NEW YORK, United States, 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, Component, Application and Region- Forecast to 2030”, reaching $410.2 to 2030, with a CAGR of 31.20%.
Wearable Technology Market Analysis
Rise in Chronic Diseases to Boost Market Growth
Growing prevalence of chronic diseases and obesity will boost market growth over the forecast period. This has contributed to the proliferation of wearable products that provide real-time data on a user’s general well-being, such as activity trackers and body monitors. In addition to physiological data such as heart rate, blood pressure, blood oxygen levels, cholesterol levels, and calories burned, these wearables provide information about daily activities.
Report Scope:
| reporting metrics | detail |
| Market size in 2030 | $410.2 billion |
| compound annual growth rate | 31.20% (2022-2030) |
| Key Market Opportunities | The rise of a niche market, the reduction in the number of competitors |
| Key market drivers | more and more popular among the crowd, Increased demand for smartphones. |
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Wearable Technology Market Opportunities
Rising Internet Penetration Offers Powerful Opportunities
Rising internet penetration and high adoption of smart wearables will provide strong opportunities for the market during the forecast period.
constraint
Limited battery life as a market constraint
Limited battery life and unresolved regulatory issues and fragility of healthcare information may act as market constraints during the evaluation period.
challenge
High demand for brightness becomes a market challenge
High demand for brightness and high power consumption is likely to be a market challenge during the forecast period.
Wearable Technology Market Segmentation
The global wearable technology market is divided into two segments based on application, component, technology, and product.
By product, wristbands 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.
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COVID-19 Analysis
The COVID-19 pandemic in the first half of 2020 hurt market growth forecasts. Manufacturing facilities were briefly closed due to global lockdown restrictions imposed by governments. However, the market expanded in the second half of 2020 as concerns about their own health increased. This trend is likely to continue over the forecast period as well. The current popularity of wearable technology and devices in the healthcare industry has expanded due to the pandemic.
Regional Analysis
Asia Pacific leads the wearable technology market
An important manufacturing hub is the Asia Pacific region. Countries such as China and India have large manufacturing facilities in various industrial sectors, including consumer electronics, automotive manufacturing, and heavy materials. This presents countless opportunities for enterprise and industrial applications of wearable technology to grow at the fastest rate in the industry. The major factors leading to Asia Pacific holding the largest market share are the growing per capita income in developing countries, high population density in many countries in the region, and low-cost wearable devices offered to consumers by manufacturers in India and China, as well as in Japan, China, Singapore, and Countries such as Australia, which have proven to be digitally mature markets. Sony Corporation (Japan), Samsung Corporation. (South Korea) Panasonic Corporation (Japan) and LG Electronics are the leading consumer electronics manufacturers in the region (South Korea).
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The wearable technology market in Asia Pacific is expected to grow in a positive manner owing to increasing purchasing power, rising tech-savvy population, and the presence of numerous key market players in the region. Some industrial companies are also expected to shift their manufacturing operations to the Asia-Pacific region due to cheap operating and labor costs. Furthermore, the growing urban population in the region is likely to encourage the adoption of wearable technology, thereby propelling market expansion. The Asia-Pacific wearables market is expected to grow at the highest CAGR and is expected to dominate the industry in the future owing to changing lifestyles, increasing demand for wearable medical devices, and the region’s reputation for sports and fitness. Given that both countries have the largest populations on the planet, China and India will account for the largest portion of growth in the rest of the Asia-Pacific region. Additionally, wearable technology is available at low and affordable prices in China and India, which could accelerate the adoption of consumer electronics as a whole.
North American wearable technology market to grow significantly
In 2020, North America accounted for more than 34.7% of global revenue. The region is home to many tech-related businesses, including 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 its entry into the North American market in May 2017. This is expected to benefit the wearable technology market during the forecast period. A region of the world known for its technological advancements is North America. The use of cutting-edge technology has increased the demand for sophisticated, multi-purpose equipment. The market in this segment is mainly driven by increasing disposable income and high adoption of the latest wearable technologies. In addition, the presence of well-known companies such as Apple, Garmin and Fitbit is contributing to the expansion of the wearable technology sector in the region. Due to the early adoption of the technology and the fact that the region acts as a global technological innovation hub, North America now dominates the wearables market and is expected to grow at an attractive 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
Prominent industry players profiled in the global wearable technology market report include:
- Mismatch Company (Us)
- Lifesense Group (Netherlands)
- Nike Inc. (USA)
- Qualcomm Technologies (USA)
- Sony Corporation (Japan)
- Samsung Electronics Co., Ltd. (South Korea)
- Jawbone (US)
- Fitbit (US)
- Garmin Ltd (USA)
- Google Inc. (US)
- Apple Inc. (US)
- Xiaomi Corporation (China)
- Adidas AG (Germany)
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