Wearable computing devices are technological equipment that can be worn on the body. While these devices are capable of storing, recording as well as processing data, they may also incorporate special sensors, including heart rate and blood oxygen saturation (SpO2) monitors, accelerometers, and electrocardiograms (ECG), among others. Inkwood Research estimates that the global wearable computing market is predicted to grow with a CAGR of 18.00% during the forecast period, 2023 to 2032. The market growth is attributed to factors such as the rise in consumer health awareness and the wide-scale adoption of wearable computing devices in augmented reality (AR).
Wearable Technology | The Complex Interaction Between Man & Machine
Wearable computing is viewed as an embodiment of, or an attempt to exemplify, humanistic intelligence. In the context of wearable computing, humanistic intelligence (HI) is an umbrella term (similar to artificial intelligence) that drives the research and development of wearable technology. Accordingly, the wearable device’s primary task is no longer computing but, instead, to become an integrated part of the user. Aligning with this, some of the top applications of wearable technology in the current market scenario include gaming and infotainment, fitness and wellness, lifestyle, healthcare and medical, and others.
Accordingly, with regard to healthcare, smart devices are being utilized as high-tech bandages that can help relieve pain, on the other hand, smart rings can help users keep track of biometric activity as well as the number of calories burnt. Several companies are also bolstering their research and development (R&D) activities in order to keep up with the surging customer demands for improved connectivity and higher functionality. For example, Huawei reinforced the research and development capabilities of Huawei Health Lab with an investment of $31.5 million in smart wearables. The company’s lab encompasses a range of advanced equipment, such as a plateau blood oxygen chamber for SpO2 monitoring, particularly for the newest HUAWEI WATCH GT 3.
Popular Wearable Computing Devices: Revolutionizing the Tech Game
From advanced blood pressure monitoring to optimal diet management and smart apparel, the current, as well as future possibilities of wearable technology are exciting and lucrative – with the potential to offer more personalized user experiences than ever before.
On that note, let’s take a look at some of the most popular wearable computing devices trending in the market.
- Wrist Wear – As the name suggests, devices that can be worn on the wrist, including fitness trackers and smartwatches, are categorized under wrist wear computing wearables. These devices can be used to effectively track average heart rates, sleeping hours, weight gained, and the total distance traveled. Moreover, the data can also be synced with another device, thus enabling users to monitor activity trends and patterns. According to Inkwood Research’s analysis, in 2022, the majority of the market share was captured by the wrist wear segment within the product type category.
- Body Wear – Body wear computing wearables are rapidly penetrating the apparel & fashion accessories industry, enabling users to elevate their daily lifestyles. For instance, smart belts play a vital role in protecting users from fall risks with the use of embedded sensors and algorithms. Through this, the smart belt can predict the risk of falls by analyzing abnormal gait patterns. On the other hand, smart shoes embedded with IoT sensors can help overcome unsteady positions, balance problems, and pain by monitoring the user’s blood pressure and adjusting the shoe accordingly.
- Head Mounts & Eyewear – The advent of wearable head mounted devices and computer glasses, also known as smart glasses, has extended the applications of virtual reality across various industries, including physical rehabilitation, security, and healthcare. For example, while the police department can effectively make use of smart glasses in order to identify suspects via facial recognition, these devices are also being utilized in the healthcare sector for automatic patient data entry, rapid diagnostics, hands-free photo and video documentation, and telemedicine. Likewise, head-mounted displays for virtual reality (HMD–VR) can also be used as a therapeutic medium in the field of physical rehabilitation, given their ability to immerse patients in controlled, safe, and engaging virtual worlds.
Wearable Computing Market: The Expanding Potential of Wireless Connectivity
The Internet of Things (IoT), in combination with wearable computing, is rapidly transforming the human notion of reality. Furthermore, the rising wireless connectivity options offered by IoT and the ostensibly limitless potential of cutting-edge product innovations are significantly increasing the demand for wearable computing devices. As a result, the rapid improvements in wearable technology, as well as the increased sophistication of data flows, play a pivotal role in augmenting the global wearable computing market growth during the forecast period.
Why is Wi-Fi gaining traction as a leading connectivity type in the wearable computing market?
Consumers require a method of effectively and smoothly connecting various devices, especially for individuals using several gadgets at once. Therefore, the integration of Wi-Fi in wearable devices has become a ubiquitous and prolific technology across many end-use industries, particularly in lifestyle, healthcare, and medical applications.
Which are the key players operating in the global wearable computing market?
Apple Inc, Samsung Electronics Co Ltd, Sony Corp, etc., are among the key players operating in the global wearable computing market.