The Global Wearable Sensors Market size is expected to reach $6.5 billion by 2030, rising at a market growth of 21.9% CAGR during the forecast period.In the year 2022, the market attained a volume of 369.2 million Units, experiencing a growth of 16.4% (2019-2022).
Several factors are driving this business ahead, including the rising demand for smart, connected medical devices, increased public awareness of the advantages of wearable medical sensors, and developments in medical sensor technology. Consequently, the Medical- Based Sensors & Others segment is exhibiting $88.5 million revenue in the market in 2022. As a result of enabling continuous patient monitoring, improved care outcomes, and reduced medical expenses, these sensors are quickly becoming a crucial part of healthcare delivery systems. The aging of the population, an increase in chronic diseases, and the growing use of home healthcare are all contributing to this segment's expansion. Some of the factors impacting the market are growing demand for fitness & health monitoring devices, growing popularity of wearable gaming, and issues related to data privacy and security.
The market for wearable computing is experiencing revenue growth due to the growing demand for fitness and health monitoring gadgets. In recent years, there has been an obvious shift toward emphasizing individual health and well-being, which has prompted people to look for cutting-edge technologies to track and enhance their fitness and general well-being. Fitness trackers, smartwatches, and various other wearable devices are now the most widely used alternatives for addressing these needs. Additionally, the gaming sector is one of the industries with the fastest rate of change on a global scale. In line with recent technical advancements, this market continues to flourish. The development of wearable gaming technology has been one of the key factors in the gaming industry's growth to new heights. Customers can have the best gaming experience because of technology's capacity to actively participate in digital games. The immersive experience provided by virtual and augmented reality is the primary factor driving the development of wearable gaming technology. As a result, the market is anticipated to expand significantly in light of the growing popularity of wearable gaming.
However, Wearables commonly gather information on a person’s health and behaviour, which raises concerns regarding security and privacy. If consumers are uncertain about the security of their private information, they can be hesitant to adopt wearable technology. Sensitive personal data may be compromised if hackers or unauthorized users access wearable technology or the apps that go with it. Devices may be vulnerable to these attacks if their authentication processes are weak, or their encryption is inadequate. Some wearables include location tracking, which raises concerns about personal privacy, particularly if this data is obtained or used inappropriately. This would eventually decline the adoption of wearables, thereby hindering the growth of market.
Based on vertical, the market is classified into consumer, healthcare, industrial, and others. In 2022, the consumer segment dominated the market by generating the maximum revenue share. The demand for devices with embedded sensors rises as consumers become more aware of the benefits of remote health and wellness monitoring. The number of wearables available, the development of sensors as a technology, and the capability of vendors to offer distinctive goods are just a few of the many variables that affect demand. Shipments of wearables have recently been mostly driven by the desire for wellness, fitness, and lifestyle tracking devices. Wrist-worn sensors, virtual reality headsets, and smart clothes are all in high demand, and vendors are working hard to stay ahead of the curve and offer customers the best products.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
Based on Type, the market is segmented into accelerometers, magnetometers, gyroscopes, inertial sensors, motion sensors, pressure & force sensors, temperature & humidity sensors, microphones & micro speakers, medical- based sensors & others, and image sensors & touch sensors. In 2022, the magnetometers segment acquired a substantial revenue share in the market. Magnetometers are instruments used to assess the direction and strength of magnetic fields. Compact in size, magnetometers are enclosed by tiny electronic chips that assist in detecting the magnetic field and determining the relative orientation of the instrument. These gadgets have a sensor that detects the strength of the magnetic field.
On the basis of application, the market is categorized into wristwear, eyewear, footwear, neckwear, bodywear, and others. The wristwear segment witnessed the largest revenue share in the market in 2022. The wristwear's purpose is to keep track of a customer's health. The advantage of this device is that it may be used to monitor a person's health at home or at work. Most wristwear is worn for health, fashion, and lifestyle reasons. Smart and stylish accessories include wearable electronics like smartwatches and smart bands. They may connect to mobile devices via several apps to display data on the devices.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 1.4 Billion |
| Market size forecast in 2030 | USD 6.5 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 21.9% from 2023 to 2030 |
| Number of Pages | 476 |
| Number of Table | 890 |
| Quantitative Data | Volume in Million Units, Revenue in USD Million, and CAGR from 2019 to 2030 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Market Share Analysis, Companies Strategic Developments, Company Profiling |
| Segments covered | Type, Application, Vertical, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region wise, the market is analysed across North America, Europe, Asia Pacific and LAMEA. In 2022, the North America region led the market by generating the highest revenue share. This is due to constant advances in technology and the existence of some of the top sensor manufacturers in North America. In addition, rising consumer electronics demand for items like wearable technology and gaming consoles is encouraging the use of sensors in a variety of end-user industries, including entertainment and healthcare.
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include STMicroelectronics N.V., NXP Semiconductors N.V., Texas Instruments, Inc., TE Connectivity Ltd., Analog Devices, Inc., Broadcom, Inc., Asahi Kasei Corporation, Infineon Technologies AG, Panasonic Holdings Corporation, Knowles Electronics, LLC (Dover Corporation).
Free Valuable Insights: Global Wearable Sensors Market size to reach USD 6.5 Billion by 2030
By Vertical(Volume, Million Units, USD Million, 2019-2030)
By Type(Volume, Million Units, USD Million, 2019-2030)
By Application(Volume, Million Units, USD Million, 2019-2030)
By Geography(Volume, Million Units, USD Million, 2019-2030)
This Market size is expected to reach $6.5 billion by 2030.
Growing popularity of wearable gaming are driving the Market in coming years, however, Data Privacy and Security Issues restraints the growth of the Market.
STMicroelectronics N.V., NXP Semiconductors N.V., Texas Instruments, Inc., TE Connectivity Ltd., Analog Devices, Inc., Broadcom, Inc., Asahi Kasei Corporation, Infineon Technologies AG, Panasonic Holdings Corporation, Knowles Electronics, LLC (Dover Corporation).
In the year 2022, the market attained a volume of 369.2 million Units, experiencing a growth of 16.4% (2019-2022).
The Accelerometers segment is leading the Market by Type in 2022; thereby, achieving a market value of $1.2 billion by 2030.
The North America region dominated the Market by Region in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $2.3 billion by 2030.
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