.
The key segments of the global wearable technology market include application and geography. Application segment comprises of healthcare and medical (monitors, wearable patches, drug delivery, continuous glucose monitor, and others), infotainment (smart glasses, smart watches, augmented reality headsets, and others), industrial and military (hand worn terminals, augmented reality headsets, and others), and fitness and wellness (activity monitors, smart clothing and smart sports glasses, sleep sensors, and others).
Based on geographical analysis, wearable technology market is classified into North America, Europe, Asia-Pacific, and Rest of the World (RoW). The U.S., Canada, and Mexico are covered under North America wherein Europe covers UK, Germany, France, Italy, and others. Asia-Pacific covers China, India, Japan, South Korea, and others. While, Rest of the world covers South America, Middle East, and Africa.
The players competing in this market include Alphabet, Inc., Garmin Ltd., Qualcomm Technologies, Inc., Xiaomi Technology Co. Ltd., Huawei Technologies Co., Ltd., Adidas AG, Fitbit, Inc., Apple Inc., Sony Corporation, and LifeSense Group B.V., among others.
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Scope of the Global Wearable Technology Market