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Wearable Computing Market Size 2022, Share Estimation, Trend Analysis, Industry Growth Rate, Company Profiles with Strategies, Global Sales and Revenues, Future Demands, Forecast 2030

The global wearable computing market will grow at a compound annual growth rate (CAGR) of 20.4% during the forecast period from 2021 to 2030.

Wearable computer devices are small technologies designed to be worn on the body. These devices perform several operations including, storing and processing data.

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The technologies have continued to evolve with time. The advent of smart glasses changed the outlook of the industry. Through smart glasses, users can replace the visual picture by projecting any image into the glasses. Various companies like Google, Epson, and Vuzix manufacture smart glasses. Another example is the modern smartwatch. The advanced smartwatches can even let you play music, navigate the location, and make phone calls.

Factors including technological advancement and increasing adoption of the products are propelling the growth of the market. Smartwatches are gaining rapid popularity amongst runners, athletes, swimmers, and cyclists. Thus, it will fuel the adoption of wearable computing devices.

Furthermore, growing investment in wearable technologies is expected to create lucrative opportunities for prominent marketing players. The wearable device market is witnessing significant growth, owing to the increasing demand for innovations, technological advancements, and the convenience of wearable devices.

On the contrary, the expensive cost of the technologies and privacy concerns are forecast to hamper the global market growth.

A release on June 8th, 2021, by the Bureau and Economic Analysis and U.S. Census Bureau reports the recovering of the U.S. market. The report also described the recovery of U.S. International Trade in July 2021.In April 2021, exports in the country reached $300 billion, an increase of $13.4 billion. In April 2021, imports amounted to $294.5 billion, increasing by $17.4 billion. COVID19 is still a significant issue for economies around the globe, as evidenced by the year-over-year decline in exports in the U.S. between April 2020 and April 2021 and the increase in imports over that same period of time. The market is clearly trying to recover. Despite this, it means there will be a direct impact on the Healthcare/ICT/Chemical industries, resulting in a large market for Wearable Computing Market.

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COVID-19 Impact Analysis

COVID-19 had a prominent impact on the global wearable computing market. Electronics manufacturing companies were temporarily halted owing to the surge in COVID-19 cases. Moreover, the entire supply chain was disrupted that caused a shortage of raw material. The sudden disruption in the chain has limited manufacturing and trade activities. This, in turn, significantly obstructed revenue generation.

Wearable computing devices are made from raw materials imported from China. The sudden effect of COVID-19 halted the import and export of products. Moreover, a sudden hike in the prices of raw materials slowed down the activities for several months. Thus, the global wearable computing market was severely affected during the COVID-19 outbreak.

Moreover, the original equipment manufacturing (OEMs)companies slowed down the manufacturing activities. Also, there was a massive decline in the demand for wearable and other electronic devices during the COVID-19 pandemic. These factors collectively impacted the growth of the global wearable computing market.

However, the introduction of vaccines and the control over COVID-19 spread, especially in North America and Europe, will enhance the chances of recovery for the global wearable computing market.

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Regional analysis

Asia-Pacific region is expected to hold a maximum share in the global wearable computing market during the analysis period. The region is witnessing a rapid expansion of the Chinese economy as the authorities are working on the development of economic infrastructure. Such factors can contribute to the growth of the regional market and consequently to the expansion of the global market.

According to Statista, as of 2021 data, the United States held over ~36% of the global market share for information and communication technology (ICT). With a market share of 16%, the EU ranked second, followed by 12%, China ranked third. In addition, according to forecasts, the ICT market will reach more than US$ 6 trillion in 2021 and almost US$ 7 trillion by 2023. In today’s society, continuous growth is another reminder of how ubiquitous and crucial technology has become. Over the next few years, traditional tech spending will be driven mainly by big data and analytics, mobile, social, and cloud computing.

This report analyzes the global primary production, consumption, and fastest-growing countries in the Information and Communications Technology(ICT) market. Also included in the report are prominent and prominent players in the global Information and Communications Technology Market (ICT).

Key Market Segments

By Product Type

Smart Watches

Extension smartwatch

Classic smartwatch

Standalone smartwatch

Smart Jewelry

Fitness Trackers

Head-Mounted Display

Body Worn Cameras

Others

By Connectivity

Bluetooth

Wi-Fi

4G/5G

Others

By End-Use

Fitness & Wellness

Healthcare

Entertainment

Defense

Gaming

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By Region

North America

The U.S.

Canada

Mexico

Europe

Western Europe

The UK

Germany

France

Italy

Spain

Rest of Western Europe

Eastern Europe

Poland

Russia

Rest of Eastern Europe

Asia Pacific

China

India

Japan

Australia & New Zealand

ASEAN

Rest of Asia Pacific

Middle East & Africa (MEA)

UAE

Saudi Arabia

South Africa

Rest of MEA

South America

Brazil

Argentina

Key Market Players

Apple (United States)

Google LLC (United States)

Garmin (United States)

Huawei Technologies Co., Ltd. (China)

Samsung Electronics (South Korea)

Sony Corporation (Japan)

Xiaomi Corporation (China)

Nike (United States)

Fossil Group, Inc.(United States)

Sensoria Inc.(United States)

Other prominent players

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What is the goal of the report?
• The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.
• During the forecast period, the report analyzes the growth rate, market size, and market valuation.
• The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
• The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance

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Updated : 2022-01-28 02:35 GMT+08:00

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