Press Releases

Global Wearable Tech Market to see 28.3% Annual Growth Through 2023

July 10, 2018

WELLESLEY, Mass., July 10, 2018–Wearable technology has expanded in just a few years from simple fitness trackers into a broad range of devices brimming with features and connectivity, according to a report by BCC Research.

The industry expects to see a compound annual growth rate (CAGR) of 28.3% through 2023, when it is expected to reach $82.3 billion, as indicated in the report Wearable Computing: Technologies, Applications and Global Markets.

Major players in the market include Alphabet, Apple, Fitbit, Garmin, Huawei, Sony, Samsung and Seiko Epson.

Research Highlights

  • Growth will be strongest in the healthcare and medical segment, which anticipates a CAGR through 2023 of 33.1%. By size, the market will be led by the fitness and wellness segment, which anticipates a 2023 value of $30.9 billion.
  • Body-wear products expect a CAGR of 35.7% through 2023, while wrist-wear products expect a market-leading 2023 value of $45.7 billion.
  • Non-consumers will dominate the market growth through 2023, with a CAGR of 37.7%, though consumer end-users will lead by size, with a 2023 estimated value of $46.6 billion.

“The adoption of wearable computing devices is on the rise in many commercial and industrial environments, especially Augmented Reality (AR) headsets or smart glasses pioneered by Google,” the report notes. “AR headsets are increasingly being adopted in industrial manufacturing environments, and have benefitted various organizations in streamlining the operations, enhancing efficiency, and avoiding workplace injuries and accidents. In addition, other commercial end users such as infotainment, healthcare and medical, manufacturing, security and logistics verticals are investing significantly to unfold the technology potential to make their businesses a better and safer place to work.”

Market Restraints Include User Interfaces and Personal Security

User interface features are of critical importance when marketing a successful product, and manufacturers are constantly struggling to find a balance between size, usability, and complexity. Display size and resolution often improve at the expense of comfort and usability. Meanwhile, privacy and personal security issues are gaining wider exposure. Some augmented reality glasses capture a continual live video stream and feed it to the internet, which raises privacy concerns; these concerns are echoed when exploring health and fitness devices which automatically upload data to cloud-based services.

Editors/reporters requesting analyst interviews should contact Eric Surber at press@bccresearch.com.

Wearable Computing: Technologies, Applications and Global Markets( IFT107C )
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