Wearable Computing Devices Market is expected to reach a valuation of nearly US$ 217,237.2 Mn in 2032 - Future Market Insights, Inc.
The global wearable computing devices market share is expected to increase significantly throughout the forecast period. The sales of wearable computing devices is being driven by factors such as technological advancements in wearable devices, increased acceptance of wearable technology (for example, smart watches and fitness bands), and the growing popularity of wearable medical and health equipment
NEWARK, Del, Aug. 16, 2022 (GLOBE NEWSWIRE) -- The global wearable computing devices market is expected to be worth US$ 37,557 Mn in 2022, rising to US$ 217,237.2 Mn by 2032. The *sales of wearable computing devices* are expected to grow at a CAGR of 19.2% during 2022-2032.The wearable computing devices market size is expected to increase during the projected period as they assist clinicians in remotely monitoring patient health. Consumer interest in smart fitness gadgets is increasing since they aid in the prevention of mortality caused by illnesses such as diabetes, heart disease, obesity, and asthma. Furthermore, as a result of these reasons, demand for wearable computing devices is expected to expand over the forecast period. As a result of increased demand for health monitoring, the wearable computing devices market share is expected to grow.
Smart watches, smart contact lenses, smart glasses, smart fabrics, and e-textiles are some of the examples of wearable technology. Sales of wearable computing devices are expected to increase throughout the projection period as a consequence of the advantages and broad variety for consumers. Some of the features of wearable computing devices that are driving market expansion include real-time data provision, local storage, and portable design.
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Wearable computing devices leading companies are also introducing wearable devices that can link to smartphones. Furthermore, the demand for wearable computing devices has increased noticeably in the domains of health and fitness, medicine, gaming, music, transportation, and education. Customer apathy and data security concerns are important impediments to the expansion of the wearable computing device market.
*Key Takeaways from Wearable Computing Devices* *Market*
· North America is one of the most appealing markets for wearable computing devices, with the United States leading the way. The United States is expected to occupy more than 19.6% of the market for wearable computing devices.
· With a CAGR of 19% over the forecast period, China is expected to have the biggest development potential in the wearable computing devices market.
· Following China, the India wearable computing devices market is expected to grow at an 18% CAGR during the forecast period.
· With a 27% market share, the ear worn segment dominates the wearable computing devices market.
· With a 22.3% market share, the fitness tracker category ranks second in the wearable computing devices market. The growing popularity and accessibility of fitness trackers among the general public is driving this increase.
· With a 30.9% market share, the fitness and wellness segment lead the wearable computing devices market.
*“The leading manufacturers of wearable computing devices are focusing on industry-specific wearables. They are also integrating wearable technology with management systems like as customer relationship management (CRM) and facial recognition to ensure effective communication.” – FMI Analyst*
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*Competition Landscape in the Wearable Computing Devices Market *
The wearable computing devices market is very fragmented and competitive. These devices are in greater demand in the healthcare industry due to rising fitness awareness. Additionally, as consumers' purchasing power rises in emerging countries, wearable technology's multiple applications present tremendous growth opportunities. The competition in the market is also increasing as new competitors enter the sector.
*Key players in the wearable computing devices market *includes Apple Inc., Adidas AG, Nike Inc., Samsung Electronics Co. Ltd., Fitbit Inc.
*Recent Developments in the Wearable Computing Devices Market:*
· In may 2020 - Garmin unveiled the Quatrix 6X Solar, the latest addition to its new nautical GPS smartwatch series, which features a transparent solar charging display that harnesses the sun's energy to extend battery life.
· In January 2020, Nuheara, a smart-hearing company, debuted their IQbuds2 MAX earbuds. This device combines Active Noise Cancellation with the ability to modify and improve the wearer's soundscape. Customers can also personalize their acoustic environment with this device.
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*Wearable Computing Devices Market by Category*
*By Product Type:*
· Smartwatches
· Head Mounted Displays
· Smart Clothing
· Ear Worn
· Fitness Trackers
· Body Worn Camera
· Exoskeleton
· Other
*By Application:*
· Fitness and Wellness
· Medical and Healthcare
· Infotainment
· Industrial and Defense
· Other
*By Region:*
· North America
· Latin America
· Europe
· South Asia
· East Asia
· Middle East & Africa
· Oceania
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Wearable Computing Market Size : size is expected to reach US$ 2,31,452.5 Million in 2032. The wearable computing market is growing rapidly. As per FMI Analysts, the global Wearable computing market is estimated to be valued at US$ 46,267.9 Million in 2022 and is projected to increase at a CAGR of 17.5% in the forecast period from 2022 to 2032.
Wearable Gaming Technology Market Trends : holds a share of US$ 19,560 million in 2022 and is likely to surpass US$ 76,421 million by 2032. The market is advancing at a CAGR of 14.6% during the forecast period.
Mobile Computing Devices Market Outlook : is forecasted to be appraised at US$ 4, 01,769.4 million by 2032, up from US$ 2, 93,239.8 million in 2022, advancing at a CAGR of 3.2% during the forecast period.
Wearable Translator Market Forecast : is poised to register a 3.9% CAGR, capturing a revenue share of US$ 213.1 million in 2022, to reach US$ 312.2 million by 2032.
Wearable Fitness Trackers Market Share : is estimated to be valued at US$ 18,709.2 Mn by the end of 2016, and is expected to grow at a CAGR of 15.8% in terms of value over the forecast period. The global wearable fitness tracker market is expected to represent a high incremental opportunity between 2017 and 2027.
Cognitive Computing Market Type : is anticipated to have a prodigious CAGR of 28.7% during the period of 2022-2032. The market is anticipated to reach US$ 3.2 Trillion in 2032, from US$ 257.1 Billion in 2022.
Industrial Wearable Market Demand : Wearable device is usually known as wearable technology or wearable gadgets. The device work independently or can be connected to a smartphone. The wearable device consist five main function that are interface, communication, data management, integrated circuits and energy management.
Fog Computing Market Analysis* :* Fog computing reduces the bandwidth needed and reduces the back-and-forth communication between sensors and the cloud, which turns out to be beneficial to IoT performance.
Pervasive Computing (Ubiquitous Computing) Market Technology* :* Pervasive computing is a trending technology, which involves imparting of embedding computational capability to any device such as wearable computing gadgets, smartphones, lighting, etc. to facilitate effective communication.
Server Less Computing Market Growth : It enabled organizations to focus more on their core products and services rather on their IT infrastructure. In today’s world all kinds of businesses are using Server less computing services without having concern about any infrastructure issues.
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