The global wearable technology market is expected to reach USD 152.82 billion by 2029, with a projected CAGR of 16.8% from 2024 to 2029. Factors driving this growth include the demand for wearables that integrate computing requirements into one compact device, the adoption of wearables in various applications, and the integration of AR/VR and affordable designs. In particular, the consumer electronics application, driven by consumer interest in tracking fitness-related activities, is expected to hold the highest market share. Wearable technology is being widely used in sports for real-time monitoring of athlete metrics.
AI-based wearable operations are projected to grow at a high CAGR, offering advanced capabilities for personal experiences and health monitoring. The Asia Pacific region is expected to account for the highest CAGR, driven by factors such as higher smartphone penetration, greater internet access, health awareness, and a tech-friendly young population.
Key players in the wearable technology market include Apple Inc., Garmin Ltd., Samsung, Huawei, LG Electronics, and many others. The market is also witnessing growth in wearables like smart socks developed by British Roboticist Dr. Zeke Steer, which have successfully been tested in UK care homes. The government’s focus on smart cities and digital health is creating a supportive environment for the growth of the wearable technology market. For more information, visit the MarketsandMarkets website.
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