Explosive Growth Ahead: Wearable Technology Market to Reach USD 152.82 Billion by 2029
Delray Beach, FL, Dec. 06, 2024 (GLOBE NEWSWIRE) -- The global wearable technology market is expected to grow from USD 70.30 billion in 2024 to USD 152.82 billion by 2029, growing at a CAGR of 16.8% during the forecast period.
The increasing adoption of next-generation displays in wearable devices is expected to fuel the wearable technology market growth. The growing consumer preference for sleek and compact devices for fitness and healthcare applications and the rising popularity of IoT and connected devices will accelerate the market growth. Augmented reality integration in wearables enhances immersive, context-aware experiences. Hands-free banking and payments enhance convenience and security for customers in the wearable technology industry.
Top Wearable Technology Companies
- Apple Inc. (US),
- Garmin Ltd. (US),
- SAMSUMG (South Korea),
- Sony Group Corporation (Japan),
- Huawei Technologies Co., Ltd. (China),
- LG Electronics. (South Korea),
- Alphabet Inc. (US),
- Microsoft (US), and many others.
Key Market Dynamics in the Wearable Technology:
- DRIVER: : Rising popularity of connected IoT devices
- RESTRAINT: Issues related to security and data protections
- OPPORTUNITY: Burgeoning demand for healthcare wearables
- CHALLENGES: Unaddressed regulatory issues and vulnerability of healthcare information
Attractive Opportunities in the Wearable Technology Market
- The growth of this market can be attributed to the increasing growth prospects of next-generation displays in wearable devices.
- The wearable technology market for AI-powered segment is expected to grow at the highest CAGR during the forecast period.
- Product launches are expected to offer lucrative growth opportunities for market players in the next five years.
- The market growth in North America can be attributed to significant developments, particularly in consumer electronics and healthcare applications.
Wearable Technology Market Segmentation:
Smartwatches segment to register highest CAGR during forecast period
In the wearable technology market, a smartwatch is similar to a wristwatch or any other time-keeping device. Almost all smartwatches have Bluetooth and wireless connectivity, connecting the smartphone of the wearer to the smartwatch.
Consumer electronics segment captured largest share of wearable technology market in 2023
Consumer electronics hold major dominance over wearable technology due to the perfect integration of technological advancements, alterations in lifestyles and habits, and, most importantly, modifying the behavior of consumers. Smarter devices such as activity trackers, smart watches, and wireless earphones have advanced beyond the status of gadgetry and have become necessary equipment for daily life with their deep-rooted sustenance.
India to exhibit highest CAGR in Asia Pacific wearable technology market during forecast period
India is one of the biggest markets for wearables, with domestic players such as Boat and Noise targeting the same position as global players such as Apple Inc. and Samsung. Many of these home-grown brands have capitalized on feature-loaded smartwatches and fitness bands priced attractively in the domestic market. By understanding local tastes in-depth, they design their products as per the mass’s requirements, especially catering to the Indian consumer base, which is of large size.
Recent Developments of Wearable Technology Market
- In September 2024, Imagine Marketing Limited (India) expanded its partnership with Google (US) to integrate its Landmark Sales platform with Google’s system, streamlining workflows for linear, streaming, and on-demand ad campaigns.
- In August 2024, Airtel India (India) announced a content partnership with Apple Inc. (US) to provide exclusive offers for Apple Music and Apple TV+ to Airtel customers in India.
- In July 2024, MediaTek Inc. (Taiwan) and Xiaomi (China) collaborated to officially open their joint lab at Xiaomi’s Shenzhen R&D Center.
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