Growing Focus on Health and Fitness is Boosting the Growth of the Global Wearable Computing Market.
Global Wearable Computing Market was Valued at USD 59.34 Billion in 2022, and is Projected to Reach USD 252.34 Billion by 2031
WILMINGTON, DELAWARE, UNITED STATES, December 1, 2023 /EINPresswire.com/ — According to the Niche Research, the global wearable computing market was valued at USD 59.34 billion in 2022, and is Projected to reach USD 252.34 billion by 2031, with growing CAGR of 20.49% from 2023 to 2031. The report, titled, ‘Global Wearable Computing Market By Product Type (Smart Watch, Fitness Trackers, Smart Glasses, Smart Clothing, Head-Mounted Displays, Others) By End Use (Healthcare, Entertainment and Gaming, Fashion, Automotive, Military and Defense, IT and Telecommunication, Others) – Global Trend Analysis and Industry Forecast, 2023-2031”
Wearable computing refers to the integration of technology and computational capabilities into clothing, accessories, or other items that can be worn on the body. These devices typically combine sensors, processors, and wireless communication capabilities to provide various functions while being worn.
Wearable computing has a wide range of applications, from personal health and fitness tracking to professional uses in fields like healthcare, military, sports, and entertainment. These devices aim to seamlessly integrate technology into daily lives, often allowing us to access information and perform tasks without needing to interact with larger devices like smartphones or computers. As technology advances, wearables are likely to become more sophisticated, with improved sensors, longer battery life, and better integration with other smart devices, leading to the overall growth of the global wearable computing market.
Trends in the Global Wearable Computing Market
Wristbands and smartwatches are the most popular wearable computers, but another long-term trend is on the horizon. The key element for wearable computing is the incorporation of sensors into everyday objects. According to one study research, over 30% of respondents prefer to wear electronics attached to their clothing, while 15% want it implanted.
People who are engaged in sports and track their health are the most likely to use wearables wherein reading and analysing data such as ECG, EMG, temperature, breath characteristics, pace, speed, sleeping patterns, and so on is critical for athletes and fitness enthusiasts. Fitness and health services and applications create substantial revenues since wearables are used not just by consumers but also by healthcare systems and enterprises that want to monitor activity and provide suggestions to patients and employees.
Global Wearable Computing Market Snapshot
Market Size Value in 2022 USD 59.34 Billion
Market Size Forecast by 2031 USD 252.34 Billion
Growth Rate CAGR of 20.49% from 2023 to 2031
Historical Data 2015 – 2021
Base Year for Estimation 2022
Forecast Period 2023 – 2031
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Key Takeaways from the Global Wearable Computing Market
• During the forecast period, the smart clothing segment is expected to be the fastest growing segment in the wearable computing market. Companies like Sensoria Fitness are developing training shirts and jackets with built-in sensors to detect movement and activity. Smart socks, bras, and suits are even being developed by various companies across the globe. Smart clothing featuring advanced electronics might become commonplace as materials and sensors improve.
• Wearable computing devices’ technologies will revolutionise the healthcare industry in the upcoming years. Wearable computing devices have the ability to significantly improve workflow, quality of treatment, access, and promoting good outcomes, all of which are critical success criteria for a rising patient population. This technology will enable virtual and remote treatment, serve as a way of gathering more and better data, and offer physicians and patients with more useful data. Monash University IT researchers have used nanotechnology and artificial intelligence to create wearable devices for remote health monitoring. A tiny patch worn around the neck that monitors words, neck movement, and touch, as well as breathing and heart rate.
• Countries like China, Japan, South Korea, and India have played significant roles in driving the wearable computing market in Asia. China, for example, has a robust market for wearable devices, ranging from fitness trackers to smartwatches. Japan and South Korea are known for their innovation in technology and fashion, leading to the development of unique and trendsetting wearables. Besides in the last few years, Asia has a strong mobile-centric culture, with high smartphone penetration rates. Wearables often complement smartphones, and the familiarity with mobile technology has facilitated the adoption of wearable devices. Additionally International tech giants and local startups are investing in the Asian market, offering a diverse range of wearable devices to cater to different consumer preferences.
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Key Companies in the Global Wearable Computing Market
o Apple Inc.
o Catapult
o Fitbit Inc.
o Fujitsu Limited.
o Garmin Ltd
o GoPro Inc.
o Huawei Technologies Co., Ltd
o LG Electronics Inc.
o Motorola
o Samsung Electronics Co., Ltd
o Seiko Epson Corporation.
o Sensoria
o Siemens
o Vuzix Corporation.
o Xiaomi Corporation
o Zebra Technologies Corp
o Other market participants
Key Segments Profiled in the Global Wearable Computing Market
By Product Type
o Smart Watch
o Fitness Trackers
o Smart Glasses
o Smart Clothing
o Head-Mounted Displays
o Others
By End Use
o Healthcare
o Entertainment and Gaming
o Fashion
o Automotive
o Sports and Fitness
o Military and Defense
o IT and Telecommunication
o Others
By Region
o North America (U.S., Canada, Mexico, Rest of North America)
o Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe)
o Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific)
o Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
o Latin America (Brazil, Argentina, Rest of Latin America)
Consult with Our Expert:
Jay Reynolds
The Niche Research
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Email: askanexpert@thenicheresearch.com
Website: www.thenicheresearch.com
Jay Reynolds
The Niche Research
+1 302-232-5106
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