Wearable tech sector revenue to grow $290b by 2030: GlobalData
The industry is set to expand at a compound annual growth rate (CAGR) of 14.3%.
Driven by the popularity of Fitbit devices, the wearable tech industry revenue will increase from US$99.5b in 2022 to US$290.6b in 2030.
According to data and analytics firm, GlobalData, the wearable tech market received attention and hype in the last decade, which is attributed to the popularity of Apple Watches and Fitbit fitness bands.
Pinky Hiranandani, GlobalData’s senior analyst, said wearables may transform how consumers interact and oversee their health and well-being.
“The integration of artificial intelligence could usher in a new era of interactive and intelligent wearable devices, offering improved user experiences,” Hiranandani said in the firm’s report.
Next-gen wearables will be designed for greater comfort, provide longer battery life, and feature immersive spatial audio, health monitoring, and AI-based communication.
Smart glasses and virtual reality headsets have been around for some time but their lack of compelling use cases, high prices, and privacy concerns prevented it from going mainstream.
Currently, wearable tech devices are being used for various purposes such as logistics, defence, manufacturing, travel and tourism, and healthcare.
“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," Hiranandani elaborated.