In an era defined by innovation and connectivity, wearable technology has emerged as a transformative force, revolutionizing the way we live, work, and play. Against this backdrop, the wearable tech industry is set to expand at a compound annual growth rate (CAGR) of 14.3% from $99.5 billion in 2022 to $290.6 billion in 2030, forecasts GlobalData, a leading data and analytics company.
GlobalData’s latest report, “Wearable Tech (2023),” highlights that the wearable tech market has received significant attention and hype in the last decade, thanks to the popularity of devices such as Fitbit fitness bands and Apple Watches.
Pinky Hiranandani, Senior Analyst, Thematic Intelligence team at GlobalData, comments: “As the underlying technologies advance, wearables could potentially transform how we interact, monitor health and wellbeing, and consume digital content. The integration of artificial intelligence (AI) could usher in a new era of interactive and intelligent wearable devices, offering improved user experiences.”
The next generation of hearables will be designed for greater comfort, provide longer battery life, and feature immersive spatial audio, health monitoring, and AI-based communication.
Hiranandani continues: “Enterprises will be a key market for wearable tech devices over the next three years, outpacing the consumer segment. Wearable tech devices are currently deployed across logistics, defense, manufacturing, travel and tourism, and healthcare, primarily for training and remote support. Healthcare, particularly patient monitoring, remote training and support, and telehealth services, holds significant promise.”
Smart glasses and virtual reality (VR) headsets have been around for some time but have not become mainstream due to a dearth of compelling use cases, high prices, and privacy concerns.
Hiranandani concludes: “Companies that can find a niche and create compelling use cases will have the best chance of succeeding. Also, creating devices that can be used for longer, are lightweight, and have practical use cases will help companies generate demand and revenue.”
