Wearable Technology Market Projected to Hit USD 410.2 Billion at a 31.20% CAGR By 2030 - Report By Market Research Future (MRFR)
Wearable Technology Market Growth Drive by Increasing Prevalence of Chronic Diseases and technology innovations
New York, US, Sept. 21, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Wearable Technology Market Research Report Information By Product, Technology, Components, Applications and Region – Forecast to 2030”, to reach USD 410.2 billion at a 31.20% CAGR by 2030.
Wearable Technology Market Analysis
Increase in Chronic Diseases to Bolster Market Growth
The increasing prevalence of chronic diseases & obesity will boost market growth over the forecast period. This has aided in the uptake of wearable products that offer real-time data on a user's general welfare, such as activity trackers and body monitors. Along with physiological data like heart rate, blood pressure, blood oxygen level, cholesterol level, & calories burned, these wearables provide information about daily activities.
|Market Size in 2030||USD 410.2 Billion|
|Key Market Opportunities||The rise of niche markets, the presence of a fewer number of competitors|
|Key Market Drivers|| Increasing popularity among the population,|
The increase in demand for smartphones.
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Wearable Technology Market Opportunities
Rising Internet Penetration to offer Robust Opportunities
The rising internet penetration coupled with high adoption of smart wearables will offer robust opportunities for the market over the forecast period.
Limited Battery Life to act as Market Restraint
The limited battery life and unaddressed regulatory issues as well as vulnerability of healthcare information may act as market restraints in the assessment period.
High Need for Brightness to act as Market Challenge
The high need for brightness & high power consumption may act as market challenges over the forecast period.
Wearable Technology Market Segmentation
The global wearable technology market is bifurcated based on applications, components, technology, and product.
By product, wristwear will lead the market over the forecast period.
By technology, the wearable technology market is segmented into networking sensor, display, and computing.
By components, the wearable technology market is segmented into connectivity, sensing, battery, memory, and control.
By applications, consumer electronics will dominate the market over the forecast period.
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The COVID-19 epidemic during the first part of 2020 hurt market growth projections. Manufacturing facilities were briefly closed as a result of the worldwide lockdown restrictions imposed by various governments. However, as people's concerns about their own health increased, the market expanded in the second half of 2020. It is likely that the trend will persist during the projection period as well. The prevalence of wearable technologies and devices in the present healthcare industry has expanded as a result of the pandemic.
APAC to Head Wearable Technology Market
A significant manufacturing hub is the APAC area. Large manufacturing facilities are present in nations like China and India in a variety of industrial sectors (including consumer electronics, car manufacturing, and heavy materials, among others). This opens up innumerable chances for the enterprise and industrial applications of wearable technology to grow at the fastest rate in the industry. The major factors causing APAC to take the largest market share are the rise in per capita income in developing nations, the high population density in many of the region's countries, and the low cost of wearable devices for consumers offered by manufacturers in India and China as well as nations like Japan, China, Singapore and Australia, which are proving to be digitally mature markets. Sony Corp. (Japan), Samsung Corp. (South Korea), Panasonic Corp. (Japan), and LG Electronics are among the region's leading manufacturers of consumer electronics (South Korea).
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Due to rising purchasing power, a rising tech-savvy population, and the presence of numerous major market participants in the region, the wearable technology market in the Asia Pacific is predicted to grow in a positive manner. Due to cheap operating and labor costs, some industry firms are also anticipated to relocate their manufacturing operations to the Asia Pacific region. Additionally, it is likely that the region's growing urban population would encourage the adoption of wearable technology, fueling market expansion. Due to changing lifestyles, a rise in the demand for wearable medical devices, and the region's reputation for sports and fitness, the Asia Pacific wearable device market is predicted to develop at the highest CAGR and is projected to dominate the industry in the future. Given that both of these nations have the highest populations on earth, China and India would account for the largest portion of growth in the remainder of the Asia Pacific area. Additionally, wearable technology is offered at low and affordable prices in China and India, which could accelerate the adoption of consumer electronics as a whole.
North America to Have Significant Growth in Wearable Technology Market
In 2020, North America dominated with more than 34.7% of worldwide revenue. The area is home to many tech-related businesses, including Apple Inc., Garmin Ltd., and Alphabet, as well as a sizable community of internet users. Additionally, a number of industry participants are taking steps to improve their business processes and broaden their geographic reach. For instance, Xiaomi Corporation declared its entry into the North American market in May 2017. During the projected period, this is anticipated to benefit the market for wearable technology. The region of the world known for its technological advancement is North America. The use of cutting-edge technology has increased the need for sophisticated, multipurpose equipment. The market in this area is mostly driven by rising disposable income and a high adoption rate of the newest wearable technology. In addition, the presence of well-known companies like Apple, Garmin, and Fitbit is fostering the expansion of the wearable technology sector in the area. Due to early adoption of the technology and the fact that the region serves as a global hub for technological innovation, North America now controls the wearable device market and is predicted to grow at an appealing rate between 2021 and 2028. Growing health concerns and product usage knowledge are further growth factors.
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Wearable Technology Market Key Players
Eminent industry players profiled in the global wearable technology market report include,
- Misfit Inc. (US)
- Lifesense Group (The Netherlands)
- Nike Inc (US)
- Qualcomm Technologies Inc (US)
- Sony Corporation (Japan)
- Samsung Electronics Co Ltd (South Korea)
- Jawbone (US)
- Fitbit (US)
- Garmin Ltd (US)
- Google Inc (US)
- Apple Inc (US)
- Xiaomi Inc (China)
- Adidas AG (Germany)
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