New York, Aug. 15, 2022 (GLOBE NEWSWIRE) — According to Precedence Research, the wearable technology market its size was estimated at USD 138.61 billion in 2022.
- By application, the consumer electronics segment posted a revenue share of approximately 48.6% in 2021.
- The fitness and wellness apps segment is growing at a CAGR of 10.7% between 2022 and 2030.
- By product, the wristwear segment recorded the highest revenue share of 49.2% in 2021.
- The eyewear and headwear segment is expected to grow at a CAGR of 14.3% between 2022 and 2030.
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Why the North America Region Recorded the Highest Revenue Share in wearable technology market?
- The North American region is expected to dominate the market in the coming years and it holds a market share of around 38.6% in terms of revenue. Due to the increased use of internet and technological innovations, the North American region market will dominate in the coming years, the presence of various companies in this region will play an important role in expanding the market. Various initiatives are taken by these companies to improve the performance of this equipment.
Why the Asia-Pacific region is growing faster in the wearable technology market?
- The Asia-Pacific region is also expected to see good growth in the coming years. Rising demand for wearable devices in Asia-Pacific region and rapid urbanization has led to increase in consumer spending power and people in this region are tech-savvy hence the market is expected to have a good demand for these devices. some products.
- There are a large number of market players when they show the Asia-Pacific region who have helped to create another list regarding these products. In the coming years, other manufacturers are expected to set foot in the Asia-Pacific region because the cost of labor and raw material in this region is low. Rising population in this region will drive the growth of the variable devices market over the coming years.
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- Based on the product, the wrist segment should grow well in the coming year. As this device helps to maintain statistics and fitness information of an individual, the market for this product is expected to grow well in the coming years, there is a growing demand for these devices in sports segment . There is an increasing demand for these devices in various industries and most of these products are consumed by the healthcare sector. The integration of various functions related to a specific disease will be instrumental in the growth of the smartwatch market. These devices help track important information related to cardiovascular diseases. the demand for glasses is also expected to grow well in the coming years. Head mounted devices are also of great importance in the healthcare industry as these products are used by surgeons to perform various surgical procedures. These devices provide good help to surgeons.
- The growing demand for consumer electronics has increased the use of this technology. Various devices are developed to help track working hours and many other such devices have enabled the growth of the market. The increased use of technology for machine-to-machine communication and the growing demand for connected devices will be driving the growth of the market in the coming years.
- The advanced technology used in these products creates a greater demand for these devices. As these devices play an instrumental role in health tracking and also improve the communication between doctor and patients, the market is expected to grow well in the coming years.
- The healthcare industry must have maximum demand for these devices. These devices are portable and compact. There is a growing demand for devices that use sweat sensors which are extremely useful for athletes to help track their electrolyte loss and water loss. The use of these sensors in devices will help create better demand for these products in the coming years.
- Manufacturers also engage in strategic initiatives that include partnerships and joint ventures. Research and development activities have played a key role in bringing new products to market. The agreements in the different companies have helped to strengthen the position of these organizations in different markets.
|Market size in 2021||$121.7 billion|
|Revenue forecasts by 2030||$392.4 billion|
|CAGR||13.89% from 2022 to 2030|
|The biggest market||North America|
|Fastest growing region||Asia Pacific|
|forecast year||2022 to 2030|
|Key players||Global Community Xiaomi, Huawei Technologies Co. Ltd., Nike Inc., Motorola Solutions Inc., Sony Corporation, Google LLC, HTC Corporation, SAMSUNG, Apple Inc., LG Electronics, CASIO AMERICA INC. and others|
Constant research and development activities in the past have contributed to bringing innovative products to the market. Glasses, glasses and smart watches are available in the market. There are many other devices on the market that help track the vital signs of a person’s body. These devices are flexible and affordable, thanks to which the market is expected to grow well in the coming years.
Constant efforts have provided a better display for this technology over the past few years. The storage of these devices has also been increased due to which the market is expected to grow well. Newer products are available with better battery life.
One of the major factors hindering the growth of the market is the battery life of such products or equipment. The battery of these products is unreliable due to which consumers have to compromise. There is a growing demand for an efficient system for improving battery life. The power requirement to improve the performance of these variable devices is increasing. The cost of these products must also calm down.
There is a growing demand for compact devices that would integrate a lot of surveillance functions in a single device. And this should provide a better opportunity for the growth of this market in the coming years. There is a growing demand for hybrid devices which have been extremely beneficial to users as they have an integrated platform to perform various functions.
The electronics market is growing in the Asia-Pacific region and also in other countries. The constant research and development in this market makes new technology older at a faster pace. Due to which the importance of products that use the old technology has no value in the market. In order to move faster with advances in technology, the main challenges facing manufacturers are the growing demand for these new technologies. The market is extremely competitive and advanced features or technologies are used in these products.
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- In 2020, the Apple Watch series was launched by the organization. This product will be extremely beneficial for the health and well-being of an individual. New features are added to the series of watches that will help monitor blood oxygen saturation.
- Wearable smart textiles
- Wearable products and devices (non-textile)
- body clothes
- Health care
- Enterprise and industrial applications
- Fitness and well-being
- North America
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
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