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| Wearable Technology Market |
The Global Wearable Technology Market Is Estimated To Be Valued At US$ 143.44 Bn In 2023 And Is Expected To Exhibit A CAGR Of 12% Over The Forecast Period 2023 To 2030, As Highlighted In A New Report Published By Coherent Market Insights.
Market Overview:
The Wearable Technology Market Comprises Devices Such As Smart Watches, Fitness
Trackers, Smart Glasses, Sport Watches And Others. These Devices Are Utilized
For Various Applications Such As Health And Fitness, Infotainment, Lifestyle,
Industrial And Military. With Their Advantages Of Allowing Continuous
Monitoring Of Health And Fitness Parameters And Being A Trendy Fashion
Accessory, The Demand For Wearable Devices Is Rising Rapidly.
Market Key Trends:
Miniaturization Of Electronic Components Is One Of The Major Trends Witnessed
In The Wearable Technology Market. Owing To Continuous Advancements In
Electronics And Semiconductor Industries, The Size Of Electronic Components
Used In Wearable Devices Is Declining Rapidly. This Allows Compact Size Of
Devices With Enhanced Functionalities. For Example, Devices Like Smartwatches
Are Getting Slimmer And Smaller Without Compromising On Their Performance Which
Is Making Them Appealing Consumer Electronics. The Declining Sizes Of
Electronic Components Are Expected To Open New Application Areas For Wearable
Devices During The Forecast Period.
Segment Analysis:
Wearable Technology Market Is Segmented Into Smart Watches, Fitness Trackers,
Smart Clothing And Others. Smart Watches Segment Dominated The Wearable
Technology Market In 2023, Accounting For Around 35% Of The Total Market Share.
This Is Attributed To Increasing Adoption Of Multifunctional Smart Watches For
Various Purposes Including Fitness Tracking, Notifications, Mobile Payments
Etc. Fitness Trackers Segment Is Projected To Witness The Highest Growth During
The Forecast Period Due To Rising Health Awareness Among People And Growing
Popularity Of Various Sports And Fitness Activities.
Key Takeaways:
The Global Wearable
Technology Market Growth Is Expected To Witness High Growth, Exhibiting
CAGR Of 12% Over The Forecast
Period, Due To Increasing Health Consciousness Among Consumers And Rising
Adoption Of Smart Wearables For Various Applications Including Fitness
Tracking, Sports, Healthcare And Mobile Payments.
Regionally, North America Dominated The Wearable Technology Market In 2023,
Accounting For Around 30% Of The Total Share. However, Asia Pacific Region Is
Projected To Witness The Fastest Growth During The Forecast Period Due To Rapid
Economic Development, Growing Middle Class Population And Rising Focus On
Fitness Among People In The Region.
Key Players Operating In The Wearable Technology Market Are Adidas, Suunto, Abbott
Laboratories, Sony, Eurotech, Nike, Google, Inc., Garmin International Inc., Medtronic,
Fitbit Inc., And Apple Inc. Major Players Are Focusing On Developing Advanced
Products With Enhanced Features And Capabilities In Order To Strengthen Their
Market Position. For Instance, In 2023, Fitbit Launched Sense 2 Smartwatch With
Advanced Health Monitoring And Stress Management Tools.
For more insights, read- https://www.ukwebwire.com/wearable-technology-market-trends-size-and-share-analysis/
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