Wearable Technology Market Analysis, By Product, Application, and Distribution Channel Industry - Global Forecast 2031
The global wearable technology market is projected to witness notable growth owing to the rise of connected devices, Internet of Things (IoT) and the rapid growth of tech-savvy population across the globe are expected to fuel the demand for wearable devices. Increasing growth potential of subsequent technology displays in wearable devices and developing demand for smart gadgets in healthcare programs are the elements driving the increase of the market during the forecast period. Furthermore, the rising prevalence of continual diseases and weight problems has contributed to the adoption of wearable merchandise together with activity trackers that provide real-time records on the consumer’s standard wellness. The market value stood at USD 47.75 Billion in 2022 and is expected to grow from USD 54.2 Billion in 2023 to reach USD 149.36 Billion by the end of 2031.
Offline Channel Sub-segment to Hold Growing Position in Distribution Channel Segment
The offline channel segment has the largest market share with 65% by 2023 in the global wearable technology market. While online shopping eliminates physical buyers and sellers, traditional brick and mortar stores provide more edges for purchase by letting customers touch and feel the product and with sales representatives. It was direct face-to-face communication done with the sales representative and getting the purchase done instantaneously. Physical stores offer areas where anyone can touch and test the smart wearable devices, in addition to representatives offering product-specific advice.
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North America Leading Market with Major Revenue Generation from U.S.
North America will hold the dominating position by 2023. It is the most prominent region for the market of wearable technology due to several factors including high consumer awareness and interest in technology. U.S. position in the industry is secured by early adoption and continuous development of existing products in the industry as the region proves that products are imported from multiple market segments. Also, favorable regulatory environment, increased buying power of consumers in North America are factors driving the global wearable technology market.
The Global Wearable Technology Market is semi-consolidated, occupied by major manufacturers such as Huawei Technologies Co., Ltd., Fossil Group, Inc., Xiaomi Corporation, Mobvoi , Huami Corporation, Sony Corporation, Titan Company, Boat, Google, Apple Inc, Lenovo Corporation, Acer, HP, Sennheiser, Meta Store, Microsoft, Boult catering to market needs.
Increasing Consumer Demand for Sleek and Compact Devices in Fitness and Healthcare Applications
Wearable devices, especially smart watches and wristbands are gaining popularity among consumers worldwide. Additionally, the demand for fitness wearable and health products is growing. Wearable medical devices are hand monitors for detecting and managing potential diseases. Currently, more and more patients are choosing home health care over hospital services, which is a cost-effective and effective way to treat illness. Wearable technology can help reduce costs by connecting people with their healthcare providers by facilitating seamless health and fitness tracking. The market is also anticipated to benefit from increasing awareness of wearable electronics, rise in smartphone penetration and rise in expenditure R&D initiatives by many market players can further help for increasing market growth prospects.
To know more about the Global Wearable Technology Market, refer to Wearable Technology Market Size, Trends & Forecast to 2030 (skyquestt.
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