Global Wearable Technology Market is Estimated to Reach $58.3 Billion by 2024
Global wearable technology market report published by Accurize Market Research forecast that the global market is expected to reach $58.3 billion by 2024; growing at a CAGR of 15.8% from 2017 to 2025. By geography, the Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
The growing popularity of connected devices and IoT, the launch of advanced devices by major companies, and increasing disposable income across the globe to drive the growth of the market
The growing popularity of connected devices and IoT, the launch of advanced devices by major companies, and increasing disposable income fuels the demand for the global wearable technology market. Moreover, increasing health attentiveness and the need for sophisticated devices also boosts the growth of the market.
The global wearable technology market has been bifurcated on the basis of application and geography. Application segment comprises of healthcare and medical (monitors, wearable patches, drug delivery, continuous glucose monitor, and others), infotainment (smart glasses, smartwatches, augmented reality headsets, and others), industrial and military (hand-worn terminals, augmented reality headsets, and others), and fitness and wellness (activity monitors, smart clothing and smart sports glasses, sleep sensors, and others).
By geography, the market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). The U.S., Canada, and Mexico are covered under North America wherein Europe covers the UK, Germany, France, Italy, and others. Asia-Pacific covers China, India, Japan, South Korea, and others. Rest of the world covers South America, the Middle East, and Africa.
“North America dominated the global market with the highest market share over the forecast period", says Accurize
In 2017, North America dominated the global market with the highest market share of 42% and is expected to continue its dominance with the fastest growth rate during the forecast period 2017-2025, driven by increasing improvements and technologies, and increasing demand and awareness towards fitness. Europe accounted for the second-largest share in the market with 29.2% in 2017.
Top players in the market
The key market players include Qualcomm Technologies, Inc., Xiaomi Technology Co. Ltd., Huawei Technologies Co., Ltd., Adidas AG, Fitbit, Inc., Alphabet, Inc., Garmin Ltd., Apple Inc., Sony Corporation, and LifeSense Group B.V.among others.