Wearable technology is a category of electronic devices that can be worn as accessories; they can be embedded in clothing, or even implanted in the user’s body. These devices are hands-free gadgets with practical uses to enhance lifestyle, improve healthcare, and strengthen defenses, they are powered by microprocessors and enhanced with the ability to send and receive data via the Internet.
According to a report by Altus Market Research titled, “Smart Wearables Global Market 2022 Size, Share 2030 By Device Type: (Smart Watches; Smart Glasses; Fitness & Wellness Devices; Smart Clothing); By Application: (Healthcare; Consumer Smart Wearables; Defense; Fitness And Sports; Enterprise); By Technology”, the global smart wearables market reached a value of nearly $14,934.3 million in 2020, having increased at a compound annual growth rate (CAGR) of 14.1% since 2015. The market is expected to grow from $14,934.3 million in 2020 to $30,880.5 million in 2025 at a rate of 15.6%. The market is expected to stabilize and reach $62,882.9 million in 2030 at a CAGR of 15.3%.
Global growth in the historic period resulted from strong economic growth in emerging markets, increased internet penetration, increasing millennial population, increase in internet penetration and greater acceptance of smart technologies. Factors that negatively affected growth in the historic period were data privacy issues and expensive wearable technology. Going forward, increasing adoption of 5g networks, increasing smart cities, increasing smart cities and internet of things (IoT). Factors that could hinder the growth of this market in future are an intense competition, security challenges and counterfeit products.
The global smart wearables market is concentrated, with a small number of large players with innovative products. The top ten competitors in the market made up to 61.56% of the total market in 2020. Major players in the market include Apple, Fitbit Inc, Garmin Ltd., Xiaomi, Samsung Electronics Co., Huawei Technologies Co. Ltd., Fossil Group Inc., Qualcomm Inc., Sony Corporation, and LG Electronics.
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Player-adopted strategies in the smart wearables market include strengthening their product portfolio by new product launch, and enhancing their product portfolio by new product launch.
North America is the largest market for smart wearables, accounting for 38.4% of the global market. It was followed by Asia Pacific, Western Europe and other regions. Going forward, Middle East and Asia Pacific will be the fastest growing markets in the smart wearables market, where growth will be at a CAGR of 24.2% and 18.5% respectively. This is followed by Eastern Europe and South America, where the market is expected to grow at a CAGR of 18.0% and 13.9% respectively.
The smart wearables market is segmented by device type into smart watches, smart glasses, fitness & wellness devices, smart clothing, and others. Smart watches accounted for the largest share of the smart wearables market in 2020 at 44.9%, while the other market is expected to grow at the highest CAGR of 18.5% during the forecast period.
The smart wearables market is also segmented by application into healthcare, consumer smart wearables, defense, fitness and sports, and enterprise and industrial applications. Consumer smart wearables accounted for the largest share of the smart wearables market in 2020 at 36.4%, while the enterprise and industrial market is expected to grow at the highest CAGR of 18.4% during the forecast period.
The smart wearables market is also segmented by technology into memory and storage technology, speech and pattern recognition technology, communication and networking technology, computing technology, sensing technology, and display technology. Communication and networking technology accounted for the largest share of the smart wearables market in 2020 at 33.7%, while the sensing technology market is expected to grow at the highest CAGR of 19.6% during the forecast period.
The top opportunities in the smear wearables market segmented by device will arise in the smart watch segment, which will gain $7,746.0 million of global annual sales by 2025. The top opportunities in the smart wearables market segmented by application will arise in the consumer smart wearables segment, which will gain $5,781.7 million of global annual sales by 2025. The top opportunities in the smart wearables market segmented by technology will arise in the computing technology segment, which will gain $5,233.8 million of global annual sales by 2025. USA had the largest smart wearables market which is expected to gain $3,606.3 million.
Market-trend-based strategies for the smart wearables market include investing in AI solutions to provide better and more convenient services and to be competitive in the market, adopting 5G services to enhance sales, improve operational efficiencies, increase customer satisfaction and provide better service to customers, adopting beacon technology to analyze data better, improve operational efficiencies, increase customer satisfaction and provide better service to customers, dropping their prices and adding more features to increase markets share, enhance sales, improve operational efficiencies, increase customer satisfaction and provide better service to customers, working on the smart clothing and footwear segment, in order to further improve their business, acquire clients, and to form a smart ecosystem for their own brand to sell their products and services, working on smart rings, in order to give more options to premium clients and to increase sales, and acquiring smaller tech companies that offer niche services to increase their share in the market.
To take advantage of these opportunities, Altus Market Research recommends the smart wearables manufacturing companies should focus on beacon technology, invest in AI solutions to provide better and more convenient services, expand in emerging markets, offer competitive and cost-effective pricing, leverage social media and e-commerce to maximize reach and revenues, increase involvement of celebrities and focus on millennials.
Competitive Landscape –
Major Players covered in the report include, Huawei Technologies Co. Ltd., Fossil Group Inc., Qualcomm Inc., Sony Corporation, LG Electronics, Titan, Pebble Technology Corp., BioTelemetry, Inc, Lifesense, Sotera Wireless, Adidas, Microsoft, Nike, Ava, GymWatch, KardiaMobile, Motiv, My Skin Track UV, Owlet, TempTraq, Withings, Bionym, Recon Jet, InteraXon, Carré Technologies, PUSH, Kiwi Wearables, Mouser Electronics, Inc, Google, Jawbone, United Matbouli Group, aDawliah Universal Electronics, Modern Electronics Co. Ltd, Alesayi Electronics Co. Ltd, Pioneer Corp., Digital & Electronic Solutions Development Co. Ltd, Misfit
