The Global Wearable Computing Market size is expected to reach $238.2 billion by 2030, rising at a market growth of 19.6% CAGR during the forecast period.
Wearable gaming technology has propelled expansion to new heights in gaming industry. The technology gives consumers the ideal gaming experience therefore, the consumer segment would generate approximately 50% share of the market by 2030. As a result, the use of wearable gaming technology by consumers is the completely immersive experience produced by virtual and augmented reality.
The major strategies followed by the market participants are Product Launches as the key developmental strategy to keep pace with the changing demands of end users. For instance, In July, 2023, Garmin Ltd. introduced Epix Pro and Fenix 7 Pro smartwatches. The Fenix 7 Pro features a steel bezel polymer case and has a battery life of up to 37 days while the Epix Pro features a body made up of titanium and sapphire and has a battery life of up to 31 days. Moreover, In April, 2023, Xiaomi Corporation unveiled Mi Band 8 fitness tracker. The Mi Band 8 features a pill-shaped body design and is pairable with Android 6.0 devices.
Based on the Analysis presented in the KBV Cardinal matrix; Apple, Inc. is the forerunner in the Market. In June, 2023, Apple, Inc. announced the launch of Apple Vision Pro, a computer used for blending the physical world with digital content. The product features visionOS spatial operating system and HD display with 23 million pixels. Companies such as Samsung Electronics Co., Ltd., Google LLC, Sony Corporation are some of the key innovators in the Market.
The rising need for fitness & health monitoring devices is fuelling the market's revenue growth. There has been a noticeable change in recent years toward stressing personal health & well-being, leading people to search for cutting-edge technologies to monitor and improve their fitness and overall well-being. The most popular solutions for meeting these needs now include fitness trackers, smartwatches, and other wearable devices. An important factor affecting the rise in demand for fitness & health monitoring devices is the public's increasing awareness of the benefits of leading an active and healthy lifestyle. The impact of daily activities on one's physical and mental well-being is becoming increasingly widely recognized. By encouraging a sense of accountability, motivation, and community, these elements enhance fitness & health monitoring, further influencing the market's growth.
Increasing productivity, wearable computers free up users' hands. The user is able to utilize both hands while concurrently operating the gadget, eliminating the need to open a laptop or use a cell phone. In professional environments where duties frequently call for both hands and undivided attention, like in computer programming and graphic design, this can be incredibly helpful. Furthermore, compared to using a conventional gadget, the user's arms may frequently reach objects that are farther away with greater ease. In essence, wearable computers boost user convenience by making information accessible instantly whenever needed. This benefit of wearable computing is raising their adoption and thus is estimated to result in the growth of the market.
Wearables commonly gather information on a person's health and behaviour, which raises concerns regarding security and privacy. If consumers are uncertain about the security of their private information, they can be hesitant to adopt wearable technology. Sensitive personal data may be compromised if hackers or unauthorized users access wearable technology or the apps that go with it. Devices may be vulnerable to these attacks if their authentication processes are weak, or their encryption is inadequate. These issues will hamper the market's expansion with wearable computing.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Product Launches and Product Expansions.
On the basis of connectivity, the market is fragmented into Bluetooth, Wi-Fi, 4G/5G, and others. In 2022, the Bluetooth segment witnessed the largest revenue share in the market. When wearables and smartphones are connected via Bluetooth, services like notifications, music control, call management, and data syncing are made possible. Wearable technology can be utilized to extend the capabilities and user experience of smartphones. Additionally, wearables can serve as IoT device hubs thanks to Bluetooth connectivity. IoT devices can be controlled and monitored by users, such as smartwatches managing smart home equipment or fitness trackers coordinating with IoT-enabled medical equipment.
By application, the wearable computing is segmented into consumer, and non-consumer. The non-consumer segment acquired a substantial revenue share in the market in 2022. Wearable technology is being used in industrial settings to increase worker efficiency, productivity, and safety. Smart glasses and similar gadgets can offer hands-free access to knowledge, training, and instructions, minimizing errors and speeding up operations. In several businesses, wearables can improve safety and security. Wearable technology, for instance, can monitor a worker's surroundings for potentially dangerous situations and immediately alert them to them.
Based on product type, the market is classified into smart watches, smart jewelry, fitness trackers, body-worn cameras, head mount displays, and others. In 2022, the fitness trackers segment held the highest revenue share in the market. Consumer awareness of the value of measuring fitness & physical activity has grown as the emphasis on health and wellbeing has expanded. The demand for fitness trackers is rising as people look for ways to monitor and manage their health. From simple step counters to more complex gadgets with extra functionality, fitness trackers have undergone an evolution. These features could include guided workouts, sleep analysis, GPS tracking, stress monitoring, blood oxygen level testing, and heart rate monitoring. By including such functionalities, fitness trackers' usefulness, and value proposition are improved.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 57.4 Billion |
| Market size forecast in 2030 | USD 238.2 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 19.6% from 2023 to 2030 |
| Number of Pages | 286 |
| Number of Table | 382 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Market Share Analysis, Companies Strategic Developments, Company Profiling |
| Segments covered | Product Type, Connectivity, Application, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region wise, the market is analysed across North America, Europe, Asia Pacific and LAMEA. The North America region led the market by generating the highest revenue share in 2022. A center for technical development and wearable computing innovation has been North America, notably the United States. The development and widespread use of wearable technology like Fitbit and smartwatches such as Apple Watch for tracking one's health and way of life is fueled by the region's strong presence of major market players. Additionally, wearable technology has been embraced by the North American healthcare sector for remote patient monitoring, managing chronic diseases, and enhancing patient outcomes. The focus on telehealth in the region and the rising use of wearable fitness trackers and smartwatches support market expansion.
Free Valuable Insights: Global Wearable Computing Market size to reach USD 238.2 Billion by 2030
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include Apple, Inc., Fossil Group, Inc., Garmin Ltd., Google LLC (Alphabet Inc.), Nike, Inc., Samsung Electronics Co., Ltd. (Samsung Group), Sony Corporation, Sensoria Health Inc, Huawei Technologies Co., Ltd., and Xiaomi Corporation.
By Product Type
By Application
By Connectivity
By Geography
The Market size is projected to reach USD 238.2 billion by 2030.
Rising demand for health & fitness monitoring devices are driving the Market in coming years, however, Data Privacy and Security Issues restraints the growth of the Market.
Apple, Inc., Fossil Group, Inc., Garmin Ltd., Google LLC (Alphabet Inc.), Nike, Inc., Samsung Electronics Co., Ltd. (Samsung Group), Sony Corporation, Sensoria Health Inc, Huawei Technologies Co., Ltd., and Xiaomi Corporation.
The expected CAGR of this Market is 19.6% from 2023 to 2030.
The Consumer segment is leading the segment in the Market by Application in 2022; thereby, achieving a market value of $139.6 billion by 2030.
The North America region dominated the Market by Region in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $92.7 billion by 2030.
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