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Wearable Computing Devices Market

From Want to Need, Wearable Computing Devices are the New Essentials for Consumers: Discover the Latest Trends with FMI

Wearable Computing Devices Market by Product Type, Applications & Region- Forecast 2022 – 2032

Wearable Computing Devices Market Outlook (2022-2032)

[333 Pages Report] The global wearable computing devices market size is estimated to be valued at US$ 37,557 Mn in 2022, and is projected to surpass a valuation of US$ 217,237.2 Mn by 2032. The demand for wearable computing devices is likely to rise at a CAGR of 19.2% from 2022 to 2032.

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. The use of smartwatches and fitness bands among athletes, swimmers, gym-goers, runners, and cyclists is fast expanding, driving global demand for wearable computing devices.

However, the expensive cost of wearable gadgets, along with privacy concerns, is a key impediment to wearable computing devices market expansion. Furthermore, increased investment in wearable technology is likely to open opportunities for the key players in wearable computing devices market.

Attribute

Details

Wearable Computing Devices Market Estimated Size (2022)

US$ 37,557 Mn

Market CAGR (2022-2032)

19.2%

Market Forecasted Size (2032)

US$ 217,237.2 Mn

Real-time data provision, local storage, and portable design are some of the features of wearable computing devices responsible for rising market growth. Furthermore, smart watches, smart contact lenses, smart glasses, smart fabrics, and e-textiles are some of the types of wearable technology. As a result of the benefits and wide selection for customers, the sales of wearable computing devices are anticipated to rise over the forecast period.

Key players in wearable computing devices market are also introducing wearable devices that can connect to cellphones. Moreover, there has been a noticeable increase in the demand for wearable computing devices in the fields of health and fitness, medicine, gaming, music, transportation, and education.

Smart glasses, which are one of the types of wearable tech, are primarily responsible for developing curiosity amongst the gen Z and millennials. Smart glasses can be considered as a latest trend in the wearable computing devices market as an image is projected into the inside of the wearable computing glasses to supplement or replace the visual perception of the surroundings. Some of the giants in wearable computing devices market, including Google, Epson, and Vuzix, are developing smart eyewear to give a tough competition.

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Growing Adoption of Wearable Technology in the Consumer Electronics Industry to Boost Market Growth

During the forecast period, the sales of wearable computing devices are rising as they assist doctors in remotely monitoring patient health. Consumer interest in smart fitness devices is rising as it aids in preventing mortality brought on by conditions including diabetes, heart disease, obesity, and asthma. Furthermore, due to these factors, the demand for wearable computing devices is anticipated to rise throughout the forecast period. Thus, the wearable computing devices market share is anticipated to grow as a result of rising demand for health monitoring.

Sensor technology advancements are also amongst the popular buzzwords that are driving the demand for wearable computing devices. MEMS (micro-electro-mechanical systems) and NEMS (nano-electro-mechanical systems) are terms used to describe miniature sensors based on micro- and nano-fabrication technologies (nano-electro-mechanical systems). One of the most significant advantages of tiny sensors is their ability to reduce device power consumption. As a result, an increasing number of wearable computing devices manufacturers are incorporating sensors into their wearable computing gadgets.

For example, in September 2014, Apple released the Apple Watch, which can track the wearer's movement and heart rate as well as monitor health and fitness. This watch, equipped with a suite of MEMS sensors, allows users to receive health data and vital information. Due to these factors, the sales of wearable computing devices are anticipated to witness growth during the forecast period.

High costs and safety concerns are among the factors limiting market expansion

Low customer awareness and data security concerns are major factors impeding the growth of the wearable computing devices industry. Furthermore, insufficient battery backup along with the high cost of wearable devices are likely to impede market growth throughout the forecasted period.

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Principal Consultant
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Country-wise insights

United States to Capture Largest Market Share of the Wearable Computing Devices by 2032

North America is one of the most attractive wearable computing devices market, with the US leading the way, followed by Canada. United States is anticipated to hold more than 19.6% market share of wearable computing devices. The sales of wearable computing devices in the region is anticipated to rise at a CAGR of 15.3% during the forecast period.

The rise in disposable income, as well as the increased adoption and desire for new technical gadgets, are some of the primary drivers of wearable computing devices market growth.

According to research, more than 80% of consumers want to wear fitness wearables, indicating their worry about monitoring their health. The increased demand is likely to hasten the development of personalized healthcare services, smart hospitals, remote healthcare, and Internet of Things (IoT) healthcare solutions.

Due to the increasing technological developments in the healthcare industry, the demand for wearable computing devices in the region is expected to increase. The FDA approved the first wearable for hospital usage in 2019, an AI-powered solution by Current Health.

Asia Pacific Wearable Computing Devices Market Outlook 2022-2032

China is anticipated to hold the highest growth potential in the wearable computing devices market with a CAGR of 19% during the forecast period. In 2021, China held around 13.6% of overall market share. One of the reasons driving wearable computing devices market expansion in the region is the growing elderly population in emerging economies such as India and China.

Followed by China, India wearable computing devices market is also anticipated to surge at a CAGR of 18% during the forecast period. In 2021, Market share was estimated around 11.6%. According to the United Nations Population Fund (UNFPA), the overall geriatric population in India was 7.9 million in 2011, rising to 9.7 million in 2015. This, in turn, is predicted to raise demand for wearable computing devices for convenient and remote, real-time health diagnosis, and hence fuelling wearable computing devices market growth in the region.

Category-wise Insights

Which Product Type Segment is Dominating the Wearable Computing Devices Market?

By product type, ear worn segment is dominating the wearable computing devices market with a share of 27%. As per FMI analysts, ear-worn gadgets are the fastest-growing type of wearable computing device. The market for ear-worn wearables has risen significantly in the last year, and this trend is expected to continue in the next years. Furthermore, with smartphones manufacturers removing headphone jacks from their products, ear-worn devices are opening new opportunities for the key players in the market.

The fitness tracker segment holds second place in wearable computing devices market with a share of 22.3%. This growth in fitness trackers segment is owing to the rising highly popularity and accessibility among the general public. These gadgets track and monitor physical and fitness activities such as steps taken, calories burned and consumed, heart rate, distance travelled, sleep length, and breathing. According to research, one in every five Americans uses a fitness monitoring device on a regular basis in 2019. As a result, there is a huge demand for fitness tracking gadgets.

Why Fitness and Wellness Application is Leading the Wearable Computing Devices Market?

By application, fitness and wellness segment is leading the wearable computing devices market with a share of 30.9%.

Consumers have become more interested in fitness activities due to rising health concerns. Wearable devices like fitness trackers assist them in tracking their exercises, increasing the sales of wearable computing devices in this segment. Economic factors, such as rising per capita healthcare expenditure, healthcare infrastructure, and increased investment in the healthcare sector are predicted to accelerate global wearable computing devices market expansion by 2032.

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Startup Ecosystem

Due to the growing popularity of the Internet of Things, a number of startups are entering the market for wearable computing devices with their smart solutions (IoT). To increase their market share, these startups are pursuing various tactics such as intellectual property strengthening and geographical development through mergers and acquisitions.

Powercast and Liquid X joined together to assist manufacturers in integrating wearable sensors directly into clothes. The service also has the ability to monitor athletes and patients. At CES, the firms displayed a wireless rechargeable smart, athletic shirt lighted with printed electronics, inbuilt power harvesting technologies, and LEDs.

Competitive Landscape

The wearable computing devices market is fragmented and extremely competitive. With increased fitness awareness, these devices are seeing increased demand in the healthcare sectors. Furthermore, the various other applications of wearables are offering enormous business prospects in developing nations as citizens' spending power increases. Furthermore, as more new competitors enter the industry, competition in the market is growing.

Recent Developments in the Wearable Computing Devices Market include

  • May 2020 - Garmin introduced the quatix 6X Solar, the latest edition to its new maritime GPS smartwatch series, which includes a clear solar charging display that harnesses the sun's energy to extend battery life.
  • Nuheara, a smart-hearing firm, released their IQbuds2 MAX earbuds in January 2020. This device combines Active Noise Cancellation with unique capabilities for tailoring and enhancing the wearer's soundscape. Furthermore, this device allows customers to customise their sound environment.

The Story Behind the Success of Top Companies Manufacturing Wearable Computing Devices

The top firms manufacturing wearable computing devices are concentrating on producing industry-specific wearables. For successful communication, they are also integrating wearable technology with management systems such as customer relationship management (CRM) and facial recognition. As a result of this, the adoption of wearable computing devices is anticipated to grow throughout the forecast period.

Aside from that, the incorporation of cutting-edge technologies such as augmented reality (AR) and virtual reality (VR) in wearable computing devices is expected to broaden product applications for educating new employees and recovering motor skills during rehabilitation. Furthermore, continual advances in bio-sensing technology in these devices for detecting vital signs are utilized by businesses to check the health of their personnel, have a positive impact on the sales of wearable computing devices.

Other factors, such as the introduction of Industry 4.0, significant investments in research and development (R&D), and breakthroughs in technologies like as the Internet of Things (IoT), artificial intelligence (AI), and cloud, are also boosting the demand for wearable computing devices.

FMI Lists Top Manufacturers of Wearable Computing Devices By Popularity

  • Apple Inc.:

Apple Inc. is a multinational technology company based in California that creates, manufactures, and sells consumer electronics, computer software, wearable devices, and online services such as iPhone smartphones, iPad tablet computers, Mac personal computers, Apple Watch, and iPod portable media players. It is the world's largest revenue-generating information technology firm and the world's third-largest mobile phone manufacturer.

  • Google LLC:

Google is a well-known technological firm that specializes in Internet-related services and products such as search engines, software, hardware, online advertising technologies, and cloud computing. Google is a popular Internet search engine that provides targeted search results from billions of web pages using a proprietary algorithm. The Google Pixel Watch, the company's first wearable device, was introduced recently.

  • Fitbit Inc.:

Fitbit Inc. is a major consumer electronics and fitness firm that manufactures wireless-enabled wearable technologies, fitness monitors, and activity trackers. It provides wrist-worn fitness tracking gadgets that are connected with PCs and mobile device apps to provide feedback. Its products include smartwatches, fitness trackers, pedometers that monitor heart rate, sleep quality, and steps climbed, as well as related software.

  • Nike Inc.:

Nike, Inc. provides a variety of sports products and services, including running, men's and women's training, and other activities. The company offers a wide range of performance equipment and accessories, including eyewear, clocks, digital gadgets, and protective gear. It also makes and distributes a variety of wrist-worn gadgets with functions ranging from basic activity tracking to heart rate monitoring.

  • Fujitsu Limited:

A significant Japanese provider of information and communication technology (ICT). It primarily manufactures computing equipment, but its subsidiaries also provide a variety of personal and enterprise computing products and services, including x86, SPARC, and mainframe server products.

Scope of the Report

Attribute

Details

Growth Rate

CAGR of 19.2% from 2022 to 2032

Base Year of Estimation

2022

Historical Data

2017-2021

Forecast Period

2022-2032

Quantitative Units

Revenue in US$ Mn and Volume in Units and F-CAGR from 2022-2032

Report Coverage

Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, growth factors, Trends and Pricing Analysis

Key Segments Covered

  • Product Type
  • Application
  • Region

Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Middle East & Africa
  • Oceania

Key Countries Profiled

  • U.S.
  • Canada
  • Brazil
  • Mexico
  • Germany
  • Italy
  • France
  • U.K.
  • Spain
  • Russia
  • China
  • Japan
  • India
  • GCC Countries
  • Australia

Key Companies Profiled

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

Frequently Asked Questions

The global wearable computing devices market is estimated to be valued at US$ 37,557 Mn in 2022.

The wearable computing devices market is likely to grow at a CAGR of 19.2% during 2022-2032.

The wearable computing devices market is projected to reach a valuation of US$ 217,237.2 Mn by 2032.

The U.S. is projected to lead the global wearable computing devices market by 2032.

Table of Content

1. Executive Summary

2. Research Methodology

3. Assumptions & Acronyms Used

4. Market Overview

    4.1. Market Introduction- Global Mobile Payment Transaction

        4.1.1. Market Definition

        4.1.2. Market Taxonomy

        4.1.3. Consumer Behaviour, By Region

        4.1.4. Regulatory Framework, By Region

    4.2. Global E Commerce Market

        4.2.1. Global E Commerce Market Size

        4.2.2. Recent Developments

    4.3. Global Mobile Payment Transaction Market

        4.3.1. Global Mobile Payment Transaction Market Size

        4.3.2. Recent advancements

    4.4. Mobile Payment Evolution

    4.5. Market Dynamics

        4.5.1. Drivers

           4.5.1.1. Economic Drivers

           4.5.1.2. Supply Side Drivers

           4.5.1.3. Demand Side Drivers

        4.5.2. Restraints

        4.5.3. Market Trends

5. Global Mobile Payment Transaction Market Analysis, By Technology, 2014- 2020

    5.1. Introduction

        5.1.1. Market Size & forecast

        5.1.2. Y-o-Y Growth

        5.1.3. BPS Analysis

    5.2. SMS Mobile Payment Transactions Market Analysis & Forecast

        5.2.1. Market Size & Forecast

        5.2.2. Absolute $ Opportunity

    5.3. WAP/ WEB Market Analysis & Forecast

        5.3.1. Market Size & Forecast

        5.3.2. Absolute $ Opportunity

    5.4. USSD Market Analysis & Forecast

        5.4.1. Market Size & Forecast

        5.4.2. Absolute $ Opportunity

    5.5. NFC Market Analysis & Forecast

        5.5.1. Market Size & Forecast

        5.5.2. Absolute $ Opportunity

    5.6. Market Attractiveness Index, By Technology

    5.7. Technological Trends

6. Global Mobile Payment Transaction Market Analysis, By Number of Users, 2014-2020

    6.1. Introduction

        6.1.1. Market Size & Forecast

        6.1.2. Y-o-Y Growth

        6.1.3. BPS Analysis,

    6.2. APAC Mobile Payment Users Market Analysis & Forecast

        6.2.1. Market Size & Forecast

        6.2.2. Absolute $ Opportunity

        6.2.3. Impact Analysis of Drivers in the Region

    6.3. North America Mobile Payment Users Market Analysis & Forecast

        6.3.1. Market Size & Forecast

        6.3.2. Absolute $ Opportunity

        6.3.3. Impact Analysis of Drivers in the Region

    6.4. Latin America Mobile Payment Users Market Analysis & Forecast

        6.4.1. Market Size & Forecast

        6.4.2. Absolute $ Opportunity

        6.4.3. Impact Analysis of Drivers in the Region

    6.5. Eastern Europe Mobile Payment Users Market Analysis & Forecast

        6.5.1. Market Size & Forecast

        6.5.2. Absolute $ Opportunity

        6.5.3. Impact Analysis of Drivers in the Region

    6.6. Western Europe Mobile Payment Users Market Analysis & Forecast

        6.6.1. Market Size & Forecast

        6.6.2. Absolute $ Opportunity

        6.6.3. Impact Analysis of Drivers in the Region

    6.7. Middle East Mobile Payment Users Market Analysis & Forecast

        6.7.1. Market Size & Forecast

        6.7.2. Absolute $ Opportunity

        6.7.3. Impact Analysis of Drivers in the Region

    6.8. Africa Mobile Payment Users Market Analysis & Forecast

        6.8.1. Market Size & Forecast

        6.8.2. Absolute $ Opportunity

        6.8.3. Impact Analysis of Drivers in the Region

    6.9. New Product/Service Launches (2012- 2014)

    6.10. Market Attractiveness Index ( By Region)

    6.11. Regional Trends

7. Global Mobile Payment Transaction Market Analysis & Forecast, By Purpose

    7.1. Introduction

        7.1.1. Market Size & Forecast

        7.1.2. Y-o-Y Growth

        7.1.3. BPS Analysis

    7.2. Global Merchandise Purchase Market Analysis & Forecast

        7.2.1. Market Size & Forecast

        7.2.2. Absolute $ Opportunity

    7.3. Global Money Transfer Market Analysis & Forecast

        7.3.1. Market Size & Forecast

        7.3.2. Absolute $ Opportunity

    7.4. Global Bill Payment Market Analysis & Forecast

        7.4.1. Market Size & Forecast

        7.4.2. Absolute $ Opportunity

    7.5. Global Ticketing Market Analysis & Forecast

        7.5.1. Market Size & Forecast

        7.5.2. Absolute $ Opportunity

    7.6. Global Other Purpose Mobile Payment Transaction Market Analysis & Forecast

        7.6.1. Market Size & Forecast

        7.6.2. Absolute $ Opportunity

    7.7. Attractiveness Index, By Purpose

    7.8. Key Trends

8. Global Mobile Payment Transaction Market- Competitive Landscape

    8.1. Competitive Dashboard

    8.2. Competitive Benchmarking

    8.3. Top 5 Competitor Analysis

    8.4. Company Profiles

        8.4.1. Paypal

           8.4.1.1. SWOT Analysis

           8.4.1.2. Recent Developments & Business Strategy

           8.4.1.3. Financials

        8.4.2. MasterCard

           8.4.2.1. SWOT Analysis

           8.4.2.2. Recent Developments & Business Strategy

           8.4.2.3. Financials

        8.4.3. Google Wallet

           8.4.3.1. SWOT Analysis

           8.4.3.2. Recent Developments & Business Strategy

           8.4.3.3. Financials

        8.4.4. LevelUp

           8.4.4.1. SWOT Analysis

           8.4.4.2. Recent Developments & Business Strategy

           8.4.4.3. Financials

        8.4.5. Braintree

           8.4.5.1. SWOT Analysis

           8.4.5.2. Recent developments & Business Strategy

           8.4.5.3. Financials

        8.4.6. Visa

           8.4.6.1. SWOT Analysis

           8.4.6.2. Recent Developments & Business Strategies

           8.4.6.3. Financials

        8.4.7. MoneyBookers

           8.4.7.1. SWOT Analysis

           8.4.7.2. Recent Developments & Business Strategies

           8.4.7.3. Financials

        8.4.8. WorldPay

           8.4.8.1. SWOT Analysis

           8.4.8.2. Recent Developments & Business Strategies

           8.4.8.3. Financials

        8.4.9. CLINKLE

           8.4.9.1. SWOT Analysis

           8.4.9.2. Recent developments & Business Strategies

           8.4.9.3. Financials

        8.4.10. SinglePoint

           8.4.10.1. SWOT Analysis

           8.4.10.2. Recent developments & Business Strategies

           8.4.10.3. Financials

        8.4.11. Venmo

           8.4.11.1. SWOT Analysis

           8.4.11.2. Recent developments & Business Strategies

           8.4.11.3. Financials

9. Disclaimers : Future Market Insights strives to meet the best possible standards in terms of thoroughness and accuracy of all our research; to achieve that we continuously update market numbers, forecast etc; some of our published data in upcoming/ published research reports might slightly vary from actual highlighted data because of certain changes in market dynamics over time.

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Sudip Saha
Principal Consultant
LinkedIn
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