by The Global Wearable Technology Market Is Estimated To Be Valued At US$ 143.44 Bn In 2023 And Is Expected To Exhibit A CAGR Of 12% Over The Forecast Period 2023 To 2030, As Highlighted In A New Report Published By Coherent Market Insights.
Market Overview:
Wearable Technology Includes Devices That Can Be Worn On The Body As Implants Or Accessories. These Devices Are Equipped With Sensors To Track Health Parameters Like Heart Rate, Blood Pressure, Oxygen Saturation Level, Among Others. Wearable Devices Also Track Fitness Activities And Provide Real-Time Updates To Users. With Advancements In Sensors, Miniaturization Of Electronics And Integration Of Advanced Technologies, Wearables Have Become Lightweight, Compact And More Comfortable To Use On A Daily Basis. Growing Popularity Of The Internet Of Things (Iot) Has Further Enhanced The Functionalities Of Wearables By Integrating Them With Smartphones And Other Devices.
Market Key Trends:
One Of The Major Trends In The Wearable Technology Market Is Increasing Adoption Of Smartwatches. Smartwatches Are Multifunctional Devices That Combine Functionalities Of A Traditional Watch Along With Enhanced Features Like Wireless Calling, Activity Tracking, Notifications Mirroring, Heart Rate Monitoring, And More. The Growing Health Consciousness Among Consumers Is Propelling The Demand For Smartwatches That Can Track Fitness Activities And Health Parameters Accurately. In Addition, Integration Of Advanced Payment Solutions In Smartwatches Is Enabling Contactless Payments, Adding To Their Utility. This Is Expected To Drive Higher Adoption Of Smartwatches During The Forecast Period.
Porter’s Analysis
Threat Of New Entrants: The Threat Of New Entrants In The Wearable Technology Market Is Moderate Due To The Presence Of Economies Of Scale Enjoyed By Established Players And Significant Capital Investments Required To R&D. However, Emergence Of Innovative Start-Ups With Differentiated Product Offerings Pose Challenges.
Bargaining Power Of Buyers: Buyer Concentration Is Moderate Giving Buyers Moderate Bargaining Power. However, Buyers Have Choices To Switch Between Various Established Brands Offering Similar Products Catering To Their Requirements.
Bargaining Power Of Suppliers: Due To The Presence Of A Large Number Of Suppliers Providing Raw Materials And Components For Wearable Devices, The Bargaining Power Of Suppliers Is Low. Suppliers Do Not Hold Significant Pricing Power Over Buyers.
Threat Of New Substitutes: Threat From Substitutes Is High Due To The Availability Of Alternatives Like Fitness Bands, Smartwatches, AR/VR Devices. However Wearable Technology With Advanced Features Remains The Preferred Option.
Competitive Rivalry: The Global Wearable Technology Market Is Highly Competitive Marked By The Presence Of Major Players Constantly Innovating To Cater Evolving Needs.
Key Takeaways
The Global Wearable Technology Market Growth Is Expected To Witness High Growth, Exhibiting CAGR Of 12.% Over The Forecast Period, Due To Increasing Health Consciousness Among Consumers And Availability Of Wearable Devices For Various Applications Including Fitness Tracking, Healthcare Monitoring, Industrial Applications And Gaming.
The North America Region Dominated The Wearable Technology Market In 2023, Accounting For A Share Of Over 35%, Due To Rapid Technological Advancements, Availability Of High Disposable Incomes, And Increasing Health Awareness In The Region. Asia Pacific Is Expected To Exhibit The Highest CAGR During The Forecast Period, Supported By Increasing Elderly Population, Growing Healthcare Infrastructure And Rising Number Of Lifestyle Disease In The Region.
Key Players Operating In The Wearable Technology Market Are Adidas, Suunto, Abbott Laboratories, Sony, Eurotech, Nike, Google, Inc., Garmin International Inc., Medtronic, Fitbit Inc., And Apple Inc. Garmin International Inc. Specializes In Various Wearable Products For Sports, Aviation, And Navigation. Fitbit Inc. Commands A Leading Position In The Fitness Trackers Segment.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
