Global Wearable Computing Market To Reach $ 213.55 Billion By 2030: Allied Market Research
The technological development of wearable devices, the growing adoption of smart watches and fitness bracelets, and the increasing popularity of wearable health and medical devices are propelling the growth of the global wearable computing market. The COVID-19 pandemic has had a significant impact on both consumers and market players. Wearable production has been disrupted due to a labor shortage and uncertain supply of raw materials.
/ EIN News / – Portland, OR, October 12, 2021 (GLOBE NEWSWIRE) – According to the report released by Allied Market Research, the global portable computing market generated $ 38.21 billion in 2020, and is expected to reach $ 213.55 billion by 2030, demonstrating a 19.4% CAGR from 2021 to 2030. The report offers an in-depth analysis of the market size, emerging and current trends, future estimates, and key players.
Rising popularity of wearable medical and health devices, increasing adoption rate of smart watches and fitness bracelets, and technological advancements in wearable devices are propelling the growth of the global wearable computing market. However, the high cost of portable devices and privacy concerns are hampering the progress of the market. On the contrary, increased investment in wearable technologies is expected to create market opportunities in the future.
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- Electronics manufacturing centers must operate at low efficiency to limit the spread of COVID-19.
- The pandemic has affected the semiconductor supply chain and prices, due to a shortage of materials and finished products.
- The lack of business continuity has negatively impacted the revenues and returns of the portable computing market.
- Vaccination and the lifting of lockdown restrictions in North America and Europe are expected to help the recovery of the wearable computing market.
The report segments the global wearable computing market on the basis of product type, connectivity, end use, and region.
On the basis of product type, the smart watch segment accounted for the larger market share in 2020, contributing more than a third of the total share, and is expected to remain in the lead during the forecast period. However, the head-mounted display segment is expected to post the fastest CAGR of 22.8% from 2021 to 2030.
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On the basis of connectivity, the Bluetooth segment contributed the largest share in 2020, accounting for more than half of the global wearable computing market. The same segment is expected to lead throughout the forecast period. However, the Wi-Fi segment is expected to post the highest CAGR of 17.6% from 2021 to 2030.
Based on region, North America contributed the highest share in 2020, holding nearly two-fifths of the total share, and is expected to maintain its dominance throughout the forecast period. On the other hand, Asia-Pacific is expected to account for the fastest CAGR of 20.7% from 2021-2030.
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The list of profiled companies of the global portable computing market analyzed in the research includes Samsung Electronics (South Korea), Apple (US), Huawei Technologies Co., Ltd. (China), Google LLC (United States), Garmin (Switzerland), Sony Corporation (Japan), Fossil Group, Inc. (United States), Xiaomi Corporation (China), Sensoria Inc., (United States) and Nike (United States).
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Pawan Kumar, CEO of Allied Market Research, leads the organization towards delivering high quality data and information. We have professional relationships with various companies, which helps us extract market data which helps us generate accurate research data tables and confirm the highest accuracy in our market forecast. Each of the data presented in the reports we publish is extracted through primary interviews with senior officials of the main companies in the field concerned. Our secondary data sourcing methodology includes in-depth online and offline research and discussions with industry-savvy professionals and analysts.
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