The global wearable technology market size is projected to grow from USD 116.2 billion in 2021 to USD 265.4 billion by 2026; it is expected to grow at a CAGR of 18.0% from 2021 to 2026.With wearable electronic devices all set to join the mainstream of personal computing, it is expected that the consumer preference for sleek and compact wearable devices would be the key driver for the wearable technology market.
Wearable devices, specifically
smart watches and wristbands, are gaining traction among consumers worldwide.
Also, there is an increase in demand for wearables in fitness and healthcare
applications. Wearable medical devices are handheld monitoring tools used for
the identification and monitoring of potential diseases. Currently, several
patients are opting for home healthcare, which is a cost-effective and
efficient way of treatment, over hospital services. Wearable technologies could
help in lowering costs by facilitating easy health and fitness monitoring and
connecting people to their healthcare providers, therefore, the growing demand
for wearable technology in healthcare applications is driving the growth of the
market.
The major limiting
factor to the growth of the wearable technology market is the absence of a
reliable and efficient battery system that could be easily worn without
compromising on the compactness and ease of use of the device. As wearable
computing moves toward convergence of all the computing devices into one
wearable device, the biggest challenge is to address the power requirement and
manage power consumption and recharging of batteries. With the growing demand
for wearable devices, it is not only essential to meet the power efficiency
need in a cost-effective manner but also to manage power consumption. This
factor is expected to have a high restraining impact on the wearable technology
market.
APAC is expected to witness the
highest demand for wearable technology owing to the presence of several wearable
technology manufacturers and a large customer base in the region. The development of the next-generation wearable technology
is expected to offer significant growth opportunities for the wearable
technology market in APAC during the forecast period.
This growth in the industrial
segment is mainly attributed to the increasing demand for wearable scanners and
computing devices in warehouses and logistics to improve supply chain and
operational efficiency. Wearable technology is also foraying into the
automotive industry to improve operational efficiency. Volkswagen (Germany)
introduced smart glasses as their standard equipment for factory workers. With
the help of smart glasses, workers were able to improve their day-to-day tasks
as they could see an inventory list in their field of vision which provided
information such as part numbers and stored locations. Also, special touch and
voice control functions enabled efficient, hands-free motion, thereby
increasing their mobility. The smart glass was also integrated with cameras to
read tags on the boxes and barcodes, ensuring that the correct parts are
selected during inventory management. Considering all such developments, the
market for enterprise and industrial applications is expected to grow at the
highest rate between 2021 and 2026.
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The wearable products (non-textiles)
dominated the market in terms of growth as well as market share. The growth of
this segment is attributed to the increase in awareness of fitness and
healthcare as well as consumer expectations. With the integration of wearable
electronic devices into the mainstream of personal computing, consumer
preference for sleek and compact wearable devices is expected to be the key
driver for the growth of the wearable products (non-textile) segment. Consumer
preference is expected to grow stronger with the participation of new players
and the launch of new products in the wearable technology market. Key industry
players are introducing new advanced non-textile- and textile-based wearable
products which cater to various new application areas. For instance, non-textile-based
wearable devices are currently used in medical surgery and oil and refinery
plants. Moreover, wearable technologies are used in the automobile industry.
The wearable technology market
is dominated by a few globally established players such as Apple Inc. (US),
Fitbit Inc. (US), Google LLC (US), Samsung Electronics Co., Ltd.(South Korea),
Garmin Ltd.(Switzerland), LG(South Korea), Huawei(China), Sony Corporation(Japan),
Xiaomi Corporation(China), and Microsoft (US)
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