The global wearable devices market is expected to grow at a CAGR of 11.3% from 2019 to 2025 to reach $62.82 billion by 2025, according to a recent report conducted by ResearchAndMarkets.com.
The growth in the wearable devices market is fuelled by several factors, the report explains, such as growing consumer preference for connected devices and the increasing population of IoT and related devices. Technological growth of the consumer electronics industry is further complementing the overall growth of wearable devices market. However, concerns of data privacy and security and lack of sufficient internet and associated infrastructure in developing and underdeveloped countries are the major restraining factors hindering the market growth.
Based on product type, the overall wearable devices market is segmented into smartwatch, ear wear, eyewear, and others.
Smartwatches segment is estimated to command the largest share of the overall wearable devices market and expected to witness high growth during the forecast period. Large share of this product segment is primarily attributed to the rapid technological upgradation in smartwatches by key players, growing consumer awareness pertaining to personal fitness and health, and increasing demand for wireless health monitoring devices.
On the basis of end-use industry, healthcare segment is estimated to command the largest share of the overall wearable devices market.
The large share of this end use industry is mainly due to high penetration of fitness trackers among consumers and the use of activity monitors by medical industry to acquire physiological, behavioral, and contextual data for the diagnosis, treatment, and management of chronic diseases. With surge in availability of advanced devices for health and fitness monitoring and their growing adoption, the healthcare industry is expected to fuel the growth of the overall wearable devices market throughout the forecast period.
Based on connectivity medium, the overall wearable devices market is segmented into cellular, NFC, Bluetooth, Wi-Fi, and ANT+. Among these, Bluetooth technology is expected to witness the fastest growth rate during the next few years. The large share of this market is mainly attributed to the fact that Bluetooth connectivity is widely used in wearable devices as this technology is known as an easy to implement and low-cost option that requires very little power from wearable devices. From common everyday household items to health and wellness devices that are changing the face of healthcare, Bluetooth is the common thread across the most innovative wireless startups and solutions offered by them.
In 2019, North America region is estimated to command the largest share of the global wearable devices market followed by Europe and Asia Pacific.
The large share in this region is mainly attributed to high consumer awareness and greater adoption of advanced wearable technologies in this region as compared to other geographic markets. Availability of developed internet infrastructure and presence of majority of established wearable devices market players and start-ups also supports the greater proliferation of wearable devices in North America.