Technological development in wearable devices, rise in adoption of smartwatches and fitness bands, and increase in popularity of wearable health and medical devices propel the global wearable computing market growth. The COVID-19 pandemic had a large impact on both consumers and the market players. Production of wearables got disturbed due to shortage of labor and uncertain supply of raw materials.

Portland,OR, Oct. 12, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global wearable computing market generated $38.21 billion in 2020, and is anticipated to reach $213.55 billion by 2030, manifesting a CAGR of 19.4% from 2021 to 2030. The report offers an in-depth analysis of the market size, emerging and current trends, future estimations, and key players.

Increase in popularity of wearable medical and health devices, rise in the adoption rate of smartwatches and fitness bands, and technological advancements in wearable devices propel the global wearable computing market growth. However, high cost of wearable devices and privacy concerns hinder the progress of the market. On the contrary, rise in investment in wearable technologies is expected to create market opportunities in the future.

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Covid-19 Scenario:

• Electronics manufacturing hubs have to operate with low efficiency to restrict the COVID-19 spread.

• The pandemic affected the supply chain and prices of the semiconductor, owing to deficiency of materials, and finished goods.

• Lack of business continuity has negatively impacted revenue and returns of the wearable computing market.

• Vaccination and lifted lockdown restrictions in North America and Europe are expected to promote 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.

Based on product type, the smartwatches segment accounted for the largest market share in 2020, contributing to more than one-third of the total share, and is expected to maintain the lead during the forecast period. However, the head mounted display segment is projected to manifest the fastest CAGR of 22.8% from 2021 to 2030.

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Based on connectivity, the Bluetooth segment contributed to the largest share in 2020, accounting for more than half of the global wearable computing market. The same segment is anticipated to lead throughout the forecast period. However, the Wi-Fi segment is expected to manifest the highest CAGR of 17.6% from 2021 to 2030.

Based on region, North America contributed to the highest share in 2020, holding nearly two-fifths of the total share, and is expected to maintain dominance throughout the forecast period. On the other hand, Asia-Pacific is expected to portray the fastest CAGR of 20.7% from 2021-2030.

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List of companies profiled of the global wearable computing market analyzed in the research include Samsung Electronics (South Korea), Apple (U.S.), Huawei Technologies Co., Ltd. (China), Google LLC (U.S.), Garmin (Switzerland), Sony Corporation (Japan), Fossil Group, Inc. (U.S.), Xiaomi Corporation (China), Sensoria Inc., (U.S.), and Nike (U.S.).

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