the global wearable technology market is estimated at $113.2 billion in 2021 and reach 283.01 billion USD in 2027, registering a CAGR of 16.50% during the forecast period, 2021-2027. Wearable technology gadgets are electronic gadgets or technological devices that can be worn on the body as accessories or as part of an item of clothing. Wearable gadgets connect using sensors. The major contributors to the wearable technologies market are the growing popularity of smartphones, mobile networks, mobile applications, computing, broadband connectivity and others.
Wearable Technology Industry Dynamics
The Internet of Things (IoT) refers to the phenomenon in which not only computers are interconnected, but all kinds of devices with built-in computing capability. These include self-driving cars, drones, smart sensors connected to homes, and wearables. IoT technologies offer consumers a range of new devices and service options that make life and work easier. This is particularly relevant for the subset of wearable devices known as IoT technologies. The IoT also plays an important role in a wide range of healthcare applications, from chronic disease management to disease prevention.
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The availability of devices such as smartphones, tablets, and phablets is huge, among others. Consumers currently prefer a single compact device that could integrate all computing and monitoring requirements. This preference provides an opportunity to develop multi-function and hybrid handheld devices that provide users with convenience and integrate the functionality of many devices into one compact handheld device. The number of such devices is expected to increase in the coming years. With a steady transformation from the ordinary telephone system (POTS) to cellular gateways and mobile phones, cellular technologies have become a primary means of communication and data transmission. This factor should provide companies with a good opportunity to launch wearables connected to mobile devices, such as smartphones and tablets.
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The consumer electronics industry is a rapidly changing market. However, market players face severe price erosion because when new technology is developed, products with old technology become less important. Wearable technology has been helpful in the fight against COVID-19. Many wearable manufacturers have started adapting their products to help detect early signs of COVID-19. Some have also developed algorithms to measure cough and respiratory activity in general. This can provide useful data on the evolution of a patient’s condition for healthcare professionals and allows remote monitoring of less severely affected patients, reducing the pressure on hospitals.
Impact of COVID-19 on the Wearable Technology Industry Market
The report analyzes and includes specific detailed chapter on short term and long term impact of COVID-19 outbreak on each segment and region of “Global Wearable Technology Industry” and relevant government measures with norms latest to support the industry. It also highlights the current market landscape during the COVID outbreak, the impact of the virus on major companies, the expected demand timeline, industry supply chain, and other important factors. These factors will help you identify which businesses stand to benefit from this pandemic, as well as which ones will lose out.
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The report outlines the wearable technology industry study on the basis of product, technology, component, and application.
Based on product, the wearable technology industry is segmented into
- handheld camera
Based on technology, the wearable technology industry is segmented into
- To display
On the basis of components, the wearable technology industry is segmented into
Based on application, the wearable technology industry is segmented into
- Fitness and well-being
- Consumer electronics
- Health care
Wearable Technology Industry Market: Regional Outlook
Geographically, the wearable technology industry is segmented into North America, Asia-Pacific, Europe, South America, and Middle East and Africa (MEA). In 2020, North America accounted for the largest share of the overall market owing to the huge demand in the United States for wearable technology products and the wide awareness of wearable technologies. The United States holds the largest market share in North America, being a top market. It has been observed that due to factors such as higher health issues and product usage awareness, North America will dominate the market. The wearable technology industry is showing steady and substantial growth in Europe.
However, the Asia-Pacific wearable technology market is expected to show positive growth over the forecast period owing to factors such as increasing tech-savvy population and growing awareness. There is high smartphone penetration and increased internet mobility in Asia-Pacific countries such as China, India and others, following which the report reveals that these countries would show a sudden increase in wearable technology market over the forecast period.
Wearable Technology Industry: Competitive Landscape
The leading wearable technology manufacturers in the global market are Fitbit, Apple Inc., Xiaomi Technology Co.Ltd., Garmin Ltd. and Samsung Electronics Co. Ltd.
Other wearable technology manufacturers include Alphabet, LG Electronics, Qualcomm Technologies, Sony Corporation, Adidas Group, Jawbone, Inc., Misfit, Inc., Guangdong BBK Electronics Co., Ltd, GoNoise, and Lifesense Group BV.
- In December 2016, Fitbit, Inc. acquired the software division of Pebble Technology Corp. With this acquisition, the company is accelerating the expansion of its mobile application platform, which helps the company with additional features to further improve its mobile application.
- In September 2016, Apple, Inc. launched the Apple Watch Series 2, and the product has advanced features such as water resistance up to 50 meters, built-in Global Positioning System (GPS), screen bright and a dual-core process. This watch records the exact distance, pace and speed of outdoor workouts like walking, running or biking.
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The Wearable Technology industry report provides an in-depth analysis of macroeconomic factors along with the market attractiveness of each segment. The report will include an in-depth qualitative and quantitative assessment of the industry/regional outlook with the presence of market players in the respective segment and region/country. The information concluded in the report includes contributions from industry participants and industry experts across the value chain.