The global wearable computing market will grow at a compound annual growth rate (CAGR) of 20.4% during the forecast period from 2021 to 2030.
Wearable computer devices are small technologies designed to be worn on the body. These devices perform several operations including, storing and processing data.
The technologies have continued to evolve with time. The advent of smart glasses changed the outlook of the industry. Through smart glasses, users can replace the visual picture by projecting any image into the glasses. Various companies like Google, Epson, and Vuzix manufacture smart glasses. Another example is the modern smartwatch. The advanced smartwatches can even let you play music, navigate the location, and make phone calls.
Factors including technological advancement and increasing adoption of the products are propelling the growth of the market. Smartwatches are gaining rapid popularity amongst runners, athletes, swimmers, and cyclists. Thus, it will fuel the adoption of wearable computing devices.
Furthermore, growing investment in wearable technologies is expected to create lucrative opportunities for prominent marketing players. The wearable device market is witnessing significant growth, owing to the increasing demand for innovations, technological advancements, and the convenience of wearable devices.
On the contrary, the expensive cost of the technologies and privacy concerns are forecast to hamper the global market growth.
COVID-19 Impact Analysis
COVID-19 had a prominent impact on the global wearable computing market. Electronics manufacturing companies were temporarily halted owing to the surge in COVID-19 cases. Moreover, the entire supply chain was disrupted that caused a shortage of raw material. The sudden disruption in the chain has limited manufacturing and trade activities. This, in turn, significantly obstructed revenue generation.
Wearable computing devices are made from raw materials imported from China. The sudden effect of COVID-19 halted the import and export of products. Moreover, a sudden hike in the prices of raw materials slowed down the activities for several months. Thus, the global wearable computing market was severely affected during the COVID-19 outbreak.
Moreover, the original equipment manufacturing (OEMs)companies slowed down the manufacturing activities. Also, there was a massive decline in the demand for wearable and other electronic devices during the COVID-19 pandemic. These factors collectively impacted the growth of the global wearable computing market.
However, the introduction of vaccines and the control over COVID-19 spread, especially in North America and Europe, will enhance the chances of recovery for the global wearable computing market.
Regional analysis
Asia-Pacific region is expected to hold a maximum share in the global wearable computing market during the analysis period. The region is witnessing a rapid expansion of the Chinese economy as the authorities are working on the development of economic infrastructure. Such factors can contribute to the growth of the regional market and consequently to the expansion of the global market.
Key Market Segments
By Product Type
By Connectivity
By End-Use
By Region
Key Market Players
