by Wearable technology enables the integration of computational and digital capabilities into everyday accessories and clothing for convenient access and real-time transmission of data to other connected devices. Smartwatches, fitness trackers, smart clothing, and other wearables allow users to track their health and fitness metrics, receive notifications and alerts on the go, enable contactless payments, and more. These devices are gaining widespread popularity for how they enhance mobility, personal monitoring capabilities, and daily connectivity while keeping users’ hands free. The global wearable technology market is constantly evolving with companies innovating features to make wearables more useful, multifunctional and comfortable to use on a daily basis.
The Global Wearable Technology Market Size is estimated to be valued at US$ 165.25 Bn in 2024 and is expected to exhibit a CAGR of 9.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the wearable technology market is the growing integration of artificial intelligence capabilities. Smartwatches, fitness trackers, and other wearables are increasingly leveraging AI to offer more advanced functionalities beyond basic step and calorie counting. For instance, certain smartwatches can now monitor users’ heart rate, stress levels, sleep patterns and more, providing insights into overall wellness over time. AI also enables more natural voice control of wearable devices and enhances the personalized experience. As AI becomes prevalent, wearables will gain new automated capabilities that enhance their utility while reducing dependence on handheld devices.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the wearable technology market is moderate. New companies need to have strong R&D capabilities and large capital investments to develop innovative products and technologies.
Bargaining power of buyers: The bargaining power of buyers in the wearable technology market is high. Buyers have a variety of product choices from different manufacturers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Suppliers of components and technologies have some bargaining power due to differentiated requirements.
Threat of new substitutes: The threat of new substitutes for wearable technology is moderate. Smartphones offering similar features act as substitutes.
Competitive rivalry: The competitive rivalry in the wearable technology market is high due to the presence of numerous global and regional players.
Key Takeaways
The global wearable technology market is expected to witness high growth.
Technological advancements have enabled the development of smart and miniature devices offering multiple features. Factors such as increasing health awareness and growing adoption of IoT and connected devices will support market growth during the forecast period.
North America accounts for the largest share of the wearable technology market due to rising disposable income and growing health concerns. However, Asia Pacific is expected to witness the fastest growth due to increasing penetration of smartphones and rising internet connectivity in countries such as China and India.
Key players operating in the wearable technology market are GlaxoSmithKline PLC, Baxter International Inc., and Amgen Inc. GlaxoSmithKline is a global healthcare company that offers smart inhalers integrated with sensors and software. Baxter focuses on offering wearable drug delivery systems to support chronic disease management. Amgen develops wearable biosensors to monitor health parameters and streamline drug discovery processes.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
