Market Snapshot:
Wearable technology, also known as "wearables," refers to a class of electronic devices that can be worn as jewellery, embedded in clothing, implanted in the user's body, or even tattooed on the skin. The devices are hands-free gadgets with practical applications that are powered by microprocessors and have the ability to send and receive data over the Internet. The expansion of mobile networks facilitated the development of wearable technology. Fitness activity trackers were the first wave of wearable technology to gain popularity among consumers. The wristwatch was then transformed into a screen, and more powerful mobile applications were added. People can receive data from Wi-Fi networks using Bluetooth headsets, smartwatches, and web-enabled glasses. With virtual reality and augmented reality headsets, the gaming industry adds more wearables.
Highlights from Wearable Technology Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
The key Vendors profiled in the report are Apple (United States), Google LLC (United States), Samsung (South Korea), Xiaomi Global Community (China), Huawei Technologies Co. Ltd. (United States), Imagine Marketing (United States), Fitbit Inc. (United States), Garmin Ltd. (United States), LG Electronics (South Korea) and Sony Corporation (Japan). Additionally, other players that are part of this comprehensive study are Microsoft Corporation (United States), Misfit (United States), Nike Inc. (United States), Motorola Solutions Inc. (United States), HTC Corporation (Taiwan), Michael Kors (United States), ADIDAS AG (Germany), Polar Electro (Finland), TomTom International BV (Netherlands) and Fossil Group Inc. (United States).
Geographic Breakdown and Segment Analysis
The Global Wearable Technology market presents a comprehensive analysis of the Wearable Technology market by product type (Bodywear, Headwear, Wristwear, Eyewear and Others), by end-user/application (Consumer Electronics, Healthcare, Enterprise and Industrial Applications and Other), and by geography (North America, South America, Europe, Asia-Pacific and MEA) along with country level break-up. This section of our report presents a realistic picture of the Global Wearable Technology industry. Investors and Vendors can easily understand the inherent opportunities and challenges for their products in geographical region of interest.
For instance, while the holds majority of market share of the Wearable Technology market
Analyst at AMA have segmented the market study of Global Wearable Technology market by Type, Application and Region.
Influencing Trend:
The Growing Awareness of Wearable Electronics and the Increase in Smartphone Penetration is contributing to Market Growth.
Market Growth Drivers:
The Rising Popularity of These Devices among Recreational Fitness Enthusiasts and Professional Athletes has Been Driving the Growth of the Market. and The Promising Growth in the Gaming Market has Been Also Driving the Market Growth.
Challenges:
The High Initial Cost and Low Battery Life Does Pose a Threat to Market Growth
Restraints:
Data Privacy Concerns Have Been Restraining the Market Growth.
Opportunities:
R&D Initiatives of Several Market Players are Likely to Further Contribute to the Escalating Growth Prospects of the Market. and Increasing Disposable Income of Individuals Will also Bring Opportunities for Market Growth.
Market Developments Activities:
In January 2021, Google has acquired of Fitbit. in this acquisition product expertise and health and wellness innovation with the best of Google’s AI, software and hardware will drive more competition in wearables and make the next generation of devices better and more affordable.
In March 2022, Dyson launches its first wearable technology. The Dyson Zone air-purifying Bluetooth headphones are a set of noise-canceling, high fidelity over-ear headphones which deliver immersive sound to the ears and purified airflow to the nose and mouth all at the same time.
Regulatory Insights:
Although wearables are not defined under any US Federal law, Protected Health Information (PHI) is subject to regulation by the Office for Civil Rights (OCR). Any wearable OEM found sharing PHI with Covered Entities such as health plans, healthcare clearinghouses, and healthcare providers is punishable by the OCR. This also applies to third-party partners of both wearable OEMs and Covered Entities. Thus, cloud service providers partnering with wearable business associates are directed to provide Health Insurance Portability and Accountability Act of 1996 (HIPAA) compliance as an add-on feature, as well as to sign Business Associate (BA) contracts as part of the deals.
To entice more end users, market players are focusing on providing Wearable Technology of higher quality while adhering to all regulatory standards. In the global Wearable Technology market, there are numerous large and small-scale service providers. They are also concentrating on the implementation of numerous advanced technologies. Furthermore, the numerous industry profits have led to the entry of new players, raising the level of rivalry in an already competitive market. The Wearable Technology market is currently expanding due to the rapid advancement of AI technology and the increased use of AI products. Some of the key players in this market follow strategies, which include new product offerings, product approvals, partnerships and alliances, mergers and acquisitions, and business expansions.
Key Target Audience
Wearable technology manufacturers, New Entrants and Investors, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others