Wearable Technology Market to Gain USD 286.28 Billion by 2031 | SkyQuest
Westford, USA, July 22, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Global Wearable Technology Market will attain a value of USD 286.28 Billion by 2031, with a CAGR of 15.2% over the forecast period (2024-2031). They are expected to boost the demand for wellness products and fitness products for recreational fitness enthusiasts and professional athletes due to the increasing adoption of these devices during the forecast period. Examples of wearable technology are numerous, these include smartwatches, fitness trackers, smart clothes and even medical devices. These devices come with lots of features like notifications, GPS tracking system, pulse measurements and others.
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Browse in-depth TOC on the " Wearable Technology Market "
- Pages - 242
- Tables - 93
- Figures – 82
Wearable Technology Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $91.5 Billion |
| Estimated Value by 2031 | $286.28 Billion |
| Growth Rate | Poised to grow at a CAGR of 15.2% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Application and Distribution Channel |
| Geographies Covered | North America, Europe, Asia-Pacific, and the Rest of the world |
| Report Highlights | Growing investments by numerous sports associations |
| Key Market Opportunities | Multiple application adoption of wearables |
| Key Market Drivers | Surge of wearable fitness devices driven by athletes |
Wristwear to Dominate Due to their Simple Features and Operation of Multiple Apps
Wristwear items dominate the wearable market due to their multiple functions, sleek designs, and ability to monitor health. The reason why people want to keep fit is that they have become more conscious about health-related concerns; whereas better sensors as well as smooth integration with smartphones enhance user experience in tracking fitness levels.
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Offline Channel to be the Largest Growing Sub-Segment Due to Enabling Customers to Touch and Feel the Product
The global wearable technology market is dominated by offline distribution channels mainly due to the immediate product availability and real customer experience. A physical demonstration of devices increases customer satisfaction and instils trust. Therefore, offline retail networks and tailored individual sales support boost market penetration, encourage more people to use the technology and strengthen the reign of traditional selling techniques.
Early Adoption of and Continued Improvements Helped North America to Dominate the Market
In 2023, North America will have the largest market. Due to a number of variables, including a strong healthcare and physical wellness sector, as well as a high level of consumer awareness and passion for technology, this region leads the world in wearable technology sales.
Wearable Technology Market Insight
Drivers:
- Wide Range of Features of Wearable Technology
- Surge of Wearable Fitness Devices Driven by Athletes
- Wearables in Fitness and Healthcare Applications
Restraints:
- Absence of Efficient and Reliable Battery System
- Unaddressed Vulnerability of Healthcare Information
- Interoperability and Compatibility Issues
The following are the Top Wearable Technology Companies
- Samsung Electronics Co. (South Korea)
- Apple Inc. (US)
- Fitbit Inc. (US)
- Garmin Ltd. (Switzerland)
- Huawei (China)
- Sony Corporation (Japan)
- Google LLC (US)
- LG (South Korea)
- Xiaomi Corporation (China)
- Microsoft (US)
Key Questions Answered in Global Wearable Technology Market Report
- What is the estimated market size for wearable technology worldwide by 2031, and what is the anticipated compound annual growth rate (CAGR) for the 2024–2031 projection period?
- Why is the wearable technology market dominated by wristwear products?
- What are the main factors propelling and impeding the wearable technology market's expansion?
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This Report Provides the Following Insights:
- Analysis of key drivers (Mainstreaming personal computing, device being sleek & compact, Demand for wearables in fitness & healthcare applications and wearable medical devices are handheld monitoring tools), restraints (Collecting & storing sensitive health & personal data, lack of standardization and data privacy & security are significant challenges), opportunities (Increasing number of new product launches, military-owing to the technical maturity of wearable devices and launching of sophisticated & complex sectors), and challenges (Challenges with regard to information security need to be handled and carrying out correct data analysis) influencing the growth of wearable technology market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the wearable technology market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the wearable technology market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
Related Reports:
Augmented Reality (AR),Virtual Reality (VR), Mixed Reality (MR) Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia-Pacific.
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