Market Research Report
Wearable Tech - Thematic Research
|Published by||GlobalData||Product code||893785|
|Published||Content info||38 Pages
Delivery time: 1-2 business days
|Wearable Tech - Thematic Research|
|Published: August 1, 2019||Content info: 38 Pages||
The wearable tech industry was worth nearly $23bn in 2018 and will grow at a compound annual growth rate (CAGR) of 19% to reach $54bn by 2023, according to GlobalData forecasts. That growth will be driven by sales of smartwatches, which are gaining in popularity as the range of features they offer (which now includes cellular connectivity, health monitoring, and contactless payment) increases. In contrast, the popularity of fitness trackers is waning, due to their limited capabilities when compared to smartwatches.
Apple is the dominant player in the smartwatches segment, thanks to the success of the Apple Watch, and also holds a strong position in the hearables segment, where AirPods are the market leader. Apple's management team has boasted that the company's wearables business is now the size of a Fortune 200 firm, even though the Apple Watch has only been around since 2015. Other well-positioned players across wearable tech include Huawei, Google, Samsung, and Xiaomi.