As per Inkwood Research, the Global Wearable Computing Market is predicted to grow with a CAGR of 18.00% in terms of revenue over the forecasting years 2023-2032.
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Wearable computing or technology is an umbrella term that defines electronic devices designed to be worn on various body parts as accessories. These devices are also an example of the Internet of Things (IoT). Sensors, software applications, as well as other communication technologies are incorporated into such devices, thus enabling them to exchange, store, and process data.
Increase in Consumer Health Awareness Propels Market Growth
Initially, vendors introduced smart as well as compact devices, including fitness and activity trackers, in order to create awareness and interest among consumers. Such devices have also enabled users to manage new-age lifestyles in addition to monitoring heart disease, diabetes, and other chronic conditions. Within the consumer space, the sale of smart activity trackers and fitness bands, like Jawbone UP, Fitbit devices, and smartwatches began accelerating in 2020, given the impact of the COVID-19 pandemic.
Other devices have also joined the mainstream usage of wearable computing, including smart glasses/AR headsets, smartwatches, and VR headsets. As these devices are rapidly being adopted by consumers for lifestyle and infotainment purposes, the surge in consumer awareness about health is expected to provide the global wearable computing market with growth opportunities.
Wi-Fi to be the Leading Connectivity Type
Consumers need a method of smoothly and effectively connecting several devices, especially in terms of individuals utilizing several gadgets simultaneously. This is mainly ascribed to the swift improvements in wearable technology, combined with the growing sophistication of data flows. As a result, the integration of Wi-Fi in wearable devices has become a prolific and ubiquitous technology across numerous end-use industries, particularly in healthcare, medical, and lifestyle applications.
Asia-Pacific: Fastest-Growing Region by 2030
Asia-Pacific is expected to lead the global wearable computing market during the forecast period. The region’s market growth is primarily attributable to the presence of a large millennial population and rapid urbanization rates, leading to the high penetration of AR technology. Furthermore, the majority of the Asian vendors are introducing innovative wearable computing products with advanced capabilities, thus further augmenting the adoption of these devices in the region. While wearable computing technology enhances workflows, it also provides lucrative prospects for applications across various industries, like manufacturing, logistics and warehousing, and others. Therefore, such factors are expected to contribute to the dynamic growth of the wearable computing market in the Asia-Pacific.
Some of the leading companies operating in the global wearable computing market are Samsung Electronics Co Ltd, Alphabet Inc, Huawei Technologies Co Ltd, Apple Inc, Sony Corp, etc.