The global wearable technology industry is on track for substantial growth, with a projected compound annual growth rate (CAGR) of 14.3 per cent, expected to propel it from $99.5 billion in 2022 to an impressive $290.6 billion by 2030, according to a recent report by GlobalData.
This expansion in the wearable tech sector comes during an era characterized by innovation and connectivity, where wearable devices are increasingly shaping the way people live, work, and engage in leisure activities. The report underscores the transformative influence of wearable technology on various aspects of daily life.
GlobalData, a leading data and analytics company, has highlighted the significant attention and enthusiasm that wearable tech has garnered over the past decade. This interest has been largely fueled by the popularity of devices like Fitbit fitness bands and Apple Watches, which have made a substantial impact on the consumer market.
Pinky Hiranandani, Senior Analyst at the Thematic Intelligence team at GlobalData, commented on the prospects of wearable tech. Hiranandani noted that advancements in underlying technologies could potentially lead to a paradigm shift in how people interact, monitor their health and well-being, and consume digital content. The integration of Artificial Intelligence (AI) is expected to play a pivotal role in the development of more interactive and intelligent wearable devices, enhancing the overall user experience.
The next generation of wearable technology is expected to prioritize user comfort, and longer battery life, and incorporate features such as immersive spatial audio, advanced health monitoring capabilities, and AI-driven communication.
Hiranandani also highlighted that enterprises will be a key market for wearable tech in the coming years, surpassing the consumer segment. Currently, wearable tech devices find applications in sectors like logistics, defence, manufacturing, travel and tourism, and healthcare, particularly for training and remote support. Healthcare, with a focus on patient monitoring, remote training and support, and telehealth services, holds significant promise as a growth area.
Although smart glasses and Virtual Reality (VR) headsets have been available for some time, they have not achieved mainstream adoption due to factors like a lack of compelling use cases, high prices, and privacy concerns. Hiranandani suggested that companies able to identify niche markets and create compelling use cases stand the best chance of success. Developing lightweight devices with practical applications and extended usability is key to generating demand and revenue in this rapidly evolving industry.
Inputs from IANS