Wearable technology has emerged as a transformative force and the wearable technology industry is set to expand at a compound annual growth rate (CAGR) of 14.3 per cent to $290.6 billion in 2030, up from $99.5 billion in 2022, says data and analytics company GlobalData. According to London-headquartered GlobalData's Wearable Tech (2023) report, riding on the back of the popularity of Apple Watches and Fitbit's fitness trackers, the wearable tech market has received significant attention and hype in the last decade.
The data company predicted that the next generation of hearables will be designed for greater comfort, provide longer battery life, and feature immersive spatial audio, health monitoring and artificial intelligence (AI)-based communication.
“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," Pinky Hiranandani, Senior Analyst, Thematic Intelligence Team, GlobalData, said in a statement.
The analytics firm further said that enterprises will be a key market for wearable devices for the next three years and will outpace the consumer segment.
"Wearable tech devices are currently deployed across logistics, defence, 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," Hiranandani said.
Brands that can find a niche and create compelling use cases will have the best chance of succeeding in the wearables space. Also, creating devices that can be used for longer, are lightweight, and have practical use cases will help companies generate demand and revenue, GlobalData noted.