Increase in popularity of wearable medical and health devices, rise in the adoption rate of smartwatches and fitness bands, and technological advancements in wearable devices drive the growth of the global wearable computing market. North America contributed to the highest share in 2020, holding nearly two-fifths of the total share.
According to the report published by Allied Market Research, the global wearable computing market generated $38.2 billion in 2020, and is projected to reach $213.5 billion by 2030, witnessing a CAGR of 19.4% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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Avinash Savekar, a Lead Analyst, Semiconductor and Electronics at Allied Market Research, stated, “The wearable computing market size is expected to witness high growth rate during the forecast period, owing to increasing adoption of smart watches and fitness bands and rising investment in wearable technologies. Also, various product launches and advancements in technologies in the wearable market anticipate a huge growth in the wearable computing market.”
COVID-19 Scenario:
- Electronics manufacturing hubs have to operate with low efficiency to restrict the COVID-19 spread.
- The pandemic affected the supply chain and prices of the semiconductor, owing to deficiency of materials, and finished goods.
- Lack of business continuity has negatively impacted revenue and returns of the wearable computing market.
- Vaccination and lifted lockdown restrictions in North America and Europe are expected to promote the recovery of the wearable computing market.
The report offers detailed segmentation of the global wearable computing market based on product type, connectivity, end-use, and region.
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Based on product type, the smartwatches segment accounted for the highest market share in 2020, contributing to more than one-third of the total share, and is expected to maintain the lead during the forecast period. However, the head mounted display segment is projected to manifest the fastest CAGR of 22.8% from 2021 to 2030.
Based on connectivity, the Bluetooth segment contributed to the largest share in 2020, accounting for more than half of the global wearable computing market. The same segment is anticipated to lead throughout the forecast period. However, the Wi-Fi segment is expected to manifest the highest CAGR of 17.6% from 2021 to 2030.
Based on region, North America contributed to the highest share in 2020, holding nearly two-fifths of the total share, and is expected to maintain dominance throughout the forecast period. On the other hand, Asia-Pacific is expected to portray the fastest CAGR of 20.7% from 2021-2030.
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Leading players of the global wearable computing market analyzed in the research include Samsung Electronics (South Korea), Apple (U.S.), Huawei Technologies Co., Ltd. (China), Google LLC (U.S.), Garmin (Switzerland), Sony Corporation (Japan), Fossil Group, Inc. (U.S.), Xiaomi Corporation (China), Sensoria Inc., (U.S.), and Nike (U.S.).
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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