Wearables Market Adds Hearables Category, Driving Segment to $54B by 2023
The wearable technology market is quickly evolving into a major tech segment, in large part thanks to consumer market growth which is driven by sales of smartwatches. Major companies like Apple and Samsung are heavily involved in the innovation of wearable devices, which are now capable of performing a wide range of features including cellular connectivity, health monitoring, contactless payment and more. On the other hand, fitness trackers are falling in popularity due to their limited features and abilities.
However, wearable devices are expected to become significantly smarter, integrating technologies like artificial intelligence and augmented reality, thereby increasing their relevance to both individual and enterprise users.
According to GlobalData Analyst, Ed Thomas, "The wearable tech theme incorporates more than just wrist-worn devices. Smart earwear, or hearables, has become a more prominent category with the emergence of devices that incorporate voice-activated virtual assistants such as Apple's Siri and Google's Assistant. Hearables also have the potential to match, or even exceed, the performance of smartwatches when it comes to providing health monitoring services."
Overall, the wearable tech industry was worth nearly $23B in 2019 and is forecast to grow at a compound annual growth rate (CAGR) of 19% to reach $54B by 2023, GlobalData indicates.
A major segment of the wearable technology market is wearable medical tech, which is mostly focused on monitoring medical data and aiding diagnostics. Traditionally, patient monitoring devices are used in hospitals to monitor a patient's vital signs. Nowadays, with the advancements in wireless technology, these devices can be used to remotely monitor a patient's various physiological parameters. In addition, new wearable monitoring devices, equipped with the Internet of Things (IoT) technology, are able to communicate with smartphones, transferring crucial data to right to user friendly applications.
Moreover, there has been an increasing focus on the development of smaller, more reliable, and more energy-efficient devices in recent years, compared to the previous generations of medical wearables. As an example, wearable skin patches are becoming more and more widely used within the wearable devices market. Skin patches can be covered by clothing, and were designed to record and transmit more accurate data without being interrupted by movement.