Wearable Technology Market size is forecast to reach $60.4 billion by 2026, after growing at a CAGR of 9.9% during 2021-2026. 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 market. In addition, the rising use of smartwatch phones, wearable electronics such as smart clothing, smart jewellery and so on are also driving the need for wearable devices enhancing the wearable technology market growth. Moreover, the integration of electronics to daily activities and changing lifestyle are also anticipated to propel the wearable technology market during the forecast period, particularly in the North American and European markets where despite the high cost of these products adoption will continue to rise.
Wearable Technology Market Segment Analysis - By Product Type
The wrist-wear product segment holds the largest share in the wearable technology market in 2020 at 29.2%. Wrist wearables are commonly used these days due to the increasing need for fitness tracking systems and Bluetooth smart watches. This is basically a computerized smart watch phone that is designed with features such as making calls, browsing the internet and tracking information about the user’s health. The wearable electronics products such as smart clothes, fitness trackers, smart jewellery 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 smartwatch phones and wristbands as a style statement is also leading to propel the wearable technology market.
Wearable Technology Market Segment Analysis - By Application
The most significant application of wearable devices 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 smart watch phones, 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 10.2% during the forecast period 2021-2026.
Additionally, the healthcare segment is also propelling the wearable technology market, owing to the rising need for smart clothing for enhancing healthcare practices. The increasing adoption of smart clothing for monitoring health and promoting a healthy lifestyle is further creating opportunities for the wearable technology market.
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Wearable Technology Market Segment Analysis - By Geography
North America highly dominated the wearable technology market with a share of more than 38.1% in 2020, 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 device technology market in this region. The continuous improvement in the design and functionality of Bluetooth smart watches is further driving the usage of smart watch phones in the US. Moreover, it is also estimated that the percentage of smartwatch users in the U.S among 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 electronics technology market in North America. Additionally, Tech giant Apple Inc. is launching smart ring to control an iPhone will also further fuel the growth of the wearable technology market in North America.
Wearable Technology Market Drivers
Wearable Technology in Healthcare
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, smart watch phones, smart health watches, 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 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.
Growing Popularity for Smart Watches
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, technological development has led to the introduction of Bluetooth smart watch with in-built features, which can be connected easily to mobile devices. These 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.
Technology Advanced Apparels
The technological advancement in garment manufacturing is also enhancing the wearable electronics 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. 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
Wearable Technology Market Challenges
Increasing Need for Safety, Security and Privacy
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.
Wearable Technology Market Market Landscape
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.
Acquisitions/Technology Launches
In October 2019, Samsung launched the Galaxy Watch Active 2 and Galaxy Watch LTE in India. This new product is cost-effective which will attract users in India and will further create growing opportunities for wearable technology market.
In January 2019, Omron Healthcare has launched highly-anticipated HeartGuide, the first wearable blood pressure monitor for monitoring the blood pressure and EKG capability using a single device. This wearable blood pressure monitor will highly influence the medical industry and will propel the wearable technology market in the coming years.
Key Takeaways
The increasing need for wearable technology in healthcare application and the rising installation of fitness trackers, smart health watch and health-based wearables in the U.S is highly dominating the wearable technology market in North America.
The introduction of wearable operating systems beyond Apple and Google and the growing shift towards wearable interface and analytics are significantly propelling the market growth.
The Changing lifestyle and the growing need for fitness trackers and Bluetooth smart watches along with the merging of wearable cameras and virtual reality are further enhancing the market growth.
The major challenge for wearable technology is the concern towards safety and privacy that increases the vulnerability of cyber-attacks by hackers. These challenges can further affect the growth of the wearable technology market especially in smart health watches as well as other medical wearable devices.
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