Global Wearable Device Market Size: Industry Analysis and Segmentation by Product Type (Wristwear, Footwear, Eyewear), by End-User (Consumer, Healthcare, & Industrial), and Region with Forecast 2024

Global Wearable Device Market 

Market Overview

Wearable devices were present over a decade used in defense and healthcare industry, which is now capturing the entire consumer electronics sector initiating a new era of gadgets. The wearable technology is expected to witness a promising growth with over 320 million connected wearable devices in 2016 which is estimated to reach over 2 billion by the end of 2024. Smart glasses, smart watches, fitness and health trackers, smart clothing and smart jewelry are the most popular wearable devices which are setting up new trend into the market. Leading market players such as Samsung, Apple, Garmin, Lenovo and Pebble are acquiring smart watches market with their innovative solutions. Health and fitness wearable device is the dominating market; however, the entire wearable device market is experiencing stagnation from past few years. Wearable technology is still in its embryonic stage where reliability of data creates a biggest challenge for the market growth. To generate accurate data one has to wear the device all the time and regular use of device is a major obstacle. Moreover, nowadays people are adopting more smartphones as compared to smart wearable devices, as with all new innovative apps and technology smartphone is a fix for everything.

Partnership between Google and Levi Strauss & Co. to manufacture smart jacket is expected to bring new evolution in wearable device market. Amazon’s Alexa-enabled smartglasses which is a voice-controlled device is expected to drive the growth of wearable device market. Technological innovations are likely to play an important role for industry players to maintain their strong brand position in the market and to uncover new business opportunities in the near future.

Market Segmentation

Global Wearable Device Market is segmented on the following basis:

Based on Product Type

• Neckwear
• Footwear
• Headwear/Eye Wear
• Wristwear
• Bodywear

By End User

• Consumer Electronics
• Healthcare
• Industrial & Enterprise

Based on Geography

• North America (U.S. & Canada) {Market Size (USD Billion), Growth Analysis (%) and Product Sales (In Units)}
•  Latin America (Brazil, Mexico, Argentina & Rest of Latin America) {Market Size (USD Billion), Growth Analysis (%) and Product Sales (In Units)}
• Europe (The U.K., Germany, France, Italy, Spain, Poland, Sweden & RoE) {Market Size (USD Billion), Growth Analysis (%) and Product Sales (In Units)}
• Asia-Pacific (China, India, Japan, Singapore, South Korea, Australia, New Zealand, Rest of Asia) {Market Size (USD Billion), Growth Analysis (%) and Product Sales (In Units)}
• Middle East & Africa (GCC, South Africa, North Africa, RoMEA) {Market Size (USD Billion), Growth Analysis (%) and Product Sales (In Units)}
•  Rest of World {Market Size (USD Billion), Growth Analysis (%) and Product Sales (In Units)}

Market Size and Forecast (2016-2024)

Global wearable device market is projected to reach USD 19.28 billion by 2024, growing at a CAGR of 17.0% during the forecast period. Growing need for effective health management for chronic health conditions such as diabetes and obesity are augmenting the demand for wearable devices.

North America is the dominating region for global wearable device market dominated with over 36% market share in 2016. Huge advancements and investments in the wearable technology and presence of leading players in the U.S. are contributing in the dominance of North America in wearable device market. Growing technological advancement, rising prevalence of chronic diseases, increasing awareness on health and fitness with changing lifestyle are expected to contribute the growth of wearable device market in Asia-Pacific region.

Market Drivers and Challenges

Rising adoption of wearable devices which are compatible with smartphone based apps, increasing health awareness and emerging trend of home healthcare facilities are contributing in the growth of global wearable device market. However, data consistency and security is the major concern for the users. Moreover, high initial cost of application for wearable technology with less acceptance restricting growth of wearable device market.

Key Market Players

• Google Inc.
  • Synopsis
  • Business Strategy
  • Product Portfolio
  • SWOT Analysis
• Apple Inc.
• Garmin Ltd.
• Samsung
• Pebble Technology Corporation
• Fitbit Inc.
• Xiaomi
• Omron Corporation
• Adidas
• Jawbone
• Sony Corportation
• Philips Healthcare
• Vital Connect
• Sotera Wireless
• Intelesens Ltd.
• Basis Science, Inc.
• Covidien Plc
• Gentag Inc.
• Intel Corporation
• Polar Electro
• Winmedical Srl
• InteraXon
• Jabra
• Johnson & Johnson
• Murata Manufacturing Co., Ltd.
• Misfit Wearables
• iHealth Lab
• MC10
• Hillcrest Labs
• Bragi
• Valencell
• Motorola Solutions
• Plantronics
• Recon Instruments

Scope Background

Market Synopsis

Market Segmentation

The Global Wearable Device Market is segmented as follows:

• By Product Type (Market Size, Demand Analysis and Growth Analysis)
• By End-User (Market Size, Demand Analysis and Growth Analysis)

By Region

• North America (U.S., Canada) {Market Size, Growth Analysis and Opportunity Analysis}
• Latin America (Argentina, Mexico, Brazil and Rest of Latin America) {Market Size, Growth Analysis and Opportunity Analysis}
• Europe (Germany, Italy, Spain, France, The U.K., Netherlands, Sweden, Hungary, Russia, Poland, Rest of Europe) {Market Size, Growth Analysis and Opportunity Analysis}
• Asia-Pacific (China, India, Singapore, Japan, Hong-Kong, Australia, New Zealand, South Korea and Rest of Asia Pacific) {Market Size, Growth Analysis and Opportunity Analysis}
• Middle East and North Africa (MENA) {Market Size, Growth Analysis and Opportunity Analysis}
• Rest of World  {Market Size, Growth Analysis and Opportunity Analysis}

Market Dynamics: Growth Drivers, Restraints and Opportunities

• Risk Factors

• Regional Variations
• Recent Trends and Developments

Key Market Players

• Synopsis
• Business Strategy
• Product Portfolio
• SWOT Analysis

Porter’s Five Force Model

Market Landscape: Competition and Beyond

Market outlook for business players and entry level players to ascertain their business in dynamic ecosystem

Expert Analysis

Concluding Remarks