Wearable technology is quickly becoming a major force in today's world and industries. There are many reasons that wearable technology has developed over the years although the main reason for the recent development has been the development of electronics that are small, lightweight, and can be worn on the body without restricting movement. As with many technological advances, wearable technology has come from the traditional areas of medicine and military research and also from everyday consumer products such as handbags and watches Electronic devices can provide improved sensory feedback. Many people suffer from sensory processing disorders such as sensory integration disorder, which means they have problems with textures, smells and other types of 'bodily' sensations. Some people with this disorder have an extra sensory organ such as an ear or nose that allows them to fully experience physical things.
Growing smartphone users is expected to boost the global wearable technology market growth over the forecast period. According to the Pew Research Center, in 2020, around 85% of people in the U.S. had smartphones, increasing from 70% in 2019. According to the same source, tablet users in the U.S. increased from 34% in 2020 to 52% in 2021. This, in turn, has significantly increased the adoption of wearable devices including smart watches.
Key features of the study:
- This report provides in-depth analysis of the wearable technology market, and provides market size (US$ Billion) and compound annual growth rate (CAGR%) for the forecast period (2023-2030), considering 2022 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global wearable technology market based on the following parameters - company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study include Adidas, Suunto, Abbott laboratories, Sony, Eurotech, Nike, Google, Inc., Garmin International Inc., Medtronic, Fitbit Inc., and Apple Inc.
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
- The global wearable technology market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global wearable technology market.
- Global Wearable Technology Market, By Application
- Fitness and Wellness
- Healthcare and Medical
- Industrial and Military
- Global Wearable Technology Market, By Geography
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Company Profiles:
- OSI Systems Inc.
- Abbott laboratories
- Sony, Eurotech
- Google, Inc.
- Garmin International Inc.
- Fitbit Inc.
- Apple Inc.