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Wearable Technology Market to Grow by USD 87.3 Billion from 2024-2028, Driven by Payment Wearables and AI Impacting Market Trends – Technavio Report

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NEW YORK, Sept. 9, 2024 /PRNewswire/ — Report on how AI is redefining market landscape- The global wearable technology market size is estimated to grow by USD 87.3 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 17.28%  during the forecast period. Popularity of wearable devices as a payment method is driving market growth, with a trend towards development of low-power electronics. However, rising penetration of counterfeit products  poses a challenge. Key market players include Alphabet Inc., Apple Inc., ASUSTeK Computer Inc., BAE Systems Plc, CINOPTICS, Citizen Watch Co. Ltd., Elbit Systems Ltd., Fossil Group Inc., Garmin Ltd., Huawei Technologies Co. Ltd., Kopin Corp., Lenovo Group Ltd., LG Electronics Inc., Magic Leap Inc., Polar Electro Oy, Samsung Electronics Co. Ltd., Sony Group Corp., Tex Ray Industrial Co. Ltd., Vuzix Corp., and Xiaomi Communications Co. Ltd..

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Wearable Technology Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 17.28%

Market growth 2024-2028

USD 87.3 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

14.39

Regional analysis

North America, APAC, Europe, South America, and Middle East and Africa

Performing market contribution

North America at 42%

Key countries

US, China, Japan, Canada, and Germany

Key companies profiled

Alphabet Inc., Apple Inc., ASUSTeK Computer Inc., BAE Systems Plc, CINOPTICS, Citizen Watch Co. Ltd., Elbit Systems Ltd., Fossil Group Inc., Garmin Ltd., Huawei Technologies Co. Ltd., Kopin Corp., Lenovo Group Ltd., LG Electronics Inc., Magic Leap Inc., Polar Electro Oy, Samsung Electronics Co. Ltd., Sony Group Corp., Tex Ray Industrial Co. Ltd., Vuzix Corp., and Xiaomi Communications Co. Ltd.

Market Driver

The global wearable technology market is experiencing significant growth due to the increasing demand for advanced wearable devices, such as smartwatches, smart bands, smart rings, and Head-Mounted Displays (HMDs). To meet the requirements of these devices, there is a growing focus on developing high-performance and low-power-consumption electronic components. Chip manufacturers are responding to this trend by creating new processor architectures with large, small, and tiny cores, optimizing battery life and enhancing device reliability. The adoption of these low-power components, including sensors, processors, and batteries, is enabling vendors to introduce innovative features and improve the performance of their wearable electronics. As a result, the market for wearable technology is expected to expand during the forecast period. 

The wearable technology market is experiencing significant growth, driven by trends in mobile applications, digital health technology, and technological innovatness. Fitness-tracking wearables, such as wristbands, smartwatches, and ear-wearables, are popular among consumers seeking health self-efficacy and autonomy. MEMS sensors, GPS, and IMU are key components, enabling features like fall detection and gesture controls. Older populations benefit from wearables, especially those with fall detection and medical professionals use head-mounted displays for digital projections. Data security is a concern, but advancements in this area are ongoing. Wearable healthcare devices include swimmers, cyclists, runners, gym-goers, smart clothing, and IoT-based apparel. Gaming console producers and tablet manufacturers are entering the market, expanding the range of applications. Counterfeit products are a challenge, but efforts are being made to ensure authenticity. Overall, the market is diverse, catering to various user groups, including athletes and professionals. 

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 Market Challenges

The global wearable technology market faces a significant challenge from the proliferation of counterfeit devices. Counterfeits of popular products from major vendors, including Apple, Samsung, and Xiaomi, are prevalent in the market, particularly in APAC. Smartwatches and smart bands are the most frequently counterfeited items due to their appeal to local consumers. Consumers, knowingly or unknowingly, purchase these cheaper alternatives, impacting original device sales and market revenue. The distribution of counterfeit products extends to various channels, including retail stores, online platforms, and social media. These devices, priced significantly lower than originals, pose a threat to consumer privacy and security, as they may not adhere to the same security standards. The growth of the counterfeit market erodes the sales, reliability, and brand value of original products, potentially hindering the expansion of the global wearable technology market.Wearable technology market is witnessing significant growth, driven by the demand from adventure lovers and sports enthusiasts for Virtual Reality and Augmented Reality devices. The multimedia industry is also embracing smart hats and Spree Wearables for great experiences. In the consumer electronics segment, fitness bands and AR/VR headsets lead the way, with Pharma and Telehealth solutions exploring wearables for disease management and real-time health monitoring. IoT-enabled garments and electronic devices with small sensors and electronic displays are revolutionizing healthcare, benefiting patients and healthcare providers. The younger population’s purchasing power and technological literacy fuel the market’s expansion. Chronic diseases like cardiovascular disease and obesity present significant opportunities. Fitness enthusiasts and consumers seek benefits beyond health monitoring, including connectivity with mobile phones and payment services. The challenges include ensuring technological literacy, integrating clinical and non-clinical data, and addressing privacy concerns.

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Segment Overview 

This wearable technology market report extensively covers market segmentation by  

Product 1.1 Wrist-wear1.2 Eyewear and headwear1.3 Footwear1.4 Neckwear1.5 OthersApplication 2.1 Consumer electronics2.2 Healthcare2.3 Enterprise and industrial2.4 Entertainment2.5 OthersGeography 3.1 North America3.2 APAC3.3 Europe3.4 South America3.5 Middle East and Africa

1.1 Wrist-wear-  Wrist-wear, including smartwatches and smart bands, offer various functionalities for consumers. Smartwatches, such as Apple Watch, Samsung Galaxy Watch, and Fitbit Versa, provide features like making calls, messaging, health monitoring, and quick access to smartphone apps. OEMs like Xiaomi’s Poco have entered the market with less complex operating systems and competitive prices, targeting millions of potential customers. Partnerships and collaborations enable vendors to upgrade products with innovative features and expand market presence. For instance, the Poco Watch offers heart rate and SpO2 monitoring, a 225mAh battery, and a 5 ATM water resistance rating. Smart bands, like Fitbit Charge 4 and Garmin Vivosmart 4, monitor fitness, heart rate, sleep statistics, and calorie control. The growing awareness of health and fitness drives the demand for these devices, making it easier for consumers to lead active lifestyles. The market for wearable technology is expected to grow significantly due to the increasing applications of smartwatches and smart bands.

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Research Analysis

Wearable technology is revolutionizing the way we monitor and improve our health and fitness. From smartwatches and fitness trackers for runners, cyclists, and gym-goers, to swimmers’ devices and IoT-based apparel for healthcare professionals and patients, these electronic devices are transforming consumer behavior. Health monitoring solutions, including MEMS sensors, GPS, IMU, and heart rate monitors, are becoming increasingly popular among consumers seeking to enhance their health self-efficacy. Wristwear, such as fitness bands and smartwatches, with electronic displays and connectivity to mobile phones, enable real-time data tracking and analysis. However, the market also faces challenges, including counterfeit products and concerns around data privacy and security. The future of wearable technology lies in the integration of healthcare data and IoT-enabled garments, offering personalized and comprehensive health and fitness solutions.

Market Research Overview

Wearable technology is revolutionizing the way we monitor and manage our health, with various types of devices catering to different consumer groups. Smartwatches, fitness bands, and IoT-based apparel are popular among athletes, adventure lovers, and fitness enthusiasts, providing real-time health monitoring, connectivity to mobile phones, and fitness tracking. Wristwear, eyewear, and headwear, including smart hats and AR/VR headsets, offer multimedia experiences and virtual reality. Healthcare providers and patients benefit from wearable healthcare devices, such as medical monitoring solutions and telehealth services, which enable remote patient monitoring and disease management. The consumer electronics segment is driving the growth of wearable technologies, with benefits extending to older populations, fall detection, and gesture controls. However, concerns around data security and counterfeit products pose challenges to the industry’s growth. The younger population, with increasing purchasing power and technological literacy, is expected to fuel the demand for wearable technologies in the future. Small sensors, MEMS sensors, GPS, IMU, and digital health technology are key components of these devices, transforming the way we approach healthcare and fitness.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ProductWrist-wearEyewear And HeadwearFootwearNeckwearOthersApplicationConsumer ElectronicsHealthcareEnterprise And IndustrialEntertainmentOthersGeographyNorth AmericaAPACEuropeSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Marquis Who’s Who Honors Rupin Chothani for Engineering Leadership

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UNIONDALE, N.Y., July 23, 2026 /PRNewswire/ — Marquis Who’s Who honors Rupin Chothani for his leadership in engineering and project management. With more than two decades of professional experience to his credit, Mr. Chothani leverages a unique expertise in fire and petrochemical solutions to find success in his field. As project manager, project engineer and proposal manager at Technip Energies N.V., Mr. Chothani ensures effective results.

Drawn to Engineering

Coming from a family of engineers, Mr. Chothani was naturally drawn to the profession. This inclination was reinforced by comprehensive aptitude and attitude tests administered at the age of 14, which highlighted his strengths in engineering and architecture. Ultimately, this direction reinforced his determination to pursue a degree in mechanical engineering.

By 2003, Mr. Chothani earned a Bachelor of Science in Mechanical Engineering at the University of Mumbai. After a brief role as a junior manufacturing engineer at Artech Cooling Tower Pvt. Ltd., he completed a Master of Science in Mechanical Engineering at the University of Bridgeport in 2006. In addition to these degrees, Mr. Chothani later achieved AutoCAD certification.

Following his graduation in 2006, Mr. Chothani joined CB&I Lummus / ABB Lummus Heat Transfer (now Lummus Technology) as a thermal engineer. Though his work at Lummus Technology lasted only three years, Mr. Chothani was greatly influenced by mentor figures at the company. These mentors, including Ken Catala, Peter Harvard, Chin Dang and Miller Alanath Carter, provided essential guidance.

Building a Family

In December 2008, Mr. Chothani married his wife, Cathy. Along with his son and daughter, his family has contributed richly to his success in engineering and they continue to inspire him to excel. In addition to their support, Mr. Chothani recognizes that there is no alternative to hard work and dedicated learning.

From Lummus Technology to Technip Energies N.V.

Following his work at Lummus Technology, Mr. Chothani worked with Maco Corporation India Pvt. Ltd. By 2011, he joined Complete Heat Transfer Solutions – Environ Energy Systems as a thermal and mechanical engineer. By 2013, Mr. Chothani became a part of Technip Energies N.V. as a furnace mechanical engineer. By 2023, he added to this role and became a project manager, project engineer and proposal manager at the company.

In his current role at Technip Energies N.V., Mr. Chothani is responsible for a variety of essential duties. He manages and executes on engineering projects for ethylene cracking furnaces and heaters, and oversees proprietary technologies. Additionally, he actively coordinates with procurement, logistics, mechanical engineering and process engineering teams to ensure effective results.

Plans for the Future

Moving forward, Mr. Chothani hopes to advance his project management skills, particularly within the firejet industry. At the same time, he aims to share his knowledge of the industry with the next generation of professionals. Outside of his professional ambitions, Mr. Chothani intends to prepare his children to find success, inspiring them and their peers with hands-on experiments and full-day events.

About Marquis Who’s Who®:

Since 1899, when A. N. Marquis printed the First Edition of Who’s Who in America®, Marquis Who’s Who® has chronicled the lives of the most accomplished individuals and innovators from every significant field, including politics, business, medicine, law, education, art, religion and entertainment. Who’s Who in America® remains an essential biographical source for thousands of researchers, journalists, librarians and executive search firms worldwide. The suite of Marquis® publications can be viewed at the official Marquis Who’s Who® website, www.marquiswhoswho.com.

Marquis Who’s Who
Uniondale, NY
(844) 394 – 6946
info@marquiswhoswho.com
www.marquiswhoswho.com

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COALITION OF INDEPENDENT INTERNET PROVIDERS ASKS CRTC TO FIX ERRORS IN WHOLESALE FIBRE RATES

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Coalition of competitive ISPs say current fibre rates make competition impossible and threatens to harm millions of Canadian consumers

CHATHAM, ON, July 23, 2026 /CNW/ — A coalition of independent internet service providers (the Coalition) led by TekSavvy Solutions Inc. (TekSavvy) today applied to the Canadian Radio-Television and Telecommunications Commission (CRTC) to review and vary Telecom Order 2026-77, which set final wholesale rates for fibre internet services. In that decision, the CRTC approved wholesale rates for fibre internet services that are higher than the retail prices charged by the large carriers. This makes competition impossible, as independent providers are forced to either sell at a loss or set prices above the large carriers, leaving millions of Canadian consumers without competitive options for essential internet services.

The application identifies key errors that led the CRTC to approve severely inflated final wholesale rates, which make it economically impossible for independent providers to compete. The Coalition argues that the CRTC’s incorrect rates negate the very purpose of Canada’s wholesale framework, which is to foster competition in retail broadband markets. Specifically, the Coalition asks the CRTC to make three key changes to Telecom Order 2026-77:

Eliminate one cost factor that is inconsistent with the CRTC’s established costing principles, which artificially increased fibre wholesale rates by an estimated 25% to 30% (the Adjustment Factor).Reduce another element of the costing that is inflated above reasonable levels: The Coalition calls on the CRTC to reduce the markup applied to wholesale fibre services from 30% to 15%, reflecting declining costs, operational efficiencies, and the need to support competition.Correct technical errors relating to certain wholesale fibre speed descriptions.

“Canadians were promised greater competition for fibre internet services, but these rates make competition impossible.” said Andy Kaplan-Myrth, TekSavvy’s Vice President of Regulatory and Carrier Affairs. “The CRTC must correct these errors to ensure its wholesale rates promote broadband competition that challenges the market power of monopoly incumbents, lowers prices, and increases consumer choice.”

About the Coalition

The Coalition consists of competitive telecommunications providers and industry associations advocating for fair wholesale access to fibre networks and a competitive broadband marketplace that delivers affordable, high-quality Internet services to Canadians, including: TekSavvy Solutions Inc., BC Broadband Association (“BCBA”), Canada-Wide Internet Service Providers Association (“CanWISP”), Fibernetics Inc., ISP Telecom Inc., National Capital FreeNet Inc., Novus Entertainment Inc. and Purple Cow Internet Inc.

About TekSavvy Solution Inc.

Based in Chatham, Ontario, TekSavvy is Canada’s largest independent telecom service company. TekSavvy has been proudly delivering award-winning services and fighting for consumers’ rights for nearly 30 years. TekSavvy is committed to providing quality competitive choice and closing Canada’s digital divide.

SOURCE TekSavvy Solutions Inc.

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Monk Launches Voice Collections, Bringing AI Phone Calls and Callbacks to Accounts Receivable

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Monk’s collections agent, Julia, can now place outbound collection calls and answer inbound AR questions from a dedicated business number, so finance teams can use the channel that collects best without adding headcount.

Multimedia: Watch Voice Collections in action: https://youtu.be/w09PoN1yACE 

NEW YORK, July 23, 2026 /PRNewswire/ — Monk, the AI-native accounts receivable platform, today launched Voice Collections. Its collections agent, Julia, can now place outbound collection calls and answer inbound customer questions about invoices and payments from a dedicated phone number for each organization. The feature brings the phone, long the most effective collections channel and the hardest one to scale, into Monk’s Intelligent Collections.

Roughly $10 trillion sits in unpaid invoices worldwide, and the average invoice now takes 59 days to clear (Allianz). Most accounts receivable runs on email, and most of it waits. More than half of B2B invoices in the United States are overdue at any given time, and 92% of businesses are typically paid after their due date (Chaser, 2026). Phone calls recover overdue invoices two to three times better than email (Dunwise), yet 91% of finance teams still rely on email as their main follow-up channel and only 56% use the phone, because calling every overdue account by hand does not scale and a single human dunning call can cost $12 to $18 (HighRadius).

Voice Collections gives teams that coverage. Julia can call on the accounts a playbook flags for phone follow-up, and answer when a customer calls the same number back to ask about an invoice, a payment, or a bank detail. Businesses that follow up on 100% of overdue invoices are 76% more likely to be paid within a week (Chaser), and a voice agent is what makes full coverage possible.

Monk’s collections agent is already proven on the accounts it handles by email. Across Monk’s first 100 customers, Julia reaches customers with a 24% higher response rate than standard dunning and resolves 88.2% of collections with zero human intervention. Voice extends that reach to the phone.

“For years the assumption was that customers would not talk to an AI on the phone,” said George Kurdin, Founder and CEO of Monk. “The evidence now points the other way. People engage with a good voice agent, and in AR the phone was always the channel that collected best. We built Voice Collections so finance teams can finally use it at the scale email gave them.”

That assumption is worth retiring. In a University of Chicago Booth field study of roughly 70,000 interviews, people interviewed by a voice AI agent were 12% more likely to receive an offer, 18% more likely to start, and 17% more likely to still be there after 30 days, and 80% chose the voice AI over a human when given the choice. The setting was recruiting rather than collections, but the finding travels: given a capable voice agent, people lean in rather than hang up. A call also does something email cannot, which is secure a verbal promise to pay in the moment.

Built for finance, with the phone agents kept with strict guardrails

Voice in finance has to be constrained, and Monk designed Voice Collections around that from the start. The agent is read-only on the phone. It answers questions, confirms details, and routes the next step. It will not rewrite an invoice, change a payment status, or accept a sensitive payment change by voice.

The agent is also reference-based. If a caller asks about an invoice, Julia asks for both the company name and the invoice number before looking anything up, and it will not search broadly from a single detail. Every inbound and outbound call is kept in the collection record alongside the email history, so a callback is part of the same thread the team already sees, and anything that needs judgment escalates to a person.

“Voice in finance has to be careful by design,” said Joe Zhou, Co-Founder and CTO of Monk. “Julia will not browse across accounts or move money over the phone. A caller has to bring the company name and invoice number before it confirms anything, and every call lands in the record. In finance a 1% mistake is still unacceptable, so we built for that first and added the reach second.”

Teams run autonomous collections on Monk

Monk runs collections for finance teams at companies like Unify, Pump, Siro, and Elate, and Voice Collections extends what those teams already do by email onto the phone.

“We chose Monk to help automate our collections, a process previously demanding several hours a week of manual, one-off outreach,” said Will Stewart, Head of Finance and BizOps at Unify. “Today, our Monk agent is always running in the background and I have a single dashboard to manage AR from.”

At Pump, which manages volume across more than 1,500 customers, Monk has helped collect over $10 million in recent months.

Voice AI is now infrastructure

The timing reflects how far voice AI has come. It has moved from demo to infrastructure: Vapi has processed more than 1 billion calls, Bland handles over 3.5 million calls a week, and ElevenLabs raised a $500 million round at an $11 billion valuation in early 2026. Monk builds Voice Collections on that foundation and adds the part finance actually needs, which is the AR context, the controls, and the audit trail.

Voice Collections is available now as an opt-in feature. Monk configures the dedicated number and call behavior with each organization before turning it on in Collections. See it in action: https://youtu.be/w09PoN1yACE.

About Monk

Monk is the AI-native accounts receivable platform that helps finance teams turn revenue into cash. Its agent, Julia, runs collections, cash application, and forecasting as one connected system. Monk resolves 88.2% of collections with zero human intervention, reaches customers with a 24% higher response rate than standard dunning, reduces DSO by more than 40%, automatically matches 80% of incoming payments with a full audit trail, and gives finance teams back roughly 26 hours a month. Teams onboard in under a week and see results in their first month. More than $1.5 billion in receivables is managed on the platform, including for customers like Profound and ElevenLabs. Monk has raised $25 million and is based in New York.

Media contact
Kendall Warson
kendall@monk.com
+1 415-827-6585

Sources: Chaser 2026 Accounts Receivable research; Dunwise dunning research; HighRadius collection call cost analysis; University of Chicago Booth field study on AI in recruiting; voice AI figures compiled by Enterprise DNA; Federal Reserve data; Allianz Worldwide DSO survey.

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