Wearable Technology Market Scope
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.
|Unit||Value (USD Million)|
|Key Companies Profiled||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)|
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. Research Analyst at AMA estimates that United States Vendors will contribute to the maximum growth of Global Wearable Technology market throughout the predicted period.
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) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research 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).
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
The study have segmented the market of Global Wearable Technology market by Type , by Application (Consumer Electronics, Healthcare, Enterprise and Industrial Applications and Other) and Region with country level break-up.
On the basis of geography, the market of Wearable Technology has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). region held largest market share in the year 2021.
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.
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.
Wearable Technology Market Dynamics:
|Trends Influencing Market|
- The Growing Awareness of Wearable Electronics and the Increase in Smartphone Penetration is contributing to Market Growth.
- Data Privacy Concerns Have Been Restraining the Market Growth.
- The High Initial Cost and Low Battery Life Does Pose a Threat to Market Growth
- R&D Initiatives of Several Market Players are Likely to Further Contribute to the Escalating Growth Prospects of the Market.
- Increasing Disposable Income of Individuals Will also Bring Opportunities for Market Growth.
Key Target AudienceWearable technology manufacturers, New Entrants and Investors, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others