Wearable Technology Market by Product (Wristwear, Headwear/Eyewear, Footwear, Neckwear, Bodywear), Type (Smart Textile, Non-Textile), Application (Consumer Electronics, Healthcare, Enterprise & Industrial), and Geography – Global Forecast to 2022
The global wearable technology market size was valued at USD 32.63 billion in 2019 and is projected to expand at a compound annual growth rate (CAGR) of 15.9% from 2020 to 2027. The growing popularity of the Internet of Things (IoT) and connected devices and rising technically sound population is expected to drive the demand. Rising concerns of obesity and other chronic diseases have led to the adoption of wearable products such as body monitors and activity trackers, which offer real-time information about the overall health. These wearable products can offer information such as blood pressure, oxygen levels, quality and quantity of sleep, calorie intake, cholesterol levels, heartbeat monitoring, and other information required by the body for day-to-day activities.
In 2020, the COVID-19 pandemic is anticipated to significantly impact the market growth. The outbreak of the COVID-19 crisis has expanded the role of wearable technologies in the healthcare sector. Some players operating in the wearable technology industry across other sectors are eager to enter the landscape of healthcare wearables to be used as prompt warning systems for the virus infection.
Additionally, increasing popularity about the benefit of these devices among professional athletes and recreational fitness consumers is expected to drive the demand for fitness and wellness products over the forecast period. Data privacy concerns may pose a challenge to revenue growth over the next seven years. Low battery life and high initial cost may also hinder the industry over the forecast period.
Moreover, increasing social awareness and various benefits of wearable electronics is anticipated to drive demand over the forecast period. Increasing disposable income and smartphone penetration is expected to boost industry growth in the forthcoming years. A high degree of research and development by the market players is expected to enhance technology over the next seven years. Advancement in sensors and battery life will help industry players to enhance the customer experience.
There is a huge availability of smart devices include tablets, phablets, and smartphones, among others. Presently, end users desire to have a single compact product that could integrate all the monitoring and computing requirements. This preference provides an opportunity for the companies to develop hybrid and multi-function wearables that offer convenience to the end-users and integrates the functionality of various products into a single compact wearable product. The number of such devices is expected to increase over the forecast period.