Wearable Computing Market is valued approximately USD 20.35 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 1.5% over the forecast period 2022-2029. The wearable computing market is expanding as a result of consumers’ increasing adoption of wearable gadgets like smartwatches and augmented reality gadgets. Along with this, major driving factors for the market are rising health awareness, growing adoption of IoT technology and rising funding by the key market players is driving the growth for the market. Moreover, rising innovation by the key market players is creating lucrative growth opportunity for the market over the forecast period.
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Over 80% of consumers, according to Infopulse, are willing to wear fitness wearables, indicating their concern about keeping tabs on their health. By 2030, 500 billion gadgets are expected to be connected to the internet, according to Cisco. These interconnected devices form the Internet of Things. The Mi Band 4 is Xiaomi’s newest fitness tracker, which was released in 2019. Compared to its predecessors, it has a display that is about 40% more prominent. Moreover, for instance, Nuheara unveiled its cutting-edge hearing aids, the IQbuds MAX, in January 2020. They have hybrid active noise cancellation and special capabilities to customize and improve the wearer’s soundscape. However, the high cost of raw material is stifles market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Wearable Computing Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. One of the biggest markets for smart wearables is in North America, with the United States leading the way, followed by Canada. Some of the primary market drivers include the rise in disposable income and the accelerated adoption and demand for new technological gadgets. As China’s strong economic growth and government plans to upgrade its economic infrastructure, the APAC region is anticipated to expand at the greatest CAGR.
Major market players included in this report are:
Adidas AG (Germany)
Apple, Inc. (U.S.)
Fitbit, Inc. (U.S.)
Pebble Technology Corporation (U.S.)
Garmin Ltd. (U.S.)
Jawbone (U.S.)
LG Electronics Inc. (South Korea)
Motorola Mobility Holdings, Inc. (U.S.)
Sony Corporation (Japan)
Samsung Electronics Co., Ltd. (South Korea)
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Recent Developments in the Market:
In May 2020, the release of Garmin’s latest maritime GPS smartwatch, the quatix 6X Solar, which has a clear solar charging display that draws power from the sun to prolong the battery life. The quatix 6X Solar from Garmin combines all of the characteristics of the fnix 6X Pro Solar with a focus on boating, fishing, cruising, and sailing capabilities so that customers can spend more time on the water. It is the first marine-focused GPS smartwatch from Garmin to support solar charging.
The smart-hearing firm Nuheara debuted its IQbuds2 MAX earbuds in January 2020. With this device, the wearer’s soundscape can be customised and improved thanks to hybrid active noise cancellation technology. Additionally, this product gives users the option to customise their soundscape.
Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered: Product Type, End User, Region
Regional Scope: North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope: Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Product Type offerings of key players.
The detailed segments and sub-segment of the market are explained below:
By Product Type:
Smart Watches
Head Mounted Displays
Smart Clothing
Ear Worn
Fitness Trackers
Body Worn Camera
Exoskeleton
By End User:
Fitness and Wellness
Medical and Healthcare
Infotainment
Industrial
Defense
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Market Overview:
- Provides a general introduction to the market, including its size, growth rate, and key characteristics.
- This section may also include information on market segmentation, such as by product type, application, or geography.
Industry Trends and Drivers:
- Examines the current trends, developments, and factors driving the growth or decline of the market.
- It may include technological advancements, regulatory changes, consumer preferences, or economic factors that impact the industry.
Market Analysis:
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- This section may include information on market share, market concentration, and competitive strategies of key players.
Market Segmentation:
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- This analysis helps identify specific market opportunities and target audiences.
Market Size and Forecast:
- Presents the current market size and estimates future market growth over a specified period.
- -This section may include historical data, market projections, and growth rates for different segments.
Competitive Analysis:
- Assesses the competitive landscape of the market, including the profiles of major players, their market share, and strategies.
- It may also include SWOT analysis (strengths, weaknesses, opportunities, threats) of key competitors.
Market Opportunities and Challenges:
- Identifies potential growth opportunities and challenges in the market. This section may highlight emerging market segments, untapped regions, or technological advancements that can drive market expansion.
- It may also address barriers to entry, regulatory hurdles, or competitive threats.
Consumer Insights:
- Provides an understanding of consumer behavior, preferences, and buying patterns related to the market.
- This section may include survey data, consumer demographics, and customer feedback.
Future Outlook and Recommendations:
- Offers insights into the future prospects of the market and provides recommendations for businesses or stakeholders.
- This section may suggest strategies for market entry, product development, marketing, or investment decisions.
Appendix:
- Includes additional data, charts, tables, or references that support the analysis presented in the report.
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