Global Wearable Technology Market Report and Forecast 2024-2032 

Global Wearable Technology Market Outlook

The global wearable technology market reached a volume of about 289.89 million units in 2023. The industry is further expected to grow at a CAGR of about 17.0% in the forecast period of 2024-2032 to reach a value of around 1,190.24 million units by 2032.

North America Leading the Wearable Technology Industry

North America is known to be one of the centres of technological development around the world. With the launch of smart gadgets, the demand for sophisticated and multi-functional devices is growing. Increasing disposable income and a high rate of adoption of the new wearable devices are key drivers for the market growth in the region. The presence of leading players including Garmin, Apple, and Fitbit also adds to the growth of the wearable technology industry. The regional market is witnessing the inflow of capital from various North American sports associations. Investments are expected to fuel the wearable technology industry in the region.

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Wearable Technology: Market Segmentation

Wearable technology is, mainly, an electronic object incorporated with technology. The wearable technology can be easily worn on body to monitor real-time details. Wearable technology includes wristbands that can be worn on the wrist and helps monitor details such as pulse, heart rate, walking steps, sleeping hours, and many others. Wristbands released by Jawbone, Apple, Fitbit, and many others serve as activity trackers. This has built a large customer base across the globe. The significant customer base is due to the improvement in health brought on by wearable technology.

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Based on component, the industry can be divided into:

• Software
• Service

The type of the product can be divided as follows:

• Wrist-Wear
• Eye-Wear and Head-Wear
• Foot-Wear
• Neck-Wear
• Body-Wear
• Others

The technology can be segmented as follows:

• Computing Technology
• Display Technology
• Networking Technology
• Positioning Technology
• Sensor Technology
• Others

It finds wide applications in the following:

• Consumer Electronics
• Healthcare
• Enterprise and Industrial Application
• Others

The regional markets for wearable technology can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Rising Use of Internet Bolstering the Market Growth

The increasing penetration of the Internet of Things (IoT) and connected devices and the increasing technically sound population are expected to drive demand. Growing concerns about obesity and other chronic diseases have led to the adoption of wearable devices, including body monitors and activity trackers, which provide real-time information on overall health. These wearable products can include information such as blood pressure, oxygen levels, sleep quality and quantity, calorie intake, cholesterol levels, pulse monitoring, and other information needed by the body for day-to-day activities. Increased popularity over the benefits of these devices among professional athletes and leisure fitness customers is expected to fuel demand for fitness and wellness products over the forecast period.

Key Industry Players in the Global Wearable Technology Market

The report gives a detailed analysis of the following key players in the global wearable technology market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Apple Inc.
• Samsung Electronics Co., Ltd.
• Fitbit, Inc.
• Xiaomi Corp
• Alphabet Inc.
• LG Electronics, Inc.
• Huawei Technologies Co., Ltd.
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report