Wearable Computing Market 2023-2030 by Body Worn Cameras, and Others), Connectivity (Bluetooth, WI-FI, 4G/5G, and Others), Product Type (Smart Watches, Smart Jewelry, Fitness Trackers, Head Mounted Display, and End Use (Fitness & Wellness, Healthcare, Entertainment, Defense, Gaming, and Others) - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits
Industry : Information Technology | Pages : 173 Pages | Published On : Jul 2023
The Global Wearable Computing Market is projected to grow at a CAGR of 19.40% from 2023 to 2030, reaching a size of $213.55 billion by 2030, compared to $38.21 billion in 2020. Wearable computers are small technological devices that can be worn on the body and have the ability to store and process data. They are designed for convenience and accessibility, providing quick access to information and improving workplace efficiency. As advancements in human-computer interaction continue, wearable devices are continuously updated to seamlessly integrate into users' lives and meet their everyday needs.
The COVID-19 outbreak has had a positive impact on the fitness and wellness segment of the wearable computing market. Smart glasses are a popular variant of wearable computing, where images are projected onto the inside of the glasses, augmenting or replacing the wearer's visual perception of the environment. Global companies such as Google, Epson, and Vuzix produce smart glasses. Another type of wearable computing is the modern smartwatch, which supports third-party applications and can be controlled by mobile operating systems. Smartwatches can also function as mobile media players and allow users to receive phone calls and respond to SMS and emails. Some smartwatches work in conjunction with smartphones, acting as a secondary screen to provide notifications to the owner.
The forecast period is expected to witness significant growth in the global wearable computing market. This growth is driven by factors such as technological advancements in wearable devices, the increasing adoption of smartwatches and fitness bands, and the growing popularity of wearable medical and health devices. The demand for smartwatches is rapidly increasing among athletes, swimmers, gym-goers, runners, and cyclists worldwide. However, the high cost of wearable devices and privacy concerns act as major restraints to the market's growth. On the other hand, rising investments in wearable technologies are expected to create opportunities for the wearable computing industry. End users are demanding innovative, technologically advanced, and efficient wearable devices, leading to increased investment in research and development by companies operating in the wearable device sector.
The global wearable computing market is segmented based on product type, connectivity, end use, and region. Product types include smartwatches, smart jewelry, fitness trackers, head-mounted displays, body-worn cameras, and others. The smartwatch segment is further divided into extension smartwatches, classic smartwatches, and standalone smartwatches. Connectivity options encompass Bluetooth, Wi-Fi, 4G/5G, and others. End-use categories consist of fitness and wellness, healthcare, entertainment, defense, gaming, and others.
Geographically, the market trends of wearable computing are analyzed across North America (including the U.S., Canada, and Mexico), Europe (including Germany, the UK, France, Italy, and the rest of Europe), Asia-Pacific (including China, Japan, India, South Korea, and the rest of Asia-Pacific), and LAMEA (including Latin America, the Middle East, and Africa). North America currently dominates the market, driven by the increased adoption of advanced technologies in wearable devices and growing awareness among people about these devices.
Top Impacting Factors
The growth of the wearable computing market is influenced by several key factors, including technological advancements in wearable devices, the increasing adoption of smartwatches and fitness bands, and the growing popularity of wearable medical and health devices. However, the high cost of wearable devices and privacy concerns act as constraints to the market's growth. Conversely, rising investments in wearable technologies create promising opportunities for the market. Therefore, these factors are expected to have a significant impact on the global wearable computing industry during the forecast period.
The major players in the wearable computing market, such as Apple, Google LLC, Huawei Technologies Co., Ltd., Garmin, Fossil Group, Inc., Samsung Electronics, Sony Corporation, Xiaomi Corporation, Nike, and Sensoria Inc., are focusing their investments on technologically advanced, cost-effective, and secure products and solutions for various applications. These key players have implemented strategies such as expanding their product portfolios, engaging in mergers and acquisitions, forming agreements, expanding regionally, and collaborating to enhance their market penetration.
COVID-19 Impact Analysis
The COVID-19 pandemic has had a significant impact on both consumers and the economy. Electronics manufacturing hubs have operated at reduced efficiency temporarily to limit the spread of COVID-19, resulting in disruptions in the supply chain of the semiconductor market. This has led to shortages of materials, components, and finished goods. The lack of business continuity has had significant negative effects on revenue, shareholder returns, and overall financial stability, causing disruptions in the wearable industry.
The global economy has been greatly affected by the impact of COVID-19 on the manufacturing industry. The temporary shutdown of manufacturing units, particularly in China, has disrupted the supply of electronic components such as sensors, displays, ICs, and other semiconductor devices. As a result, there has been a 2-3% increase in the prices of these components due to supply shortages.
The slowdown in production by original equipment manufacturers (OEMs) and the decrease in demand for wearable and other electronic devices have had a slight negative impact on the wearable computing market. The global supply chains have been significantly affected by shortages of components and materials. Furthermore, reductions in capital budgets and project delays have contributed to the challenges faced by the global economy.
However, as vaccines are being rolled out worldwide and the pandemic situation is gradually being controlled, especially in North America and Europe, it is expected to stimulate the recovery of the wearable computing market.
Key Benefits for Stakeholders
• This study provides an analytical overview of the global wearable computing market, including current trends and future estimations, to identify potential investment opportunities.
• The analysis of the overall wearable computing market aims to identify profitable trends and establish a stronger market position.
• The report includes comprehensive information on key drivers, restraints, and opportunities in the wearable computing market, along with a detailed impact analysis.
• The current forecast for the wearable computing market is quantitatively analyzed from 2020 to 2030, allowing for a benchmark of financial competency.
• Porter's five forces analysis is used to assess the bargaining power of buyers and the market share of key vendors in the wearable computing industry.
• The report includes the market trends and the revenue share of key vendors.
Key Market Segments
By Product Type
• Smart Watches
o Extension smartwatch
o Classic smartwatch
o Standalone smartwatch
• Smart Jewelry
• Fitness Trackers
• Head Mounted Display
• Body Worn Cameras
By End Use
• Fitness & Wellness
• North America
o Rest of Europe
o South Korea
o Rest of Asia-Pacific
o Latin America
o Middle East
• Google LLC
• Huawei Technologies Co., Ltd.
• Samsung Electronics
• Sony Corporation
• Xiaomi Corporation
• Fossil Group, Inc.
• Sensoria Inc.
Table and Figures
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