Wearable Computing Market to cross $281.5 Bn by 2032, Says Global Market Insights Inc.
Major wearable computing market include Apple Inc., Fossil Group Inc., Garmin, Google LLC, Huawei Technologies Co., Ltd., LG Electronics Inc., Nike, Pebble Technology Corporation, Samsung Electronics, Sony Corporation and Xiaomi Corporation.
Selbyville, Delaware, April 23, 2024 (GLOBE NEWSWIRE) --The wearable computing market valuation is predicted to reach USD 281.5 billion by 2032, as reported in a research study by Global Market Insights Inc.
The rising adoption of IoT devices is a significant driver for the industry growth. As per statistics, the global count of connected IoT devices is projected to soar to 25.44 billion by 2030. As more IoT devices become prevalent in various sectors, such as healthcare, manufacturing, and smart home applications, the demand for wearable devices that can seamlessly interact and integrate with these IoT ecosystems will increase.
This adoption is fueling the development of wearable devices with enhanced connectivity and interoperability for catering to the evolving needs of consumers and industries alike. The integration of wearable devices into the broader IoT landscape not only expands their utility but also opens new avenues for innovative applications and services.
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Additionally, as 5G networks continue to roll out globally, they are offering faster data speeds, lower latency, and increased capacity for enabling seamless connectivity for wearable devices. This advancement is set to unlock new possibilities for real-time data transmission, high-definition streaming, and immersive experiences, further driving the demand for wearables equipped to leverage the full potential of 5G connectivity.
Wearable computing market from the networking technology segment will experience exponential growth led by 2032, propelled by the relentless pace of technological advancements. The seamless exchange of data and real-time communication facilitated by wearables is poised to redefine the way individuals interact with their surroundings, both in personal and professional spheres. With networking functionalities, such as Bluetooth, Wi-Fi, and cellular connectivity seamlessly integrating into wearable devices, the scope of their utility is set to expand exponentially. These advancements empower wearables to not only interact with smartphones, cloud platforms, and other connected devices but also to forge new connections and possibilities previously unimagined.
The healthcare segment in the wearable computing market will garner a decent growth rate till 2032. Wearable computing devices are revolutionizing healthcare delivery by enabling remote patient monitoring, chronic disease management, and personalized healthcare solutions. Wearable fitness trackers, smartwatches with health monitoring features, and medical-grade wearables are empowering individuals to take control of their health and well-being. Moreover, healthcare providers are leveraging wearable technology to gather real-time health data, improve patient outcomes, and reduce healthcare costs, adding to the segment growth.
Asia Pacific wearable computing devices market will expand rapidly till 2032, driven by rapid urbanization, increasing disposable incomes, and growing awareness about health and wellness. Countries such as China, Japan, and South Korea are witnessing robust demand for wearable fitness trackers, smartwatches, and healthcare-oriented wearables. Moreover, government initiatives are promoting digital health solutions and the adoption of wearable technologies in healthcare settings. The burgeoning population and rising healthcare expenditure are further propelling market growth in the region.
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Some of the prominent wearable computing firms market include Apple Inc., Fossil Group Inc., Garmin, Google LLC, Huawei Technologies Co., Ltd., LG Electronics Inc., Nike, Pebble Technology Corporation, Samsung Electronics, Sony Corporation and Xiaomi Corporation. These market players are working on several growth-based initiatives to gain competitive benefits. For instance, in March 2024, Samsung unveiled the Galaxy Watch 6 and Galaxy Watch 6 Classic to offer enhanced sleep tracking and fall detection capabilities, at its Galaxy Unpacked event.
*Partial chapters of report table of contents (TOC):*
Chapter 1 Methodology & Scope
1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data Sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Wearable computing market 360º synopsis, 2018 - 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2024-2032
2.3 Regional trends
2.4 Product type trends
2.5 Technology trends
2.6 End-use trends
Chapter 3 Wearable Computing Market Insights
3.1 Industry ecosystem analysis
3.2 Supplier Landscape
3.3 Profit margin analysis
3.4 Technology innovation landscape
3.5 Patent analysis
3.6 Key news and initiatives
3.7 Regulatory landscape
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Growing fitness and health consciousness among people
3.8.1.2 Increasing fashion and style trends
3.8.1.3 Rising advancements in technology
3.8.1.4 Integration of IoT in wearable devices
3.8.1.5 Growing inclination of aging population towards wearable devices
3.8.2 Industry pitfalls & challenges
3.8.2.1 High cost of wearable devices
3.9 Growth potential analysis
3.10 Porter’s analysis
3.11 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
4.1 Introduction
4.2 Company market share, 2023
4.3 Competitive analysis of major market players, 2023
4.3.1 Apple Inc.
4.3.2 Google LLC
4.3.3 Garmin Ltd.
4.3.4 Samsung Electronics
4.3.5 Fossil Group Inc.
4.3.6 Xiaomi Corporation
4.3.7 Huawei Technologies Co., Ltd.
4.4 Competitive positioning matrix, 2023
4.5 Strategic outlook matrix, 2023
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*About Global Market Insights Inc.*
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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