NEW YORK, United States, Sept. 21, 2022 (GLOBE NEWSWIRE) — “Wearable Technology Market Research Report Information by Product, Technology, Component, Application and Region,” according to a comprehensive research report by Market Research Futures (MRFR). – Projected to reach USD 410.2 billion by 2030, at a CAGR of 31.20%.
Wearable technology market analysis
Rise in Chronic Diseases to Boost Market Growth
Increasing prevalence of chronic diseases and obesity will boost the market growth over the forecast period. This is driving the proliferation of wearable products such as activity trackers and body monitors that provide real-time data on the user’s general health. Along with physiological data such as heart rate, blood pressure, blood oxygen levels, cholesterol levels, and calories burned, these wearables provide information about daily activities.
|Market size in 2030||US$410.2 billion|
|Main market opportunity||Rise of niche markets, decrease in competitors|
|key market drivers|| growing in popularity among the public,|
Increased demand for smartphones.
Get a Free Sample PDF Brochure:
Wearable Technology Market Opportunity
Rising Internet Penetration Offers Strong Opportunities
Rising internet penetration coupled with high adoption of smart wearables offers a strong opportunity for the market over the forecast period.
Battery Life Limits Acting as Market Constraints
Limited battery life and unaddressed regulatory issues, as well as vulnerabilities in healthcare information, may constrain the market during the evaluation period.
High Need for Brightness Acting as a Market Challenge
High need for brightness and high power consumption are likely to challenge the market during the forecast period.
Wearable technology market segmentation
The global wearable technology market is bifurcated based on applications, components, technologies, and products.
By product, wristwear will lead the market during the forecast period.
By technology, the wearable technology market is segmented into network sensors, displays, and computing.
By component, the wearable technology market is segmented into connectivity, sensing, battery, memory, and control.
By application, consumer electronics will dominate the market over the forecast period.
Read our in-depth market research report on the wearable technology market (page 100).
The COVID-19 epidemic in the first half of 2020 undermined the market growth forecast. Manufacturing facilities have been temporarily closed as a result of global lockdown restrictions imposed by various governments. However, the market will expand in the second half of 2020 as interest in one’s own health increases. This trend is likely to continue during the forecast period. As a result of the pandemic, the prevalence of wearable technology and devices in the current healthcare industry is growing.
APAC Leads Wearable Tech Market
A key manufacturing hub is the APAC area. Countries such as China and India have large-scale manufacturing facilities in various industrial sectors (appliances, automobile manufacturing, heavy goods, etc.). This opens up myriad opportunities for enterprise and industrial applications of wearable technology to grow at the fastest rate in the industry. The main factors for APAC to gain the largest market share are his rising per capita income in developing countries, high population density in many countries in the region, and consumer demand provided by manufacturers in India and China. low cost of wearable devices for Also, countries such as Japan, China, Singapore and Australia have proven to be digitally mature markets. Sony Corp. (Japan), Samsung Corp. (South Korea), Panasonic Corp. (Japan), and LG Electronics are his among the region’s leading consumer electronics manufacturers (South Korea).
Ask for discount:
The Asia-Pacific wearable technology market is projected to grow positively owing to rising purchasing power, growing tech-savvy population, and presence of numerous major market players in the region. Some industry companies are also expected to relocate their manufacturing operations to the Asia-Pacific region due to lower operating and labor costs. Moreover, increasing urban population in the region is likely to boost the adoption of wearable technology, facilitating the expansion of the market. Due to changes in lifestyle, increasing demand for wearable medical devices, and regional reputation for sports and fitness, the wearable devices market in Asia-Pacific is projected to develop at the highest CAGR and is projected to dominate the industry in the future. . Given that both of these countries are the most populous on the planet, China and India will account for the largest share of growth in the rest of the Asia-Pacific region. Adoption across consumer electronics is likely to accelerate as the technology becomes cheaper and more affordable.
North America Sees Significant Growth in Wearable Tech Market
In 2020, North America dominated over 34.7% of global revenue. The region is home to many technology companies such as Apple Inc., Garmin Ltd. and Alphabet, as well as a large community of Internet users. Additionally, many industry players are taking steps to improve their business processes and expand their geographic reach. For example, Xiaomi Corporation announced his entry into the North American market in May 2017. During the forecast period, this is expected to benefit the wearable technology market. A region of the world known for its technological advancement is North America. The use of state-of-the-art technology has increased the need for sophisticated multi-purpose equipment. The market in this segment is primarily driven by rising disposable income and high adoption of the latest wearable technologies. Additionally, the presence of big name companies such as Apple, Garmin, and Fitbit are driving the growth of the wearable technology sector in the region. Due to the early adoption of this technology and the fact that the region serves as a global hub for innovation, North America now dominates the wearable device market and will be an attractive prospect from 2021 to 2028. It is projected to grow at a rapid rate. Knowledge is a further growth factor.
ask an expert:
Key Players in Wearable Technology Market
Prominent industry players profiled in the Global Wearable Technology Market report include
- Misfit Inc. (US)
- Lifesense Group (Netherlands)
- Nike Inc. (USA)
- Qualcomm Technologies Inc. (United States)
- Sony Corporation (Japan)
- Samsung Electronics Co Ltd (Korea)
- Jawbone (US)
- Fitbit (US)
- Garmin Ltd (USA)
- Google Inc. (United States)
- Apple Inc. (USA)
- Xiaomi Inc (China)
- Adidas AG (Germany)
Wearable Cardiac Monitoring Devices Market Research Report, By Product, Type, Application, End User – Global Forecast To 2027
Wearable Sensor Market: Information by Type, Application and End User – Forecast to 2030
Wearable Tracking Devices Market Share by Type, Application, Sales Channel and End User, Insights and Growth Analysis – Forecast to 2027
Americas Wearable Medical Devices Market By Type, By Application And By End User – Forecast To 2027
On the future of market research:
Market Research Future (MRFR) is a global market research firm that prides itself on providing complete and accurate analysis of diverse markets and consumers around the world. Market Research Futures has the express purpose of providing optimal quality research and in-depth research to its clients. Our market research studies of products, services, technologies, applications, end-users and market players in global, regional and country-level market segments enable our clients to see more, know more and do more. to help answer your most important questions. question.
follow us: LinkedIn | Twitter