Wearable Tech – Thematic Intelligence

Wearable Tech Report Overview

The wearable tech industry was worth $99.5 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of more than 14% between 2022 and 2030 driven by growing demand for hearables and smartwatches. Furthermore, the integration of artificial intelligence (AI) in wearable devices will offer improved user experiences, designed for greater comfort, provide longer battery life, and feature immersive spatial audio, health monitoring, and AI-based communication.

The Wearable Tech thematic report provides an overview of the wearable tech theme. It identifies the key trends impacting the growth of the sector over the next 12 to 24 months, split into three categories: technology trends, macroeconomic trends, and regulatory trends. It includes a comprehensive industry analysis, outlining the key growth areas and potential use cases.

Wearable Tech Market Trends

The main trends shaping the wearable theme over the next 12 to 24 months are classified into technology trends, macroeconomic trends, and regulatory trends.

Technology Trends: Some of the key technology trends gaining traction in the wearable tech market include the rising demand for smartwatches, Augmented reality (AR) smart glasses, smart earwear or hearables, hearing aid devices, and smart clothing.

Macroeconomic Trends: The impact of the COVID-19 pandemic, the supply chain disruptions caused by the pandemic, and product differentiation are the key macroeconomic trends impacting wearable the tech market.

Regulatory Trends: EU regulations, US Food and Drug Administration (FDA) approvals of new wearables, and concerns about ransomware attacks are the prominent regulatory trends influencing the wearable tech market.

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Wearable Tech - Industry Analysis

The wearable tech industry was worth $99.5 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of more than 14% between 2022 and 2030. Hearables is the largest segment of the wearable tech market, followed by smartwatches.

However, the wearable tech industry has become a victim of its own hype as wearables such as smart glasses and AR and VR headsets failed to become mainstream due to a lack of appealing use cases and slow technical development. In 2023, several big players struggled to create compelling products and meet the inflated expectations they had created.

Microsoft, a leader in the AR headsets market, has struggled to find buyers for its HoloLens headset due to its high cost and limited use cases. The departure of the chief architect of HoloLens, Alex Kipman, in June 2022 made the device’s future uncertain. This uncertainty was compounded by mass layoffs announced by Microsoft in January 2023 that impacted teams working on HoloLens and mixed reality projects.

The wearable tech industry analysis also comprises –

• Use Cases
• Timeline
• M&A trends
• Patent trends
• Hiring trends
• Social media trends

Global Wearable Tech Revenue, by Product Type, 2019-2030 ($ Billion)

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Wearable Tech Value Chain Insights

Wearable technology is part of the Internet of Things (IoT) value chain. IoT is classified into five distinct markets: automated homes, connected cars, Industrial Internet, smart cities, and wearable technology. Each of the five IoT markets has a common value chain, which can, in turn, be split into five layers: the physical layer, the connectivity layer, the data layer, the app layer, and the services layer.

Services layer: IoT services have become a necessary addition to the IoT value chain over the last decade. In the enterprise IoT market, many IoT adopters lack the design, technical integration, or data analysis skills to deliver a successful IoT implementation. Integrating both IT and operational technology (OT) requires the input of external consulting services companies, especially in the growing use case of predictive maintenance. Due to the nascent technological nature of certain IoT services and their dependency on the data and app layers, this section will cover the leading actors in integration and consulting services.

The IoT Value Chain Analysis

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Wearable Tech Industry – Competitive Landscape

The report highlights the key companies involved in the wearable tech market–

• Alphabet (parent company of Google)
• Apple
• Garmin
• Huawei

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Consumer Electronics Sector Scorecard

The three screens in the industry scorecard comprise of –

Thematic Screen: The thematic screen ranks companies based on overall leadership in the 10 themes that matter most to their industry, generating a leading indicator of future performance.

Valuation Screen: The valuation screen ranks our universe of companies within a sector based on selected valuation metrics.

Risk Screen: The risk screen ranks companies within a particular sector based on overall investment risk.

Consumer Electronics Sector Scorecard Analysis

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Scope

• This report provides an overview of the wearable tech theme.
• It identifies the key trends impacting the growth of the sector over the next 12 to 24 months, split into three categories: technology trends, macroeconomic trends, and regulatory trends.
• It includes a comprehensive industry analysis, outlining the key growth areas and potential use cases.
• It identifies the best-positioned players in the wearable tech industry, across all segments of the value chain.
• The report also includes a timeline charting the development of the wearable tech theme.

Key Highlights

• Enterprises will be a key market for wearable tech devices over the next three years, outpacing the consumer segment. Wearable tech devices are currently deployed across logistics, defense, manufacturing, travel and tourism, and healthcare, primarily for training and remote support. Healthcare, particularly patient monitoring, remote training and support, and telehealth services, holds significant promise. Creating devices that can be used for longer, are lightweight, and have practical use cases will help companies generate demand and revenue.
• The growth of the smartwatch market is driven by consumer interest in health and fitness tracking. With health monitoring features and capabilities advancing beyond just recording activity, smartwatches will continue to challenge the relevance of fitness trackers.
• Smart glasses and virtual reality (VR) headsets have been around for some time but have not become mainstream due to a dearth of compelling use cases, high prices, and privacy concerns. Companies that can find a niche and create compelling use cases will have the best chance of succeeding.

Reasons to Buy

• Wearable tech is a key market in the broader Internet of Things industry. It has garnered significant attention and hype in the last decade, thanks to the popularity of devices such as Fitbit fitness bands and Apple Watches. As the underlying technologies advance, wearables could potentially transform how we interact, monitor health and well-being, and consume digital content in immersive environments.
• The report is an invaluable guide to this disruptive theme, including a breakdown of the wearable tech value chain and profiles of leading vendors.