Rising demand for wearable devices to tracking and monitoring health vitals and rapid advancements made in sensors are some key factors driving

VANCOUVER, BRITISH COLUMBIA, CANADA, June 14, 2023/EINPresswire.com/ — The global wearable technology market size reached USD 61.30 Billion in 2022 and is expected to register a revenue CAGR of 14.4% during the forecast period, according to the latest analysis by Emergen Research. Rising demand for wearable devices to track and monitor health vitals, rapid advancements made in sensors are key factors driving revenue growth.

Use of advanced sensors in wearable devices have enabled users to track and monitor health various physiological parameters such as heart rate, sleep patterns, and physical activity levels. These devices can also include additional sensors, such as blood glucose monitors for diabetics, or spirometers, for people with lung conditions. The data collected by these sensors is then transmitted to applications installed on a smartphone or computer, where it can be analyzed and used to monitor health trends over time. Some wearable technology also includes machine learning algorithms that may identify patterns in data and deliver individualized health insights. This has led to rising demand for wearable device for healthcare.

Smartwatches use sophisticated sensors to track various data, which increase their effectiveness in preventive healthcare. Users can utilize this health insight and make more intelligent decisions regarding their level of exercise, diet requirements, and general wellbeing. In smartwatches, accelerometers, gyroscopes, heart-rate monitors, and Global Positioning System (GPS) sensors are some of the most often utilized sensors. In addition, other things such as ambient light, temperature, and even blood oxygen levels, can be detected and tracked using these sensors. Moreover, these sensors’ data can be utilized to produce personalized recommendations, real-time feedback, and even warnings when specified thresholds are crossed. This can make wearable devices more effective, which can lead to a rise in sales.

However, widespread availability of counterfeit products and limited capacity of batteries are major factors hampering revenue growth of the market.

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Competitive Landscape:

The latest study provides an insightful analysis of the broad competitive landscape of the global Wearable Technology market, emphasizing the key market rivals and their company profiles. A wide array of strategic initiatives, such as new business deals, mergers & acquisitions, collaborations, joint ventures, technological upgradation, and recent product launches, undertaken by these companies has been discussed in the report. The report analyzes various elements of the market’s competitive scenario, such as the regulatory standards and policies implemented across the industry over recent years. Our team of experts has leveraged several powerful analytical tools, such as Porter’s Five Forces analysis and SWOT analysis, to deliver a comprehensive overview of the global Wearable Technology market and pinpoint the fundamental growth trends.

Leading companies profiled in the report are:

Alphabet Inc., Samsung, Sony Corporation, Huawei Device Co., Ltd, Apple Inc., Xiaomi Inc., Nike Inc., Runtastic GmbH (Adidas), Fitbit, Inc. (Google), and Garmin Ltd

Some Key Highlights From the Report

The wristwear segment is expected to account for largest revenue share over the forecast period. This can be attributed to decreasing cost of smart wristwear devices such as smartwatches, fitness trackers. In addition, rising demand for preventive healthcare among consumers is expected to increase sales and drive revenue growth of the segment.

The sensor technology segment revenue accounted for largest revenue share in 2022. This can be attributed rising demand for sensors in various wearable devices. In addition, rising health awareness among consumers had led to rise in sales for smart wearable devices for tracking health vitals.

The healthcare segment revenue is expected to register significantly rapid revenue CAGR in the global wearable technology market over the forecast period. Increasing chronic devices and rising demand for home healthcare services has led to rise in demand for wearable devices in healthcare are factors driving revenue growth of the segment.

The market in North America is expected to register largest revenue share over the forecast period. Revenue growth of the wearable device market in the U.S. is driven by advancements in technology and increasing focus on health and fitness. New and innovative products and rising interest in using wearable technology to improve health and fitness are other major factors driving revenue growth of the market in the region.
Key Parameters Analyzed in This Section:

Company Profiles
Gross Revenue
Profit margins
Product sales trends
Product pricing
Industry Analysis
Sales & distribution channels
Key Points Covered in This Section:

Regional contribution
Estimated revenue generation
Vital data and information about the consumption rate in all the leading regional segments
An expected rise in market share
Forecast growth in the overall consumption rate

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The study outlines the rapidly evolving and growing market segments along with valuable insights into each element of the industry. The industry has witnessed the entry of several new players, and the report aims to deliver insightful information about their transition and growth in the market. Mergers, acquisitions, partnerships, agreements, product launches, and joint ventures are all outlined in the report.

Segment Analysis:

Product Outlook (Revenue, USD Billion; 2019-2032)
Wristwear
Headwear
Footwear
Bodywear
Others
Technology Outlook (Revenue, USD Billion; 2019-2032)
Computing Technology
Display Technology
Network Technology
Sensor Technology
Others
Application Outlook (Revenue, USD Billion; 2019-2032)
Consumer Electronics
Healthcare
Enterprise & Industrial
Regional Segmentation:

North America
Latin America
Europe
Middle East & Africa
Asia Pacific

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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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