According to ResearchAndMarkets’ new report, the global wearable devices market will reach 520.1 million units by 2025. The report titled “Wearable Computing Devices Market – Growth, Trends, Forecasts (2020 – 2025)” states: “The global wearable computing devices market accounted for 181.5 million units in 2019, and it is expected to reach 520.1 million units by 2025, registering a CAGR of 19.9% over the forecast period (2020-2025).”
Wearable technology is one of the emerging trends that integrate electronics into daily activities. According to Cisco, 500 billion devices are anticipated to be connected to the internet by 2030. The Internet of Things is the network of these connected devices. Xiaomi launched its next-generation fitness tracker called the Mi Band 4 in 2019. It features nearly 40% more prominent display than its predecessor, where the gadget supports Xiao AI voice assistant that can be used to control Xiaomi’s IoT or the internet of things products, reports BusinessWire.
- Apple Inc.
- Samsung Electronics Co. Ltd
- Garmin Ltd
- Fitbit, Inc
- Fossil Group Inc.
- Huawei Technologies Co. Ltd
- Sony Corporation
- Microsoft Corporation
- Nuheara Limited
- Omron Healthcare Inc.
- Huami Corporation
- Medtronic PLC
- AIQ Smart Clothing Inc.
- Sensoria Inc.
- GoPro Inc.
- Transcend Information Inc.
- Ekso Bionics Holdings Inc.
- Cyberdyne Inc.
Key Market Trends
Smart Clothing to Witness Significant Growth
Smart clothing, such as smart vests, smart bras, smart shoes, smart socks, and smart tights, are considered in the study. These smart clothing have various potential applications, such as the ability to communicate with other devices, conduct energy, transform into other materials, and protect the wearer from environmental hazards. With the demand for technical textiles, the market is expected to cater to significant growth in the coming period.
Further, with an increase in the cases of chronic diseases globally, such as diabetes, cancer, respiratory disorders, and heart diseases, and growth in the number of surgeries performed in the key healthcare markets, such as the United States and Europe, the demand for smart fabric in the healthcare sector is expected to grow exponentially.
North America Accounts to Hold Significant Market Share
North America is one of the largest markets for smart wearables, with the United States leading the market, followed by Canada. The increase in disposable income and the accelerated adoption and demand for new technological gadgets are some of the fundamental drivers for the market.
According to Infopulse, over 80% of consumers are eager to wear fitness wearables, which indicates their concern regarding monitoring their health. Augmented demand will accelerate the development of personalized healthcare services, smart hospitals, remote healthcare, and IoT healthcare solutions.
The market studied in the region is anticipated to witness growth with the increasing technological innovations in the healthcare sector. In 2019, the FDA authorized the first wearable for hospital use, an AI-powered solution by Current Health. This wearable device traces the patient’s health indicators with ICU-level accuracy and indicates threatening conditions. The device assists healthcare providers in identifying deteriorating states and offer them with the needed healthcare services sooner.
Further, smart glass is another segment witnessing a considerable penetration of AR technologies in the region and is anticipated to grow significantly in the forecast period. For instance, in November 2019, Vuzix Corporation, a supplier of smart glasses and Augmented Reality technology and products has entered a reseller segment. It receives orders worth USD 7.1 million, representing 10,000 units of Vuzix Blade Smart Glasses.