Global wearable technology market set to surpass $54 billion in 2023: GlobalData | The Financial Express

Global wearable technology market set to surpass $54 billion in 2023: GlobalData

The company claims that smartwatches accounted for 60 percent of the wearable tech market in 2018, mostly driven by demand for Apple Watches and the growth of brands such as Xiaomi, Huawei, Garmin, and Samsung.

Global wearable technology market set to surpass $54 billion in 2023: GlobalData
According to the company, the growth is driven by the growing demand for multimedia devices and smartphones coupled with the increasing adoption of fitness trackers and health-based wearables. (Image Credit: Pixabay)

GlobalData, a data and analytics company, said on Wednesday that the global wearable technology market is expected to register a compound annual growth rate of 19% from $22 billion in 2018 to $54.4 billion in 2023.

According to the company, the growth is driven by the growing demand for multimedia devices and smartphones coupled with the increasing adoption of fitness trackers and health-based wearables.

GlobalData’s latest report, ‘Smartwatches – Thematic Research’, reveals that smartwatches will be the largest and the fastest-growing segment in the wearable tech market over the forecast period, followed by fitness trackers.

The company claims that smartwatches accounted for 60 percent of the wearable tech market in 2018, mostly driven by demand for Apple Watches and the growth of brands such as Xiaomi, Huawei, Garmin, and Samsung.

Fitness trackers accounted for 29 percent of the market in 2018, but this market share is expected to drop to 20 percent in 2023 as smartwatches become the preferred alternative.

“As consumers become increasingly health-conscious, the future will present as a blend of digital and physical as consumers adopt wearable technology into their daily routines,” Cynthia Stinchcombe, Medical Devices Analyst at GlobalData, said in a statement.

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First published on: 26-10-2022 at 13:02 IST