Wearable Tech Market to Hit $290B by 2030: GlobalData Reports


14% CAGR Projected

According to the report by GlobalData, the wearable tech industry is forecast to expand at a rapid compound annual growth rate of 14.3% from 2022 to 2030, highlighting the immense growth potential.

Market Worth $99.5B in 2022

The global wearable tech market was already quite substantial in 2022, valued at $99.5 billion. This is expected to expand significantly over the next decade.

AI and Health Monitoring Advances

The next generation of hearable wearable devices will offer advanced capabilities like spatial audio, health condition monitoring, AI-powered assistance, longer battery life, and improved comfort.

Enterprises Driving Near-Term Growth

In the next 3 years, enterprises across sectors like logistics, manufacturing, and healthcare deploying wearables for applications such as training, remote support, and telehealth will be the key driving force of wearable tech industry growth.

Image: GXO'sWearable Scanners that Boost Productivity

Healthcare a Key Long-Term Market

Healthcare, especially patient health monitoring, provider training and support, and telehealth services enabled by wearable devices, represents an enormously significant long-term market with vast potential.

Smart Glasses Need Compelling Use Cases

Mainstream consumer adoption of existing smart glasses and virtual reality headsets has been hampered so far by prohibitively high costs, lack of truly compelling use cases, and privacy concerns.

Finding a Niche is Crucial

The analysis suggests companies that can identify specific niche use cases and highlight concrete practical benefits will have the greatest probability of overcoming challenges and succeeding in the wearables space.

Wearable Tech's Rising Prominence

Driven by rapid advances in connectivity, convenience, and innovative capabilities, wearable technologies are increasingly transforming how people across the world live, work, and use technology in their daily lives.