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Wearable Technology Market worth $152.82 billion by 2029 - Exclusive Report by MarketsandMarkets™


News provided by

MarketsandMarkets

29 Oct, 2024, 14:01 GMT

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DELRAY BEACH, Fla., Oct. 29, 2024 /PRNewswire/ -- The global wearable technology market is expected to be valued at USD 70.30 billion in 2024 and is projected to reach USD 152.82 billion by 2029; it is expected to grow at a CAGR of 16.8% from 2024 to 2029 according to a new report by MarketsandMarkets™. Demand for wearables that integrate all computing requirements in one compact device will fuel the market growth. Adoption of wearables in multiple applications. Data-driven performance optimization in sports through real-time monitoring of athlete metrics is pushing the adoption of wearable technology. Growing integration of AR/VR and affordable designs is providing opportunities for wearable technology market growth.

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Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=983

Browse in-depth TOC on "Wearable Technology Market" 
210 – Tables
220 – Figures
315 – Pages

Wearable Technology Market Report Scope:

Report Coverage

Details

Market Revenue in 2024

$ 70.30 billion

Estimated Value by 2029

$ 152.82 billion

Growth Rate

Poised to grow at a CAGR of 16.8%

Market Size Available for

2020–2029

Forecast Period

2024–2029

Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Product, Operation, Type and Region

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Key Market Challenge

Unaddressed regulatory issues and vulnerability of healthcare information

Key Market Opportunities

Adoption of wearables in multiple applications

Key Market Drivers

Rising popularity of IoT and connected devices to accelerate the wearable technology market growth


Consumer electronics application to hold the highest market share during the forecast period.

Consumer wearables include wearable devices for different applications, ranging from entertainment and multimedia to garments and fashion. The reason behind the growth of the market is accelerated by growing consumer interest in tracking fitness-related activities. Moreover, tremendous growth of low-cost consumer wearable devices, due to downsized multifunctional ICs and sensor technology, is driving its adoption. Because the sensors are small in size and have advanced integration technologies, they can be fitted in a variety of accessories such as wristbands, wristwatches, eyeglasses, clothing, caps, socks, shoes, headphones, and smartphones. For instance, in November 2023, British Roboticist Dr. Zeke Steer developed Smart Socks, which he had intended to aid patients who suffer from dementia. Symptoms of dementia include anxiety and aggression. The smart socks were tested successfully in UK care homes. These sensor-enabled socks were monitoring the movements of the body of the wearer, heart rate, and sweat of the person. Milbotix, a start-up founded by Steer, raised over USD 723k to take the product to global markets.

By Operation, AI-based segment is projected to grow at a high CAGR of wearable technology market during the forecast period.

AI-based wearable operations are likely to maintain the highest CAGR in the wearable technology market, because these technologies bring advanced and revolutionary capabilities to offer personal experiences. Using AI, devices will not only enable the user for real-time insights into health, but also predictiveness, respond to the patient's behavior patterns, biometric monitoring capabilities that become more accurate and sophisticated personal assistance, or automated health anomalies identification. Integration of AI into devices also increases the efficiency of the device, prolongs battery life, and enables natural language processing to make better user interactions. Moreover, the AI algorithms learn based on the data taken from users over a long period of time, thereby making devices progressively smarter, more personalized, and more penetrating in the marketplace that fuels strong growth within the market and among consumers.

Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=983

Asia Pacific will account for the highest CAGR during the forecast period.

Wearable technology industry in the Asia Pacific region continues to grow strongly with several factors. Higher smartphone penetration and greater internet access enable higher adoption of wearables. Health awareness and an ageing population drive up demand for fitness trackers and health-monitoring wearables. Further, miniaturization of devices and enhancements in battery life make it more user-friendly and appealing. The tech-friendly young population is adopting smartwatches and other wearables just as an accessory for fashion. The government focus on smart cities and digital health is also creating a supportive environment to permit growth in the market. A substantial percentage of manufacturing bases are present in countries like China and South Korea to produce cost-effective products and create innovative designs in wearable technology.

Key Players

Key companies operating in the wearable technology companies Apple Inc. (US), Garmin Ltd. (US), SAMSUMG (South Korea), Sony Group Corporation (Japan), Huawei Technologies Co., Ltd. (China), LG Electronics. (South Korea), Alphabet Inc. (US), Microsoft (US), Lenovo (Hong Kong), Meta (US), Amazon.com, Inc (US), Xiaomi (China), OPPO (China), and Imagine Marketing Limited (India) among others.

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=983

Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting

Related Reports: 

AI Chip Market Size, Share & Industry Trends Growth Analysis Report by Offerings (GPU, CPU, FPGA, NPU, TPU, Trainium, Inferentia, T-head, Athena ASIC, MTIA, LPU, Memory (DRAM (HBM, DDR)), Network (NIC/Network Adapters, Interconnects)), Function (Training, Inference) & Region – Global Forecast to 2029

Wearable Sensors Market Size, Share, Statistics and Industry Growth Analysis Report by Type (Accelerometers, Pressure & force sensors, Gyroscopes, Medical based sensors), Application (Wristwear, Eye-wear, Footwear, Neckwear, Bodywear), Vertical and Region - Global Forecast to 2028

Augmented and Virtual Reality Market by Enterprise, Technology (Augmented Reality, Virtual Reality), Offering (Hardware, Software), Device Type (HMDs, HUDs, Gesture Tracking Devices), Application and Region - Global Forecast to 2029

Augmented Reality (AR) Market Size, Share & Industry Growth Analysis Report by Product by Device Type (Head-mounted Display, Head-up Display), Offering (Hardware, Software), Application (Consumer, Commercial, Healthcare), Technology, and Geography - Global Forecast to 2026

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact: 
Mr. Rohan Salgarkar

MarketsandMarkets™ INC.
1615 South Congress Ave.
Suite 103, Delray Beach, FL 33445
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Web Site: https://www.marketsandmarkets.com/
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/wearable-electronics-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/wearable-electronics.asp

Logo: https://mma.prnewswire.com/media/1951202/4609423/MarketsandMarkets.jpg 

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