SAN FRANCISCO, Aug. 17, 2023 /PRNewswire/ — The global wearable computing market size is anticipated to reach USD 244.43 billion by 2030, registering a CAGR of 20.2% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market has been experiencing significant growth in recent years due to technological advancements and increasing consumer interest. The rise in popularity of fitness trackers and smartwatches demonstrates the growth of the market. Moreover, wearable devices have gained popularity across various sectors, including fitness and healthcare, entertainment, and industrial applications. Wearable devices are being increasingly adopted in the healthcare industry.
Key Industry Insights & Findings from the report:
- The fitness trackers product type segment dominated the market with a share of 35.0% in 2022. Fitness trackers are wearable devices that monitor and track fitness-related metrics, such as steps taken, distance traveled, calories burned, heart rate, sleep patterns, and more.
- The Bluetooth connectivity segment dominated the market with a revenue share of 37.4% in 2022. Bluetooth technology enables wireless communication and data transfer between wearable devices and other devices, such as smartphones, tablets, and computers.
- By application, the consumer segment dominated the market with a revenue share of 62.6% in 2022 due to its ability to enhance personal experiences, track fitness, and health metrics, and provide convenient access to information and communication.
- North America established a strong regional position in the global market with a 40.7% share in 2022. The region has a well-developed ecosystem for wearable technology, including a mature supply chain, a strong retail presence, and extensive distribution networks
Read full market research report with ToC & latest insights, “Wearable Computing Market Size, Share & Trends Analysis Report By Connectivity (Wi-Fi, 4G/5G), By Product Type (Fitness Trackers, Smart Watches), By Application (Consumer, Non-consumer), By Region, And Segment Forecasts, 2023 – 2030”, published by Grand View Research.
Wearable Computing Market Growth & Trends
For instance, wearable ECG monitors, continuous glucose monitors, and smart insulin pens help patients manage their conditions and provide healthcare professionals with real-time data for monitoring and diagnosis. This expansion of medical wearables indicates market growth in the healthcare sector. Moreover, wearable computing has also made its way into fashion and accessories. Designers and brands collaborate with technology companies to create smart garments, jewelry, and accessories embedded with sensors and connectivity. These fashionable wearables combine technology and style, catering to a growing consumer demand for wearable devices that blend seamlessly into their lifestyles.
For instance, in November 2020, Samsung Electronics Co., Ltd. partnered with fashion designer Thom Browne, Inc., a fashion brand based in New York, to introduce a limited edition of the Samsung Galaxy Z Fold 2 smartphone. The collaboration aimed to bring together technology and high fashion, with the device featuring a custom design by Thom Browne, including signature colors, wallpapers, and custom app icons. The adoption of Augmented Reality (AR) and Virtual Reality (VR) devices is rising. Products like the Oculus Quest VR headset and Microsoft HoloLens AR headset have gained popularity, indicating the growth of wearables in the entertainment and gaming industries. These devices offer immersive experiences and have opened new opportunities for wearable computing.
For instance, HoloLens is an AR headset developed by Microsoft that overlays digital information in the real world, enabling applications like remote assistance, architectural visualization, and industrial training. Wearable computing has applications in the manufacturing, logistics, and maintenance industries. Devices like smart glasses with AR overlays provide workers with hands-free access to information, instructions, and remote assistance. This improves efficiency and safety in industrial settings, showcasing the growth potential of wearable computing in the industrial sector. For instance, Bose Corp., based in the U.S., introduced Bose Frames, an audio sunglass with Bluetooth connectivity. They allow users to wirelessly connect to their smartphones and enjoy music, make calls, and access virtual assistants without needing traditional headphones or earbuds.
Wearable Computing Market Report Scope
Market size value in 2023
USD 67.47 billion
Revenue forecast in 2030
USD 244.43 billion
CAGR of 20.2% from 2023 to 2030
Base year for estimation
2017 – 2021
2023 – 2030
Wearable Computing Market Segmentation
Grand View Research has segmented the global wearable computing market based on product type, connectivity, application, and region
Wearable Computing Market – Product Type Outlook (Revenue, USD Million, 2017 – 2030)
- Smart Watches
- Smart Jewelry
- Fitness Trackers
- Body-worn Cameras
- Head Mount Displays
Wearable Computing Market – Connectivity Outlook (Revenue, USD Million, 2017 – 2030)
Wearable Computing Market – Application Outlook (Revenue, USD Million, 2017 – 2030)
Wearable Computing Market – Regional Outlook (Revenue, USD Million, 2017 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia (KSA)
- South Africa
List of Key Players in Wearable Computing Market
- Apple Inc.
- Fossil Group
- Garmin Ltd.
- Google LLC
- NIKE, Inc.
- Samsung Electronics Co., Ltd.
- Sony Corp.
- Huawei Technologies Co.
- Xiamoi Inc.
Check out more related market research studies published by Grand View Research:
- Wearable Payments Devices Market – The global wearable payments devices market size is expected to reach USD 80.39 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 29.8% from 2021 to 2028. Over time, payment systems have adapted to suit the needs of customers, such as increased convenience and reduced time while making payments. The growing popularity of contactless payment technology, coupled with the increasing adoption of wearable devices, such as smartwatches for contactless payments, is expected to fuel the market growth over the forecast period.
- Enterprise Wearable Market – The global enterprise wearable market is expected to reach USD 22.3 billion by 2025, according to a new study conducted by Grand View Research, Inc. The high demand for enterprise wearable devices in the Asia Pacific region is anticipated to drive industry growth over the next decade. The aging population and rising chronic diseases, such as coronary heart diseases and diabetes, in countries such as China, India, and Japan would drive the demand for wearable technology in the region.
- Cognitive Computing Market – The global cognitive computing market size is projected to reach USD 225.33 billion by 2030, registering a CAGR of 27.6% from 2022 to 2030, according to a new study published by Grand View Research, Inc. The surge in demand for cognitive computing technology comes from an increased need for making better decisions, transforming industries, and democratizing expertise. The technology has become sought-after among decision-makers to handle the massive amount of data and iterative analytics. Industry leaders anticipate the use of cognitive computing systems will gain ground from the rising prominence of machine learning and natural language processing.
Browse through Grand View Research’s Next Generation Technologies Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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