Wearable Technology Market Size

Wearable Technology Market Analysis

The Wearable Technology Market size is estimated at USD 186.48 billion in 2024, and is expected to reach USD 493.26 billion by 2029, growing at a CAGR of 17.60% during the forecast period (2024-2029).

Wearable technology has evolved owing to the emergence of MEMS sensors. Incorporating these sensors into a dedicated wearable device is driven by the impact of smartphones being used daily on the GPS or the IMU (consisting of an accelerometer, gyroscope, and magnetometer). These have helped the fitness-tracking wearable monitor body activities using these sensors.

• Technological advancements in consumerism have given way to wearable technology that tracks health, movements, and social media notifications. Various wearable devices such as smartwatches, fitness trackers, and VR/AR headsets have become more and more prevalent in society over the past several years. Thus, it is expected that wearables will only continue to grow in popularity, so naturally, companies are finding new and innovative ways to apply them to everyday lives.
• Several studies have found that a rising number of individuals are purchasing wearable devices to promote fitness and manage their health. A recent study determined that consumers globally are motivated by health self-efficacy, health and autonomy, and technological innovativeness to adopt wearable healthcare devices. Furthermore, the COVID-19 pandemic encouraged a rapid, massive expansion of remote health management and firmly established telehealth as an accessible, validated model of healthcare.
• Notably, smartwatches are seeing a surge in new users, including the older population, because wearable makers, such as Apple and Fitbit, are adding health-monitoring features that appeal to older people and keep them updated about their health status in real time. For instance, in September 2022, Apple introduced the Apple Watch Series 8 and the new Apple Watch SE with important safety innovations to the two best-selling smartwatches. Apple Watch Series 8 features include a large, Always-On Retina display and a strong crack-resistant front crystal. Moreover, with an all-day 18-hour battery life, the new product builds on best-in-class health and safety features like the ECG app and fall detection by introducing temperature-sensing capabilities, retrospective ovulation estimates, Crash Detection, and international roaming.
• Furthermore, Amazon is already making attempts, and new competitors are anticipated in the upcoming years and beyond. The existing companies in the wearables market are likely to face intense rivalry due to Amazon's arrival. According to reports, the Amazon earphones, a product of Lab126, Amazon's hardware division, offer gesture controls for answering calls and changing the music. However, as the technological capabilities of smart wearables advance, the complexity and data security issues are likely to become more of a barrier to industry expansion. Still, ongoing research in the field of smart wearables should make it possible to solve these problems in the coming years.
• During the COVID-19 situation, Asian countries such as China, India, South Korea, Taiwan, and Japan, which had a significant presence of manufacturers of the raw materials used in wearable product manufacturing, experienced lockdowns and impacted production schedules. The sales were down as the lockdown in most global economies resulted in deliveries being limited to essentials and companies revising their revenue targets.