The Market for Wearable Technology is forecast to reach $64.7 billion by 2025, growing at a CAGR of 16.8% from 2020 to 2025. The key factors contributing to market growth include customer demand for sophisticated gadgets, improved growth opportunities for next-generation displays in wearable devices, and increased internet awareness of Internet of Things and connected devices. The market for wearable technology has been witnessing increased adoption due to factors such as ease of use, flexibility and convenience. These devicesalso offer real-time data monitoring, operational performance, and health tracking that further supports growth in the sector.

Key Takeaways

• The wearable technology market in North America is highly dominated by the increasing need for wearable technology in healthcare applications and the rising deployment of fitness trackers and health-related wearables in the US.

• The launch of wearable operating systems beyond Apple and Google, and the increasing move to the wearable interface and analytics are driving market growth significantly.

• The changing lifestyle and the growing need for fitness trackers along with the convergence of wearable cameras and virtual reality further accelerate the growth of the market.

• The main challenge for wearable technology is the concern for security and privacy, which increases the vulnerability of hackers to cyber-attacks, further hindering the growth of the wearable technology market.

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Geography – Segment Analysis

North America is analysed to be the dominant region in 2019,with a share of around 40% followed by APAC and Europe. The innovation of smart devices, the need for more advanced wearable technologies and the low cost of smart wireless sensor networks are contributing to the growth of this region’s wearable technology market. Continuous progress in smartwatch design and functionality further drives smart watch use in the US. In addition, the number of U.S. smartwatch users among adults is also reported to have reached 10% penetration in 2019. Additionally, it is estimated that about 31.5 million Americans between the 18-55 age group will use smartwatches by next year to drive the North American wearable technology industry.

Drivers – Wearable Technology Market

Increased Health Care Awareness
Market Landscape : Wearable Technologydriver market is expected to be dominated by major companies such asAdidas Ag, Apple Inc., Fitbit Inc., Garmin Ltd., Google Inc., Jawbone, Nike, Inc., Samsung Electronics Co Ltd and Sony Corp. among others.

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