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Wearable Market Expected to Soar to $89.48 Billion by 2023, Fueled by Versatile Applications and Real-Time Connectivity

DUBLIN, Oct. 20, 2023 /PRNewswire/ — The “Global Wearable Market (by Product, Application, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2027)” report has been added to ResearchAndMarkets.com’s offering.

The global wearable market is on an upward trajectory, expected to reach a substantial valuation of US$89.48 billion by 2023, with a remarkable compound annual growth rate (CAGR) of 12.92% during the forecast period. Wearable technology, characterized by its versatility and real-time connectivity, is revolutionizing numerous industries, including health and medical, wellness, fitness, education, and more, aiming to seamlessly integrate into people’s daily lives.

Wearable devices encompass a wide range of hand-free electronic items that can be implanted in the user’s body, worn as accessories, or integrated into clothing. These microprocessor-powered devices have the ability to transmit and receive data over the internet, offering real-time applications that cater to diverse user needs.

Key Market Segments

  • By Product: The global wearable market is segmented into six categories: Smart Watches, Head-mounted Displays, Ear-worn Devices, Sport Watches, Wristbands, and Smart Clothing. Smart watches have claimed the dominant market share, especially during the COVID-19 pandemic, as they served as alternatives to medical equipment for monitoring vital health parameters like oxygen levels and heart rate. Smart watch sellers leveraged online platforms, including social media marketing, to reach a wider audience, boosting sales and global market growth.
  • By Application: Wearables find applications across Consumer Electronics, Healthcare, Enterprise & Industrial Applications, and others. The Consumer Electronics segment is anticipated to witness the highest CAGR, driven by consumer demand for devices that offer a range of functions, from fitness and sports tracking to infotainment and multimedia capabilities. The rise in connected devices and machine-to-machine communication further supports the growth of wearable consumer electronics.

Geographic Coverage

The global wearable market is divided into four major regions: North America, Asia Pacific, Europe, and ROW (Rest of World). North America, including the US, Canada, and Mexico, holds the largest market share, attributed to factors such as rapid urbanization, population growth, and a strong presence of wearable device vendors. The Asia Pacific region is projected to experience the fastest CAGR due to factors like increased per capita income, high population density, and affordable wearable devices manufactured in countries such as India and China. Digitally mature markets like Japan, Singapore, China, and Australia also contribute to the region’s growth.

Top Impacting Factors

Growth Drivers

  1. Escalating Spending on New Technologies
  2. Growing Internet Users
  3. Rise in Youth Population
  4. Growth of Augmented Reality/Virtual Reality (AR/VR) Applications

Challenges

  1. Limited Battery Life of Devices
  2. Data Privacy Concerns in Wearable Technology

Trends

  1. Upsurge in Connected Wearable Devices
  2. Increasing Growth Prospects of Next-Generation Displays in Wearable Devices
  3. Need for the Integration of all Computing Requirements in One Compact Device
  4. Digital Payments Through Wearable Devices

Driver: Escalating Spending on New Technologies

The global technology landscape is evolving rapidly, with companies consistently innovating to introduce new products and capture consumer attention. Wearable technology has emerged as a promising segment within the ICT sector, gaining popularity among users. Companies are continuously enhancing wearable devices with new technological features to provide an improved user experience, expanding market growth opportunities.

Challenge: Data Privacy Concerns in Wearable Technology

Data privacy concerns pose challenges for wearable technology, as defects in device technology can lead to vulnerabilities, including unauthorized data access and hacking. Wearable devices, which collect user data around the clock, can be susceptible to data breaches when uploading data to the cloud. Security and privacy concerns, including insecure communication and data manipulation, may limit consumer adoption of wearable technology, presenting a significant threat to the global wearable market’s growth.

Trend: Upsurge in Connected Wearable Devices

Connected wearable devices, linked to networks through cellular data, Wi-Fi, or Bluetooth, are shaping a digitized and connected economy. These devices facilitate seamless communication and data sharing, with applications ranging from healthcare monitoring to data collection for diagnostics and pain management. Connectivity plays a pivotal role in the widespread adoption of wearable devices, driving market growth.

The COVID-19 Analysis

The COVID-19 pandemic accelerated the adoption of digital technologies, including wearable devices, as tools for health monitoring and social interaction during lockdowns and quarantine periods. Wearable technology, such as smartwatches and fitness bands, played a vital role in helping individuals track their fitness levels and manage stress during the pandemic. Furthermore, technological advancements, including SpO2 monitoring and the integration of augmented reality (AR) and virtual reality (VR) applications, are expected to support market growth in the post-COVID era.

Analysis of Key Players

The global wearable market is concentrated, with the top five players accounting for over 60% of the market share. Key players in the market include Alphabet Inc. (Google), Apple Inc., Microsoft Corporation, Samsung Electronics Co. Ltd., Sony Corporation, Huawei Technologies Co. Ltd., Xiaomi Corporation, Casio Computer Co. Ltd., Fossil Group Inc., LG Electronics, Garmin Ltd., and Imagine Marketing (boat).

For more information about this report visit https://www.researchandmarkets.com/r/dtwbls

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SOURCE Research and Markets

Originally published at https://www.prnewswire.com/news-releases/wearable-market-expected-to-soar-to-89-48-billion-by-2023–fueled-by-versatile-applications-and-real-time-connectivity-301963247.html
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