Wearable Technology Market size is forecast to reach $57.49 billion by 2025, after growing at a CAGR of 9.9% during 2020-2025. The increasing demand for wearable devices for various applications such as medical, infotainment, fitness tracking, and so on is the major reason for the growth of the Wearable Technology industry. In addition, the rising use of smartwatch phones, wearable electronics such as smart clothing, smart jewelry and so on are also driving the need for wearable devices enhancing the market growth. Moreover, the integration of electronics to the daily activities and changing lifestyle are also anticipated to propel the wearable technology market during the forecast period.
Product Type – Segment Analysis
The wrist-wear product segment holds the largest share in the wearable technology market in 2019. Wrist wearables are commonly used these days due to the increasing need for a fitness tracking system. This is basically a computerized watch that is designed with features such as making calls, browsing the internet and tracking the information about the user’s health. The wearable electronics products such as smart clothes, fitness trackers, smart jewelry and so on are integrated with operating systems that can be used with multiple devices and also offers sophisticated analyses with the help of in-built technological capabilities. Thus, the rising usage of smart watch phones and wristbands as a style statement is also leading to propel the wearable technology market.
Application – Segment Analysis
The most significant application of wearable technology is fitness and wellness. As the lifestyle of the consumers is changing which has required the need for products that could easily provide information about their health. The wearable technology such as fitness bands, smart clothing, smart health watches and so on are widely getting traction and is enhancing the fitness and wellness application segment. Moreover, the increasing number of consumers are majorly preferring to use smart health watches and bands for maintaining their fitness which is boosting the wearable technology market. Thus, the fitness and wellness segment is projected to grow at a CAGR of 10.15% during the forecast period.
Additionally, healthcare segment is also propelling the wearable technology market, owing to the rising need for smart clothing for enhancing the healthcare practices. The increasing adoption of smart clothing for monitoring the health and promoting a healthy lifestyle is further creating opportunities for the wearable technology market.
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Geography – Segment Analysis
North America highly dominates the wearable technology market with a share of more than 38%, followed by APAC and Europe. The advancement in smart gadgets and the growing need for more sophisticated wearable technologies and the low cost of smart wireless sensor networks is leading to the growth of this wearable technology market in this region. The continuous improvement in the design and functionality of smartwatches is further driving the usage of smartwatches in the US. Moreover, it is also estimated that the percentage of smartwatch users in the U.S among the adults has crossed 10% in 2019. Furthermore, it is predicted that about 31.5 million Americans between the age group of 18 to 55 will be using smartwatches by next year which will drive the wearable technology market in North America. Additionally, the new launch by Tech giant Apple Inc. that is the launching smart ring to control an iPhone will also further fuel the growth of the wearable technology market in North America.
Drivers – Wearable Technology Market
The rising demand of the customers to take control of their health is highly influencing the use of wearable technology in healthcare. The development of wearable devices such as fitness trackers, smartwatches, smart clothing and so on are highly driving wearable technology in the healthcare industry. As the recent wearable technology is equipped with advanced features that monitor the health-related problems and make the diagnostic process more convenient for medical practitioners is highly leading to the need for advanced wearable technology. Moreover, the introduction of wearable ECG monitors are also gaining huge traction in the healthcare sector which is driving the wearable technology market
The increasing deployment of connectivity and digitalization has raised the need for wireless devices. This deployment has led to the need for wireless fitness and sport devices such as fitness trackers and smartwatches. Also, the technological development has led to the introduction of Bluetooth smart watch with in-built features, which can be connected easily to the mobile devices. This advanced Bluetooth smart watches are highly portable which can provide information at any point of time and is also becoming a center of attraction to the customers which is further propelling the wearable technology market. Additionally, the introduction of Apple Watch Series 5 offering user-friendly, feature-packed, reliable, and customizable is increasingly driving the wearable technology market. As the majority of the adults between the age group 18-55 are widely preferring to wear smartwatches as a style statement which is leading to drive the wearable technologies market.
The technological advancement in garment manufacturing is also enhancing the wearable technology market. The garment manufacturers are integrating advanced electronics in the clothes and leading to the introduction of smart clothing which is influencing the medical industry. The smart clothing is becoming popular among the customers as it is allowing the customers to change the color of their clothes as per their preference. Additionally, the top brands such as Nike and Adidas are investing huge amounts in the development of T-shirts equipped with sensors for tracking health-related entities such as calories, heart rate and so on. The increasing awareness towards fitness catalyzed by numerous marathons and fitness events are impelling the growth in the global wearable technology market
Challenges – Wearable Technology Market
Wearable Technology is rapidly growing at a faster pace, but the major challenge that is affecting this technology is the need for safety, security, and privacy of the customer’s information. As the wearable devices are equipped with lithium batteries and are attached close to the body which can lead to the potential risk to the customer. Furthermore, the security and privacy of the user are also hindered due to the rising risk from hackers, who can manipulate the data. The security and privacy are also a common factor that is causing a threat to the use of wearable technology, as it also leading to a lack of end-to-end encryption of information, insecure communication and also forming cyber-related vulnerabilities.
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Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the wearable technology market. In 2019, the market of wearable technology has been consolidated by the top ten players – Adidas Ag, Apple Inc., Fitbit Inc., Garmin Ltd., Google Inc., Jawbone, Nike, Inc., Samsung Electronics Co Ltd and Sony Corp.