Wearable Technology Market to Hit $186.14 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, Nov. 28, 2022 /PRNewswire/ -- The global wearable technology market size is expected to reach USD 186.14 billion by 2030, growing at a CAGR of 14.9% over the forecast period, according to a new report by Grand View Research, Inc. Wearable technology is gaining importance among consumers owing to its diverse applications in the industrial sector, healthcare, and consumer electronics among others. Rapid development in technologies, such as Radio Frequency Identification (RFID) and GPS for location tracking and tracking health, is anticipated to support the industry's growth during the forecast years. For instance, in June 2021, Garmin Ltd. launched its new smartwatch, Forerunner 55. The watch is equipped with GPS technology, allowing users to track their distance, time, pace, speed, and heart rate information.

Key Industry Insights & Findings from the report:

• The eyewear & head-wear segment is expected to register the second-fastest growth rate from 2022 to 2030. The increasing adoption of AR/VR headsets in the healthcare and multimedia industries and the growing adoption of smart hats support the segment growth.
• North America held the highest share of the global revenue due to the increased focus on health and fitness amid the pandemic and the easy availability & adoption of technology among consumers across the region.
• Consumers buying smart wearables, such as smartwatches, smart footwear, etc., are majorly intended to use their devices for health and fitness monitoring. According to the WHO, chronic disease incidence was expected to rise by 73% by 2020.
• The consumer electronics segment led the market in 2021. Many applications are available for consumer electronics, including entertainment, recreation, and communication. Consumers are increasingly seeking wearable consumer electronics, so industry players are developing devices that keep track of a person's working hours.
• In addition, the rise of connected devices and machine-to-machine communication is expected to support the industry's growth.
• Several companies are focused on launching the latest wearable technology products like smart helmets, smart glasses, smart rings, and more in the market. Furthermore, they are engaged in partnerships, mergers & acquisitions to improve their wearable technology.

Read 142 page full market research report for more latest insights, "Wearable Technology Market Size, Share & Trends Analysis Report By Product (Eye-Wear & Head-Wear, Wrist-Wear), By Application (Consumer Electronics, Healthcare), By Region (EU, APAC), And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Wearable Technology Market Growth & Trends

Wearable devices are synced with smartphones, which aids users in attending calls & messages without taking out their smartphones. Also, in-store merchandising, and ease of payment with wearables devices, are major aspects anticipated to attract consumers, thereby boosting the demand for smart wearables. The industry growth is accompanied by an increase in awareness about health and fitness among individuals. In addition, the approach of many companies toward introducing new smartwatches with new features that help the user track their health and share the data with doctors on a real-time basis is expected to boost the industry growth positively. For instance, in May 2022, Huawei Technologies Group Co. Ltd. launched Watch GT 3 Pro, which has a built-in GPS,health monitoring system, independent calling, and heart rate monitoring.

This launch is expected to help the company attract new customers and strengthen its position in the industry. Increasing health issues since the pandemic are expected to drive smartwatch adoption. These smartwatches include heart rate & skin temperature monitoring, pulse oximeters, and more that can help recognize coronavirus symptoms in users. According to studies from medical and academic institutions, such as Mount Sinai Health System in New York and Stanford University in California, smartwatches, such as Garmin Ltd, Fitbit, and Apple Inc., can determine whether a person is infected with COVID -19 even before they are symptomatic.

The adoption of smartwatches to track health-related issues, such as COVID-19 symptoms, oxygen levels, and blood pressure levels, is increasing. Most wearable devices store information about individual health, behavior, and daily activities on a communication service provider's server or a third-party vendor, which paves the way for data breaches, a significant factor expected to hamper the growth of the target market. For instance, the data of Apple, Inc. and Fitbit users was leaked online in 2021 as a result of an insecure database containing 61 million records. Data breaches are a significant issue as these attacks compromise users' privacy, which is expected.

Wearable Technology Market Segmentation

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

Wearable Technology Market - Product Outlook (Revenue, USD Million, 2018 - 2030)

• Wrist-Wear
• Eyewear & Headwear
• Footwear
• Neckwear
• Body-Wear
• Others

Wearable Technology Market - Application Outlook (Revenue, USD Million, 2018 - 2030)

• Consumer Electronics
• Healthcare
• Enterprise & Industrial Applications
• Others

Wearable Technology Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific
• Latin America
• Brazil
• Mexico
• Rest of Latin America
• Middle East & Africa

List of Key Players of Wearable Technology Market

• AlphabetC Inc.
• Samsung Electronics Co., Ltd.
• Sony Corp.
• Huawei Technologies Group Co., Ltd.
• Apple Inc.
• Xiaomi Corp.
• Adidas AG
• Nike, Inc.
• Fitbit, Inc.
• Garmin Ltd.

Check out more related studies published by Grand View Research:

• Enterprise Wearable Market - The global enterprise wearable market is expected to reach USD 22.3 billion by 2025, according to a new study conducted by Grand View Research, Inc. The high demand for enterprise wearable devices in the Asia Pacific region is anticipated to drive industry growth over the next decade. The aging population and rising chronic diseases, such as coronary heart diseases and diabetes, in countries such as China, India, and Japan would drive the demand for wearable technology in the region.
• Wearable Payments Devices Market - The global wearable payments devices market size is expected to reach USD 80.39 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 29.8% from 2021 to 2028. Over time, payment systems have adapted to suit the needs of customers, such as increased convenience and reduced time while making payments. The growing popularity of contactless payment technology, coupled with the increasing adoption of wearable devices, such as smartwatches for contactless payments, is expected to fuel the market growth over the forecast period.
• Sports Technology Market - The global sports technology market size is estimated to reach USD 55.14 billion by 2030, registering a CAGR of 19.6% from 2022 to 2030, according to a new report by Grand View Research, Inc. In recent years, professional sports organizations have been using new technologies like smart stadiums, sports data analytics, wearable gadgets, and digital signage to engage spectators, improve team performance, and create smart infrastructures. The increase in the number of sporting events worldwide has made smart stadiums one of the most important global trends.

Browse through Grand View Research's  Next Generation Technologies Industry Research Reports.

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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