Product ID: SQMIG25E2035
Report ID:
SQMIG25E2035 |
Region:
Global |
Published Date: February, 2024
Pages:
242
|
Tables:
93 |
Figures:
82
Wearable Technology Market was valued at USD 70 billion in 2022 and is poised to grow from USD 91.5 billion in 2023 to USD 286.28 billion by 2031, growing at a CAGR of 15.2% in the forecast period (2024-2031).
The rising popularity of connected devices and the Internet of Things (IoT) and the rapid growth of the technologically literate population globally are anticipated to fuel the demand for wearable technology over the forecast timeframe. Wearable technology is a type of electronic device that can be worn as accessories, embedded in clothing, implanted in the user's body, or even tattooed on the skin. The devices are hands-free tools with everyday uses, powered by microprocessors, and improved with the capability to send and receive data through the Internet. Wearable technology is evolving into an important category of the Internet of things, with life-changing applications in medicine and other fields. Increasing growth prospects of next generation displays in wearable devices, surge in demand for IoT devices and growing demand for smart devices in the healthcare applications are the factors driving the growth of the market during the forecast period. Furthermore, the rising prevalence of chronic diseases and obesity has contributed to the adoption of wearable products such as activity trackers and body monitors that provide real-time information on the user’s overall wellbeing.
US Wearable Technology Market is poised to grow at a sustainable CAGR for the next forecast year.
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Product ID: SQMIG25E2035