Latest News- Wearable Technology Market: Wrist-wear is expected to lead the Product segment during 2025-2029

The Wearable Technology Market is being driven by Popularity of wearable devices as a payment method

The Wearable Technology Market is expected to grow at a CAGR of 17.3% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 99.4 billion. The global wearable technology market is experiencing significant growth due to the increasing demand for advanced and power-efficient electronic components in wearable devices. The popularity of wearables, including smartwatches, fitness bands, smart rings, and Head-Mounted Displays (HMDs), necessitates the development of high-performance and low-power-consumption electronics. Vendors are responding to this trend by integrating innovative features into their upgraded products, which in turn increases the demand for superior electronic components, such as sensors, processors, and batteries. The adoption of low-power-consumption semiconductor components, from processors to new Inertial Measuring Units (IMUs), is enabling vendors to enhance the functionality and battery life of their wearable electronics, thereby driving market growth. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Wrist-wear
  • Eyewear and headwear
  • Footwear
  • Neckwear
  • Others
• Application
  • Consumer electronics
  • Healthcare
  • Enterprise and industrial
  • Entertainment
  • Others
• Connectivity
  • Wi-Fi
  • Bluetooth
  • Cellular
  • NFC
• Technology
  • Computing
  • Display
  • Network
  • Positioning
• Geography
  • North America
    • Canada
    • US
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Popularity of wearable devices as a payment method
• Growing digitization of global economy
• Development of miniaturized electronic components

However, the market also witnesses some limitations, which are as follows:

• Rising penetration of counterfeit products
• Rising concerns over data security and privacy
• Unattractive designs of wearable devices

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Market Scope in Wearable Technology Market Research Report

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Research Analysis Overview

Wearable technology, including smartwatches, swimmers, cycling gear, runners, gym apparel, and IoT-based clothing, caters to various consumer groups. Healthcare professionals and patients benefit from health monitoring solutions featuring MEMS sensors, GPS, IMU, and electronic displays. Fitness enthusiasts use fitness-tracking wearables like fitness bands and smartwatches to enhance health self-efficacy. Counterfeit products pose a challenge in this market. Connectivity with mobile phones and IoT-enabled garments expand functionality. Consumerism in wearable technology is driven by the integration of healthcare, fitness, and IoT, with head-mounted displays offering additional possibilities. Electronic devices, such as fitness trackers and smart clothing, provide clinical data for improved wellness.

Market Research Overview

The global communications equipment market encompasses manufacturers of networking products, such as LANs, WANs, routers, telephones, switchboards, and exchanges, as well as communications infrastructure or telecom equipment. According to Technavio, market size is determined by sales revenue from communication equipment, broadcasting equipment, telecommunication equipment, and telecom service providers' infrastructure investments. Exclusions include cellular phone manufacturers. Market expansion will be fueled by the proliferation of data centers, with hyperscalers investing significantly in new facilities and capacity expansions. Additionally, the rise of wearable technology, including smartwatches, swimmers, cyclists' gear, runners' devices, healthcare-focused IoT apparel, smart clothing, eyewear, headwear, and footwear, will contribute to market growth. Counterfeit products may pose a challenge, but advancements in technology and stricter regulations will mitigate this issue.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/