Wearable Computing Market Size, Share, Opportunities, COVID 19 Impact, And Trends By Technology (Display Technologies, Computing Technologies, Networking Technologies, Other Technologies), By End User Industry (Healthcare, Entertainment And Media, Manufacturing, Others), And By Geography - Forecasts From 2021 To 2026

The Wearable Computing market was valued at US$69.889 billion in the year 2019 and is expected to reach US$219.163 billion by 2026, growing at a CAGR of 17.74%. Wearable Computers are portable networks that are installed in a wearable device to connect them with other devices. Technological innovation in the electronics industry and the rise in adoption of wearable device is expected to drive market growth during the forecast period. A surge in disposable income has encouraged a tech-savvy comfortable lifestyle which has promoted the usage of wearable devices, hence creating robust demand for wearable computers as a raw material. Furthermore, growing healthcare technology and increasing healthcare wearable devices also fuel the market demand. However, significant cost and battery constraints have the potential to hamper the market growth notably.

Based on geography, the wearable computing industry is divided into North America, South America, Europe, the Middle East, and Africa, and the Asia Pacific region. The North America and Europe regions are expected to dominate the wearable computing market with high disposable income and tech-savvy lifestyle along with early adoption of new product launches. The Asia Pacific region is expected to emerge as a prime supplier of wearable computers with robust and lucrative growth in the manufacturing industries. India, South Korea, China, and Vietnam have emerged as electronic manufacturing hubs due to the availability of cheap but skillful labor accompanied by favorable government laws and regulations which promote manufacturing units.

Growth Factors

• Rising market adoption for wearable devices owing to a surge in disposable income and a rise in the tech-savvy population is expected to drive the market. Furthermore, technological innovation and demand for the speedier and better processor are further projected to diversify the market prospects during the forecast period. One of the key reasons which are anticipated to drive lucrative growth in the wearable computing market is rising market adoption for wearable devices owing to surge in disposable income and rise in tech-savvy population is expected to drive the market. With the growing adoption of technology and the emergence of comfortable and luxury wearable devices having numerous work and health benefits, a rise in demand for wearable devices has been observed which is projected to support the market demand for wearable computing. Furthermore, technological innovation and demand for the speedier and better processor are further projected to diversify the market prospects during the forecast period.

Impact of COVID–19 on the Wearable Computing Market

A surge in the market for smart wearable devices was witnessed during the outbreak of the covid-19 virus, with increased healthcare concerns. A report published by IDC states in Q3 2020, the global wearable device market surged by 35.1%, with shipment reaching a mark of 125 million units. The rise in the smart wearable device industry is expected to be the prime reason which supported the market for wearable computing during the pandemic.

Key Developments

• January 2021, Acquisition. Boston Scientific Corporation, a leading wearable healthcare device manufacturer, acquired wearable cardia sensor market leader Preventice Solutions to expand its portfolio of wearable healthcare devices.

Wearable Computing Market Scope:

Report Metric	Details
Market size value in 2019	US$69.889 billion
Market size value in 2026	US$219.163 billion
Growth Rate	CAGR of 17.74% from 2019 to 2026
Base year	2019
Forecast period	2021–2026
Forecast Unit (Value)	USD Billion
Segments covered	End-User Industry, Technology, And Geography
Regions covered	North America, South America, Europe, Middle East and Africa, Asia Pacific
Companies covered	Zephyr Technology Corporation, Samsung Electronics, FitBit, LG Electronics, Garmin,   Boston Scientific Corporation, Nuheara, Apple, Fossil, Jawbone
Customization scope	Free report customization with purchase

 

Key Segmentation:

• By End-Users Industry
  • Healthcare
  • Entertainment and Media
  • Manufacturing
  • Others
• By Technology
  • Display Technology
  • Computing Technology
  • Networking Technology
  • Other
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • United Kingdom
    • France
    • Italy
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • South Africa
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Thailand
    • Indonesia
    • Taiwan
    • Others

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Frequently Asked Questions (FAQs)

Q1. What are the growth prospects for the wearable computing market?
A1. The wearable computing market is expected to grow at a CAGR of 17.74% during the forecast period.

Q2. What is the size of global wearable computing market?
A2. Wearable Computing Market was valued at US$69.889 billion in 2019.

Q3. Who are the major players in the wearable computing market?
A3. Prominent/major market players in the wearable computing market include Zephyr Technology Corporation, Samsung Electronics, Fitbit, LG Electronics, and Garmin among others.

Q4. What will be the wearable computing market size by 2026?
A4. The global wearable computing market is expected to reach a total market size of US$219.163 billion by 2026.

Q5. What factors are anticipated to drive the wearable computing market growth?
A5. With wide applications across multiple industries and constant innovation happening in the field of smart wearables, the wearable computing market is set to grow exponentially during the forecast period.