by Wearable technology refers to electronic devices such as smartwatches, fitness trackers, smart clothing, and head-mounted displays that can be worn either as an accessory or as part of the clothing and are integrated with sensors and network connectivity for data collection. Wearable technology allows users to easily monitor their health vitals and fitness activities anytime and anywhere. Devices like smartwatches have become multipurpose gadgets that extend phone functionality and allow hands-free calls, music playback, and notifications access without taking out the phone. Fitness trackers are increasingly becoming popular by helping users count calories, monitor sleep quality, heart rate, blood pressure and other vitals. This continuous health monitoring allows users to take preventive measures and improve their well-being over time. The global wearable technology market is driven by the increasing usage of smart and connected devices along with the growing consumer awareness regarding healthcare and fitness.
The global Wearable Technology Market is estimated to be valued at US$ 143.44 Bn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
One of the key trends in the wearable technology market is the increasing integration of artificial intelligence. AI assists wearables to analyze massive amounts of data in real-time and provide personalized insights and recommendations to users. AI is being used for advanced health monitoring, gesture recognition, augmented realities and more. Another significant trend is the focus on form factor miniaturization to make wearables even more discreet and comfortable. Technologies like printed electronics, stretchable electronics and flexible displays are enabling new product categories like smart jackets, smart contact lenses, smart tattoos and more.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the wearable technology market is low to moderate. New entrants would require substantial investments in research and development to develop innovative product.
Bargaining power of buyers: The bargaining power of buyers is moderate. Buyers have a choice of products from different brands in the market.
Bargaining power of suppliers: The bargaining power of suppliers is low to moderate. There are numerous suppliers that provide components and raw materials for wearable technology.
Threat of new substitutes: The threat of substitutes is moderate. Continuous innovations can lead to new substitutes entering the market over time.
Competitive rivalry: The competitive rivalry is high among established players. Players compete based on technology, features, design and pricing.
Key Takeaways:
The Global Wearable Technology Market Demand is expected to witness high growth. The market size for 2023 is US$ 143.44 Bn and is forecast to reach US$ 209.70 Bn by 2030, growing at a CAGR of 4.9% during the forecast period. North America currently dominates the market and is expected to maintain its position over the forecast period owing to the presence of major players and rising health consciousness among individuals.
Regional analysis: North America holds the largest share of the wearable technology market currently. The United States accounts for the major share due to the widespread adoption of advanced technological products. The Asia Pacific region is expected to grow at the fastest rate during the forecast period led by emerging economies like China and India. Increasing disposable incomes and growing popularity of smart wearables will drive the market in the region.
Key players: Key players operating in the wearable technology market are Imerys Group, Milliken & Company Inc., PCI Augsburg GMBH, RoclaWagners, Universal Enterprise, Schlumberger Ltd, Murray & Roberts Cementation Co. Ltd, Banah UK Ltd,Zeobond Pty Ltd,Uretek, BASF,Corning Inc.,Nu-Core,Pyromeral Systems and Airbus. The market is competitive with presence of established international brands focusing on new products through continuous innovations.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
