Wearable Technology Market Size, Share and Trends Analysis by 2025

The wearable technology market was valued at US$ 26.19 Bn in 2015 and is projected to reach US$ 170.91 Bn by 2025; it is expected to grow at a CAGR of 20.8% from 2016 to 2025.

Wearable technology and devices has evolved a lot since its inception. In 1977, HP has introduced one of the first kind of calculator watch HP-01 since, then in last four decade wearable technology has developed a lot. Now we can see there are hundreds of company providing smart wearable such as smart watches compatible with smart phones, fitness trackers for tracking and monitoring physical activates, advanced eyewear, and what not. Particularly in the last five years, wearable industry has experienced a high changes, for instance, fitness band has experienced a high fall in prices, as various players has emerged , pushing industry to further diversify with collaboration with fashion. Wearable technology devices are not only fitness tracker and smart watches, wearable technologies goes beyond this traditional wearable devices and sees high potential in medical, intensive health care, assisting person with physical disabilities and various industrial help for improving processes and efficiencies. Wearable technology and solutions providers across the globe, now a days has started focusing on targeting enterprises, where it sees lot of potential for wearable devices such as smart glasses, wearable cameras, location trackers, smart helmets and hand own terminals etc. which can benefit manufacturing facilities and enterprises in numerous ways to improve productivity and processes. In the present time companies are also increasingly aiming on employer wellness programs, which is expected to boost the mass adoption of medical and fitness wearable devices and other associated technologies. Furthermore, Samsung and Qualcomm has a strong portfolio of wearable devices and related devices and hold more than 490 and 410 patents/patent applications respectively. Intellectual Ventures Management, a Non-Practicing Entity (NPE), has a wide portfolio with more than 410 patents/patent applications. Apple Inc., which is one of the leaders in the smart watch market has more than 190 patents/patent applications. Panasonic Corporation having extensively focuses on medical devices market and Honeywell International Inc. have more than 150 patents/patent applications respectively. New wearable companies like Fitbit have more than 190 patents/patent applications, while Nokia Corporation, Abbott Laboratories also have patents/patent applications numbering more than 190. Intel Corporation and International Business Machine Corporation holds more than 160 and 180 patents/patent applications respectively.

North America dominated the wearable technology market in 2015, The wearable technology market is propelled by the growing awareness of fitness and health, where wearable devices play an important role. The decreasing price of the wearable devices due to competition and advancement in technology are making the wearable devices economical. Further, escalating demand for several application sectors such as wearable technology for healthcare, security and fitness is boosting the demand for wearable devices in North America.

The growing wearable technology market of tablets and smartphones and tablets is allowing the integration of smartphones with wearable devices. Wrist wear segment of wearable technology captures the largest share of the market and is projected to lead the market during the predicted period. The inception of smart watches by companies such as Apple, Nike and Samsung among others has contributed to the growth of the market. North America has deep penetration for wearable devices due to early adoption of innovative technology.

Lucrative Regions for Wearable Technology Market

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Market Insights

Increasing Adoption of Mobile Devices

In the present time, the growth in the wearable technology market is highly driven by the increasing level of penetration of mobile devices, tablets, smartphones and devices used for Machine-to-Machine communications, evolving business models and emerging software ecosystems. Nearly all conventional wearable devices now are paired with smartphones, which have become the integral part of our day-to-day life. Wearable devices like smart watches synced with smartphones are helping end-users to check and attend calls and message without taking out the smartphones. Companies like OnePlus, Samsung and others nowadays are also launching smartphones with complementary wearable devices which will provide end users with enhanced experiences.

Product-Based Market Insights

On the basis of product, the global wearable technology market is segmented into smart clothing & smart glasses, augmented reality headsets, sleep sensors, heart rate monitors, wearable patches, activity monitors, smart watches, continuous glucose monitor, hand worn terminals, drug delivery devices and jewelries. In the present time, wearable technology is attaining high acceptance among people and the range of products offered has gone beyond from smart watches and wrist bands eyewear to smart apparels, eye wears and other health monitoring wearable. These products are worn or attached to the human body and are divided according to the body parts such as eye wear, body wear, finger or ring wear, foot wear, neck wear, wrist wear and others.

Application -Based Market Insights

On the basis of application, the global wearable technology market is categorized into infotainment, healthcare & medicine, industrial & military, fashion & lifestyle, fitness & wellness and safety & security. The uses and implication of wearable technology have an extensive influence and impact in the fields of fitness, aging, medical care, disabilities, transportation, education, enterprise, gaming, music and finance. The main motive of wearable technologies in all of these fields is to be to efficiently integrate functional, portable computers and electronic into the daily lives of individuals. Before entering in the consumer market, these devices were mainly used in the military technology and had the major implications for medicine and healthcare.

Strategic Insights

Product development is the commonly adopted strategy by companies to expand their product portfolio. Fitbit Inc., Xiaomi Inc., Apple Inc., Garmin Ltd., and Samsung Electronics Co. are among the key players implementing strategies to enlarge the customer base and gain significant share in the global wearable technology market, which in turn permits them to maintain their brand name. A few of the recent key developments are:

• In 2016, Apple Inc. announced a new update for Apple Watch with several improvements and bug fixes. This update will allow multiple watches to support a single iPhone, added new language support and improvements in Map apps.
• In 2016, In May 2016, Fitbit Inc. released fitness apps that will enable the users around the world to reach their fitness goals. The app was launched in different languages such as German, Portuguese, Spanish and French.

Wearable Technology Market Segmentation:

Wearable Technology Market - By Product

• Roadways
• Railways
• Waterways
• Airways

Wearable Technology Market - By Application

• Infotainment
• Healthcare & Medicine
• Industrial & Military
• Fashion & Lifestyle
• Fitness & Wellness
• Safety & Security

Wearable Technology Market -  Company Profiles

• Fitbit Inc.
• Xiaomi Inc.
• Apple Inc.
• Garmin Ltd.
• Samsung Electronics Co.
• Adidas Group
• Google Inc.
• Intel Corporation
• Jawbone
• Koninklijke Philips N.V.
• LG Electronics Inc.
• Medtronic, Inc.
• Microsoft Corporation
• Nike, Inc.
• Pebble Technology Corporation
• Qualcomm Inc.
• Sony Corporation
• Suunto Oy