The global wearable computing market is expected to be valued at US$ 2,31,452.5 million in 2032. The wearable computing market is rapidly growing. The global Wearable computing market is anticipated to be worth US$ 46,267.9 million in 2022 and to increase at a CAGR of 17.5% from 2022 to 2032, according to FMI Analysts.
The term wearable computing refers to the technology embedded in wearable accessories like watches and wristbands to function as electronic devices that make access to technology easier. Wearable computing is widely used for media and healthcare applications. These devices all possess smart and advanced features such as easy synchronization and high portability, which make them extremely popular, creating demand for wearable accessories.
Consumers are increasingly attracted to wearable computing devices thanks to their features, such as gyroscopes and accelerometers, which provide various computational support. Furthermore, advances such as data monitoring, compact design, and enhanced portability are also driving the wearable computing market in future years.
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It is also important to note that consumers are increasingly attracted to smart gadgets than to wearable gadgets, which in turn are driving the sales of wearable computing. However, long battery life and high costs of wearable computing will hinder the wearable computing market growth over the forecasted period.
Despite the rise in awareness about wearable computing technology, the inclination towards smart gadgets and an increased inclination to wearable computing drive the demand for this market in North America, which occupies 37.7% of the market and Europe, with 23.6%. As well the US and Canada are projected to see enormous growth opportunities in the wearable computing market in the near future in terms of wearable computing technology.
An optical sensor will be integrated into the body of a smartwatch, which will be able to read the wearer’s fingers, wrists, and arms, and the Pixel Watch was slated to debut in 2020. In 2019, Google invested USD 40 million in Fossil’s property rights. As announced on Weibo, Xiaomi’s Huami subsidiary will release the Mi Band 5 in April 2020. The Amazfit 4 range will also get a new addition called the Amazfit Ares, which will feature 70 different sports modes and a rough “urban outdoor” look.
How is the Performance of North America & Europe in the Wearable Computing Market?
North America holds a market share value of 37.7% for wearable computing, and Europe holds a market share value of 23.6% for wearable computing. As a result of increasing awareness about wearable computing technology and growing inclination toward smart gadgets, they are combined to spur demand for wearable computing in North America.
As for the future of wearable computing technology, countries such as the United States and Canada are expected to see a lot of opportunistic growth in the wearable computing market in the future.
In the near future, the Asia-Pacific region is projected to have the fastest growth rate in the wearable computing market due to constant innovation and improvement in technology. Countries such as India and China are expected to demonstrate positive growth during the period.
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Key Segments Profiled in the Wearable Computing Market
By Product Type:
- Smart watches
- Essential Round Up
- Head-Mounted Displays
- Smart Jewellery
- Implantable
By Application:
- Consumer
- Smart Glasses
- Wearable Cameras
- Smart Clothing
- Gaming Devices
- Non-Consumer
- Fitness And Wellness
- Medical And Healthcare
- Enterprise And Industrial
- Infotainment
- Others
By Region:
- North America
- Latin America
- Europe
- Asia-Pacific
- Middle East and Africa
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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