NEW YORK, United States, April 13, 2022 (GLOBE NEWSWIRE) — Facts and Factors has published a new research report titled “Wearable Technology Market By Type of Product (Bodywear, Neckwear, Headwear, Wristwear, Footwear, and Eyewear), By Application (Defense, Healthcare, Enterprise & Industrial Applications, Fitness & Wellness, Infotainment, and Others), and By Region – Global and Regional Industry Trends, Market Insights, Data analysis, Historical Information, and Forecast 2022–2028” in its research database.
“According to the latest research study, the demand for global Wearable Technology Market size & share was worth about 115.8 (USD billion) in 2021 and is predicted to grow to around 380.5 (USD billion) by 2028, with a compound annual growth rate (CAGR) of around 18.5% during the forecast period 2022 to 2028.”
What is Wearable Technology? How big is the Wearable Technology Market?
Wearable technology is primarily comprised of electronic items that have been integrated with a specific type of technology. The technology can easily be worn on the body to detect real-time data. Wearable technology refers to wristbands that are made to be worn on the wrist to track information such as heart rate, pulse, sleep hours, steps taken, and so on. Apple, Jawbone, Fitbit, and other companies have released wristbands that act as activity trackers.
This has attracted a sizable customer base all over the world. The considerable customer base can be attributed to the fitness shift brought about by wearable technology. According to Fitbit’s report, the company sold approximately 15 million units of its smart fitness wristbands.
Get a Free Sample PDF of this Research Report for more Insights with a Table of Content, Research Methodology, and Graphs – https://www.fnfresearch.com/sample/wearable-technology-market
(A free sample of this report is available upon request; please contact us for more information.)
Our Free Sample Report Consists of the Following:
- Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
- The COVID-19 Pandemic Outbreak Impact Analysis is included in the package
- About 217+ Pages Research Report (Including Recent Research)
- Provide detailed chapter-by-chapter guidance on Request
- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2022
- Includes Tables and figures have been updated
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
- Facts and Factors research methodology
(Please note that the sample of this report has been modified to include the COVID-19 impact study prior to delivery.)
|Market Size in 2021||USD 115.8 Billion|
|Projected Market Size in 2028||USD 380.5 Billion|
|CAGR Growth Rate||18.5% CAGR|
|Key Market Players||Xiaomi Global Community, Huawei Technologies Co., Ltd., Nike, Inc., Motorola Solutions, Inc., Sony Corporation, Google LLC, HTC Corporation, Michael Kors, ADIDAS AG, Polar Electro, TomTom International BV, Fossil Group, Inc., ASUSTeK Computer Inc, SAMSUNG, Apple Inc., LG Electronics, CASIO AMERICA, INC., Garmin Ltd., Withings, and Fitbit, Inc., among others|
|Key Segment||By Type of Product, Application, and Region|
|Major Regions Covered||North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa|
|Purchase Options||Request customized purchase options to meet your research needs. Explore purchase options|
Global Wearable Technology Market: Growth Factors
The entry of major players, compact & efficient usage, increased healthcare awareness, and technological developments are all factors influencing the global wearable technology market. These significant factors have accelerated the adoption of wearable devices in a variety of industries, including defense, healthcare, industries & enterprises, entertainment, and others. Wearable devices, such as smartwatches, smart clothing, and fitness trackers, are popular among consumers due to their numerous advantages, such as portability and the most recent technological advancements.
Increased implementation of wearables across various verticals has an impact on their application. Furthermore, technological developments in software and hardware components, as well as their rising adoption in fitness support the growth of the wearable technology market. However, poor battery life and security considerations limit wearables’ adoption among customers.
Browse the full “Wearable Technology Market – Global and Regional Industry Trends, Market Insights, Data analysis, Historical Information, and Forecast 2022–2028” Report at https://www.fnfresearch.com/wearable-technology-market
What are the disadvantages of wearable technology?
The lack of an efficient and dependable battery system that can be comfortably worn without compromising the device’s compactness and ease of use is a major impediment to the growth of the wearable technology market. The most difficult challenge for wearable computing as it moves toward the convergence of all computing devices into a single wearable device is managing the electrical load, power consumption, and battery recharging. With the increasing demand for wearable devices, it is critical not only to meet the power efficiency requirement cost-effectively but also to maintain power consumption. This component is thought to be a major market restraint.
Wearable Technology Market Segmentation Analysis
- Wristwear products accounted for 29.4% of the global wearable technology market
The global wearable technology market is segregated on the basis of type of product, application, and region. By type of product, the market is divided into bodywear, neckwear, headwear, wristwear, footwear, and eyewear. The wristwear accounts for the major portion of the market. By application, the market is classified into defense, healthcare, enterprise & industrial applications, fitness & wellness, infotainment, and others. Fitness & wellness are the most common applications for wearable gadgets.
Directly Purchase a copy of the report with TOC @ https://www.fnfresearch.com/buynow/su/wearable-technology-market
Who are the Top Market Players in Wearable Technology Industry?
Some of the main competitors dominating the global wearable technology market include –
- Xiaomi Global Community
- Huawei Technologies Co. Ltd.
- Nike Inc.
- Motorola Solutions Inc.
- Sony Corporation
- Google LLC
- HTC Corporation
- Michael Kors
- ADIDAS AG
- Polar Electro
- TomTom International BV
- Fossil Group Inc.
- ASUSTeK Computer Inc
- Apple Inc.
- LG Electronics
- CASIO AMERICA INC.
- Garmin Ltd.
- Fitbit Inc.
Key Insights from Primary Research:
- As per the analysis shared by our research analyst, the Wearable Technology market is estimated to grow at a CAGR of around 18.5% during the forecast period.
- The wearable technology market was valued at around USD 115.8 Bn in 2021 and is projected to reach US$ 380.5 Bn by 2028.
- Smartwatches are becoming increasingly popular, which is propelling market growth.
- By type of product, Wristwear products accounted for 29.4% of the global wearable technology market in 2020.
- A growing number of customers are opting for smart health bands and watches to maintain their fitness, which is driving the wearable technology market forward. As a result, the fitness & wellness category is anticipated to expand at a 10.5% CAGR between 2022 and 2028.
- With a market share of more than 38.2 percent, North America leads the global wearable technology market, followed by Asia-Pacific and Europe.
Key questions answered in this report:
- What is the market size and growth rate forecast for the Wearable Technology industry?
- What are the main driving factors propelling the Wearable Technology Market forward?
- What are the leading companies in the Wearable Technology Industry?
- What segments does the Wearable Technology Market cover?
- How can I receive a free copy of the Wearable Technology Market sample report and company profiles?
Have Any Query? Ask Our Experts: https://www.fnfresearch.com/inquiry/wearable-technology-market
What is the COVID-19 Impact on wearable technology?
COVID-19 likely has had a negative impact on the market’s supply chain because a few influential players were based in China, which was the epicenter of the pandemic. Furthermore, the vital wearable technology market is currently concentrating on preserving and producing operating revenue, resulting in fewer developments in the market. COVID-19’s impact is expected to diminish during the forecast period as many previously postponed product launches and significant developments are eventually released.
Which region offers the best opportunity and growth?
- North America leads the global wearable technology market with a market share of more than 38.2%
North America is regarded as a global hub for technological advancement. With the integration of innovative gadgets, there is a greater demand for advanced and multi-functional devices. Increasing disposable income and a high adoption rate of the most recent wearable devices are major driving factors for the region’s market. Furthermore, the existence of successful players such as Apple, Garmin, and Fitbit is contributing to the growth of the region’s wearable technology market.
- March 2020: Google invested USD 40 million in property rights from Fossil in 2019, and Google parent Alphabet announced in November that it would buy Fitbit for USD 2.2 billion. Optical sensors would be incorporated into the body of a smartwatch. The sensor will be capable of reading the wearer’s wrists, fingers, and arms, and the Pixel Watch was slated to debut in 2020.
- April 2020: In a tweet on the Chinese social media platform Weibo, Xiaomi’s Huami subsidiary announced the Mi Band 5’s release date. According to the company, the Amazfit range will also get a new addition called the Amazfit Ares. Huami also stated that the Amazfit Ares would have 70 different sports modes and a rough “urban outdoor” style.
Request for Customization on this Report as per your requirements – https://www.fnfresearch.com/customization/wearable-technology-market
(We tailor your report to meet your specific research requirements. Inquire with our sales team about customizing your report.)
The global wearable technology market is segmented as follows:
By Type of Product Segment Analysis
By Application Segment Analysis
- Enterprise & Industrial Applications
- Fitness & Wellness
By Regional Segment Analysis
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
- Market Size, Share, Analysis & Forecast by Revenue | 2022−2028
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis by Type of Product, Application, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Request For Free Sample Report of the Global Wearable Technology Market @ https://www.fnfresearch.com/sample/wearable-technology-market
Browse Other Related Research Reports from Facts & Factors:
3D Printed Wearable Market By Type (Clothes, Watches, Footwear, Jewelry, Others), By Consumer (Men, Women, Children), By Sales Channel (Online, Offline): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecast 2020–2026
Virtual Fitness Market By Streaming Type (Live & On-Demand), By Sessions (Group & Solo), By Devices (Smart TV, Smartphones, Laptops, Desktops & Tables, & Others), By Revenue Model (Subscription, Advertisement, & Hybrid), And By Regions – Global & Regional Industry Perspective, Comprehensive Analysis, and Forecast 2021 – 2026
Hypersonic Technology Market By Launch Method (Sub-Launch, Sea launch, Surface Launch, and Air Launch), By Range (Medium Range, Short Range, Intercontinental Range, and Intermediate Range), By Type (Missiles, Hypersonic Spaceplanes, and Hypersonic Glide Vehicles), By End-User (Navy, Air Force, Military, and Space), and By Region-Global and Regional Industry Outline, Market Insights, Inclusive Analysis, Statistical Data, and Forecast 2022–2028
Smart Home Systems Market By Technology (Cellular Network Technologies, Protocols & Standards, Wireless Communication Technologies), By Product (Lighting Control, Security & Access Control, HVAC Control, Media & Entertainment & Others), And By Regions – Global & Regional Industry Perspective, Comprehensive Analysis, and Forecast 2021 – 2026
Smart Mobility Market By Transport Sector (Electric Cars, Electric Buses, Autonomous Vehicles), By Technology (3G/4G, WI-FI, GPS, RFID, Embedded Systems), By Traffic Management (Intelligent Transport System, Real Time Traffic Analysis, Traffic Prediction), By Charging Infrastructure (In-House, Public Charging Stations, E-Parking, Intermodal Mobility), By Mobility Intelligence (Smart Maps, Secured Communication, Fleet Management), By Customer Mobility (Smart Payment, Smart Parking, Ride Sharing, Robocabs): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2021 – 2026
Smart Parking Systems Market By Hardware (Pucks, Cameras & LPRs, Smart Meters, Signage, Parking Gates), By Software (Parking Guidance System, Analytics Solutions), By Service (Consulting Service, Engineering Service), By Type (Off-Street and On-Street), By Application (Security & Surveillance, Smart Payment System, E-Parking, and License Plate Recognition), By Region, And Segment Forecast 2021–2026
About Facts & Factors:
Facts & Factors is a leading market research organization offering industry expertise and scrupulous consulting services to clients for their business development. The reports and services offered by Facts and Factors are used by prestigious academic institutions, start-ups, and companies globally to measure and understand the changing international and regional business backgrounds.
Our client’s/customer’s conviction on our solutions and services has pushed us in delivering always the best. Our advanced research solutions have helped them in appropriate decision-making and guidance for strategies to expand their business.
Follow Us on LinkedIn: https://www.linkedin.com/company/fnfresearch
Follow Us on Twitter: https://twitter.com/fnfresearch
Follow Us on Facebook: https://www.facebook.com/factsandfactors/
USA: +1 347 690-0211
United Kingdom: +44 2032 894158
Japan: +81 50 5806 9039
India: +91 96043 17127