A leading data and analytics company, GlobalData. estimates that the global wearable technology industry would expand 14.3% from $99.5 billion in 2022 to $290.6 billion in 2030.
The wearable technology market is growing as innovation and connection change how people live, work, and play. The research underlines how wearable technology has transformed many aspects of daily life.
GlobalData,has seen the enthusiasm surrounding wearable technologies over the previous decade. This interest is driven by Fitbit fitness bands and Apple Watches, which have changed the consumer market.
Wearable technology’s potential was assessed by GlobalData’s Thematic Intelligence Senior Analyst Pinky Hiranandani. Hiranandani noted that technology advances may change how individuals communicate, check their health, and access digital content. AI is expected to help produce more engaging and intelligent wearable devices, boosting user experience.
Next-generation wearable technology will prioritize comfort and battery life, as well as immersive spatial audio, advanced health monitoring tools, and AI-driven communication.
In addition, Hiranandani emphasized that businesses will soon outpace consumers as the primary market for wearable technology. For training and remote support, wearable technology gadgets are currently used in industries like logistics, defense, manufacturing, travel & tourism, and healthcare. Healthcare presents great potential as a growing industry, with a focus on patient monitoring, remote training and assistance, and telehealth services.
Despite the fact that smart glasses and Virtual Reality (VR) headsets have been around for a while, they have not yet become widely used because of things like a dearth of compelling use cases, exorbitant costs, and privacy worries. According to Hiranandani, businesses with the best chances of success are those who can locate niche customers and develop compelling use cases. In this ever changing sector, creating lightweight gadgets with useful applications and prolonged usage is essential to driving demand and income.
Conclusion:-
GlobalData has predicted a 14.3% CAGR in the global wearable technology market, from $99.5 billion in 2022 to $290.6 billion by 2030. This growth is driven by innovation and connectivity, as wearable technology transforms daily life. The market’s success, particularly with Fitbit fitness bands and Apple Watches, has sparked interest. Senior Analyst Pinky Hiranandani of GlobalData’s Thematic Intelligence team believes that wearable technology could lead to a paradigm shift in communication, health monitoring, and digital material use. The next generation of wearable technology is expected to prioritize user comfort and battery life, with features like immersive spatial audio and AI-driven communication. Businesses will soon outpace consumers as the primary market for wearable technology, with industries like logistics, defense, manufacturing, travel & tourism, and healthcare focusing on patient monitoring and remote training. Despite the availability of smart glasses and VR headsets, they have not gained widespread use due to lack of compelling use cases, high costs, and privacy concerns.
