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Market Focus

Key messages:

The popularity of wearable devices are driven by their ability to track health and fitness, provide notifications, and offer convenience.
Industries like healthcare are utilizing wearables for remote patient monitoring and improving healthcare outcomes.
Future advancements in wearables will focus on accuracy, battery life, connectivity, and integration with other smart devices, while addressing data privacy and security concerns.

Wearables, such as smartwatches and fitness trackers, are increasing in value and popularity. Market projections are exceeded year-by-year. For example, a previous 2018 projection of $27 billion by 2020 is now surpassed with an actual valuation of $41.5 billion in 2019. According to CCS Insight, smart wearable device sales are set to double by 2022, reaching 233 million unit sales, driven by smartwatches.

The wearables technology market is currently valued at approximately $158B and is projected to see massive growth at a compound annual growth rate of 13.89% and is predicted to grow to $390B+ by 2030 (Precedence Research, 2022).

So, with the many wearable products being offered, where is most of this growth coming from within this market?

“According to IDC, the wearable market’s growth thus far has been fueled almost entirely by smartwatches and wrist-worn fitness trackers, which are expected to account for 95 percent of all wearables shipped this year and to continue their reign over the market through 2022” (Richter, 2018).

References

Lamkin, P. (2018). Smart Wearables Market To Double By 2022: $27 Billion Industry Forecast. https://www.forbes.com/sites/paullamkin/2018/10/23/smart-wearables-market-to-double-by-2022-27-billion-industry-forecast/?sh=65876b162656

Milanesi, C. (2020). The Growing Value Of Wearables. https://www.forbes.com/sites/carolinamilanesi/2020/06/10/the-growing-value-of-wearables/?sh=c273a5123bc2

Richter, F. (2018). The Global Wearables Market Is All About the Wrist. Statista. https://www.statista.com/chart/3370/wearable-device-forecast/

Precedence Research. (2022). The Global Wearable Technology Market. https://www.precedenceresearch.com/wearable-technology-market