Wearable Technology Market to Gain Huge Traction During the Forecast Period 2022-2028

Posted on 2022-10-04 by researchinsights in Technology // 0 Comments

San Francisco, California , USA, Oct 04, 2022 — /EPR Network/ —

Wearable Technology Industry Overview

The global wearable technology market size was valued at USD 40.65 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 13.8% from 2021 to 2028.

The rising popularity of connected devices and the Internet of Things (IoT) and the rapid growth of the technologically literate population globally are anticipated to fuel the demand for wearable technology over the forecast timeframe. Furthermore, the rising prevalence of chronic diseases and obesity has contributed to the adoption of wearable products such as activity trackers and body monitors that provide real-time information on the user’s overall wellbeing. These wearable devices also offer information related to day-to-day events and physiological data such as quality of sleep, heart rate, blood oxygen level, blood pressure, cholesterol level, and calories burnt.

Gather more insights about the market drivers, restrains and growth of the Global Wearable Technology market

In the first half of 2020, the COVID-19 pandemic dealt a blow to the growth prospects of the market. Manufacturing units were temporarily shut down due to the lockdown restrictions imposed by various governments globally. However, increasing health awareness among individuals supported market growth in the latter half of 2020; the trend is expected to remain strong during the forecast timeframe as well. The pandemic has made wearable technologies and devices a more prominent part of today’s healthcare industry.

Additionally, the rising popularity of these devices among recreational fitness enthusiasts and professional athletes is anticipated to drive the demand for wellness and fitness products during the forecast timeframe. The market is also expected to benefit from growing awareness about the benefits of wearable electronics, an increase in smartphone penetration, and rising disposable incomes. R& D initiatives of several market players are likely to further contribute to the escalating growth prospects of the market. However, factors such as data privacy concerns, high initial cost, and low battery life could also pose a threat to market growth prospects during the forecast period.

The promising growth observed by the gaming segment is expected to support market growth over the forecast period. Gaming console manufacturers, including Microsoft and Nintendo, have recognized the potential of Augmented Reality (AR) in games and are introducing products featuring the technology. For instance, the game Human Pac-Man involves the use of specialized goggles and allows players to hunt other players in real life resembling characters from the game. An increase in the number of games using AR and Virtual Reality (VR) features is expected to drive the demand for specialized devices such as headsets, thereby supporting the market growth.

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Wearable Technology Market Segmentation

Grand View Research has segmented the global wearable technology market based on product, application, and region:

Wearable Technology Product Outlook (Revenue, USD Million, 2018 – 2028)

Wrist-Wear
Eye-Wear & Head-Wear
Foot-Wear
Neck-Wear
Body-Wear
Others

Wearable Technology Application Outlook (Revenue, USD Million, 2018 – 2028)

Consumer Electronics
Healthcare
Enterprise & Industrial Application
Others

Wearable Technology Regional Outlook (Revenue, USD Million, 2018 – 2028)

North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)

Key Companies profiled:

Some prominent players in the global Wearable Technology market include

Apple Inc.
FitBit Inc.
Sony Group Corporation
Garmin Ltd.
Samsung Electronics Co. Ltd.

Order a free sample PDF of the Wearable Technology Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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