The wearable devices market is expected to grow at a CAGR of 15.43%, reaching a market size of US$101.388 billion in 2027 from US$66.043 billion in 2020.

Wearable gadgets can be worn on the body easily and comfortably while tracking the user's activities in real-time.

They include, among other things, smartwatches, fitness trackers, and analog watches. Wearable technology is becoming a focus of invention and development as a result of technological breakthroughs. For instance, the Internet of Things (IoT) is being incorporated into devices to give them sophistication, and Smart Shirts track health-related metrics invisibly. Watch synchronization with smartphones is also a developing technology with a slew of innovative features being incorporated into the devices. To speed up and simplify the process of receiving the phone, eyewear or spectacles now have a calling capability.

The rise of social media usage and the underlying tendency towards remaining updated with its posts is driving the demand for this market. Increasing Convenience in the handling of devices is a reason why people use wearable devices. The Global Wearable Device Market is growing due to its increasing adoption of diverse applications. The number of functions performed by smartwatches is on rising spree with heavy investments by companies in their research and development projects. The development of smartwatches has brought a radical transformation in the watch industry and made wearing smartwatches a status symbol.

The growing health awareness at the global level is contributing to the market growth in the forecast period.

A plethora of obesity and diabetes cases are getting added every day which requires people to keep track of their activities, calorie intake, cholesterol levels, heartbeat rate, blood pressure, sleeping patterns, etc. Wearable devices serve this purpose. Personal grooming is also a booming industry that indirectly impacts the growth of this market, for instance- people working out can maintain their calorie intake through such devices. On the flip side, there is also a privacy or security concern that gets attached to the use of such devices. Information of the user that gets populated in the devices is vulnerable to being misused. Battery life and a shorter life span are some of the constraints that deter people from buying such products. Companies must incur a lot of expenditure on Research & Development to remain competitive in the industry.

The Asia Pacific region is expected to show higher growth prospects in the forecast period with the rising demand, adoption rate, and varied applications for wearable devices.

A rising tech-friendly population and increasing disposable incomes in this region are escalating the growth prospects of the Asia-Pacific region. North America is expected to hold a large share of the market due to increasing investments and innovations in the Wearable Device market in that region. Under-developed regions across the globe are expected to face challenges with infrastructure facilities and internet services.

Key Developments:

• June 2021: LifeQ, a supplier of biometrics and health data produced from wearables, has collaborated with CONNEQT, Inc., a developer of consumer health products such as wearables, consumer health apps, and home vital signs monitors, to provide wearable device customers with industry-leading health insights. As part of the collaboration, LifeQ will add a second fingertip photoplethysmography sensor to the CONNEQT Band, enhancing its heart-health-focused services with a wide range of physiological data from LifeQ. LifeQ's products go above and beyond the typical smartwatch by offering a 24/7 window into the body, generating business-grade biometrics for customers, athletes, and those who are acutely and chronically ill—detection of health issues and illness prevention.       
• June 2022: Mensa Brands, an e-commerce business, has acquired the wearables company Pebble to enter the smart wearable market. Pebble has a national offline distribution network that provides music goods, fitness trackers, and charging solutions. Through this partnership, Pebble's online presence will be strengthened, and its branding and marketing initiatives will be amplified to help it become a well-known digital brand. The company wants to increase Pebble's internet presence and capitalise on the rising popularity of domestic wearables companies among consumers.

Product Offerings:

• Special edition Vofit Jr. Black Panther 3: Special edition Vofit Jr. Black Panther 3 is a sturdy, swim-friendly activity tracker which has a bright display and a battery life of up to a year, allowing kids can play without having to recharge it. In the Garmin Jr.TM app, kids can experience the most thrilling moments of the Black Panther's life alongside their favorite Marvel Avengers characters by achieving daily activity objectives. By doing so, they can unlock new app experiences, games, and icons. The ICE (in case of emergency) widget also offers quick access to a child's emergency contact information.
• Zephyr HxMBT: The HxMBT is a compact, comfortable consumer gadget that combines speed and distance with Zephyr's patented BioHarness smart-fabric heart rate technology, which is employed in high-end professional markets. The HxM BT solution raises the bar for tracking one's own health and fitness when combined with Zephyr's mobile phone-enabled training tools. For consumer fitness and wellbeing applications, deeper web integration can enable intuitive monitoring of advancement over time and an engaging user experience.

Wearable Devices Market Scope:

Segmentation:

• By Products
  • Watches
  • Fabric
  • Glasses
  • Fitness Trackers
  • Others
• By End Users
  • Personal Users
  • Enterprises
• By Connectivity Medium
  • ANT+
  • Bluetooth
  • Wi-Fi
  • Cellular
  • NFC
• By Technology
  • Computer Technology
  • Display Technology
  • Networking Technology
  • Positioning Technology
  • Sensor Technology
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Others
  • The Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others