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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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ST Engineering iDirect and MBSat Partner to Build Next-Generation Sovereign Connectivity Services Across Oman and the Middle East

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2 hours ago

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October 25, 2026

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Intuition ground system selected to support MBSat’s planned 2027 service launch, enabling accelerated deployment, dynamic resource management and scalable service growth

HERNDON, Va., Oct. 25, 2026 /PRNewswire/ — ST Engineering iDirect today announced a strategic partnership with Mohammed Al Barwani Satellite Company (MBSat), part of Mohammed Al Barwani Group, to provide the ground system technology foundation for MBSat’s next-generation satellite gateway and network operations across Oman and the wider Middle East region. Intuition will provide a flexible, software-defined foundation to support sovereign connectivity services, enabling efficient service deployment, dynamic resource management and scalable network operations.

Intuition will deliver a turnkey ground segment solution that accelerates deployment, simplifies operations and gives MBSat the flexibility to scale services as demand grows. The software-defined platform enables dynamic resource management, service automation and seamless integration with existing and future operational systems. The solution also includes Ka-band gateway infrastructure, service provisioning and management capabilities, open API integration frameworks, training and full-lifecycle support. Together, these capabilities will help MBSat launch and operate services efficiently while adapting to evolving market requirements.

The network will leverage capacity from MB Sat-1, a sovereign MicroGEO satellite, with planned service launch in 2027, to support flexible, scalable connectivity services across the region.

The partnership reflects growing investment in sovereign communications infrastructure across the Middle East as operators seek greater control over service delivery, network expansion and long-term technology evolution.

“This partnership represents an important milestone in our efforts to build an advanced satellite communications platform in Oman and the region,” said Ammar Al Rawahi, General Manager, MBSat. “Through our collaboration with ST Engineering iDirect, we are establishing the technical infrastructure required to launch services efficiently, respond to evolving customer needs and expand into new markets, supporting the sustainable long-term growth of our business.”

“We are providing MBSat with a flexible, software-defined ground platform that integrates with its existing operational environment,” said Sridhar Kuppanna, Chief Executive Officer, ST Engineering iDirect. “This enables more efficient service deployment and operations today, with the flexibility to scale, introduce new capabilities and evolve as requirements change.”

About ST Engineering iDirect

ST Engineering iDirect, a subsidiary of ST Engineering, is a global leader in satellite communications, providing technology and solutions that enable its customers to expand their business, differentiate their services and optimize their networks. Through its portfolio of ground infrastructure, intelligent networking and advanced satellite communications solutions, the company supports operators, service providers, governments and enterprises worldwide.

View original content to download multimedia:https://www.prnewswire.com/news-releases/st-engineering-idirect-and-mbsat-partner-to-build-next-generation-sovereign-connectivity-services-across-oman-and-the-middle-east-302918467.html

SOURCE ST Engineering iDirect

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Technology

ST Engineering iDirect and MBSat Partner to Build Next-Generation Sovereign Connectivity Services Across Oman and the Middle East

Published

2 hours ago

on

October 25, 2026

By

Intuition ground system selected to support MBSat’s planned 2027 service launch, enabling accelerated deployment, dynamic resource management and scalable service growth

HERNDON, Va., Oct. 25, 2026 /PRNewswire/ — ST Engineering iDirect today announced a strategic partnership with Mohammed Al Barwani Satellite Company (MBSat), part of Mohammed Al Barwani Group, to provide the ground system technology foundation for MBSat’s next-generation satellite gateway and network operations across Oman and the wider Middle East region. Intuition will provide a flexible, software-defined foundation to support sovereign connectivity services, enabling efficient service deployment, dynamic resource management and scalable network operations.

Intuition will deliver a turnkey ground segment solution that accelerates deployment, simplifies operations and gives MBSat the flexibility to scale services as demand grows. The software-defined platform enables dynamic resource management, service automation and seamless integration with existing and future operational systems. The solution also includes Ka-band gateway infrastructure, service provisioning and management capabilities, open API integration frameworks, training and full-lifecycle support. Together, these capabilities will help MBSat launch and operate services efficiently while adapting to evolving market requirements.

The network will leverage capacity from MB Sat-1, a sovereign MicroGEO satellite, with planned service launch in 2027, to support flexible, scalable connectivity services across the region.

The partnership reflects growing investment in sovereign communications infrastructure across the Middle East as operators seek greater control over service delivery, network expansion and long-term technology evolution.

“This partnership represents an important milestone in our efforts to build an advanced satellite communications platform in Oman and the region,” said Ammar Al Rawahi, General Manager, MBSat. “Through our collaboration with ST Engineering iDirect, we are establishing the technical infrastructure required to launch services efficiently, respond to evolving customer needs and expand into new markets, supporting the sustainable long-term growth of our business.”

“We are providing MBSat with a flexible, software-defined ground platform that integrates with its existing operational environment,” said Sridhar Kuppanna, Chief Executive Officer, ST Engineering iDirect. “This enables more efficient service deployment and operations today, with the flexibility to scale, introduce new capabilities and evolve as requirements change.”

About ST Engineering iDirect

ST Engineering iDirect, a subsidiary of ST Engineering, is a global leader in satellite communications, providing technology and solutions that enable its customers to expand their business, differentiate their services and optimize their networks. Through its portfolio of ground infrastructure, intelligent networking and advanced satellite communications solutions, the company supports operators, service providers, governments and enterprises worldwide.

View original content to download multimedia:https://www.prnewswire.com/news-releases/st-engineering-idirect-and-mbsat-partner-to-build-next-generation-sovereign-connectivity-services-across-oman-and-the-middle-east-302918467.html

SOURCE ST Engineering iDirect

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Global Security & Technology Summit Unveils Month-Long Program of Activities Ahead of December Event

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9 hours ago

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October 24, 2026

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RIYADH, Saudi Arabia, Oct. 24, 2026 /PRNewswire/ — The Organizing Committee of the Global Security & Technology Summit (GSTS) held an introductory session today at the Ministry of Interior’s headquarters in Riyadh, bringing together representatives from the government, private, and nonprofit sectors to introduce the program of activities leading up to the summit. The upcoming summit will be held in Riyadh under the patronage of HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, under the supervision of HRH Prince Abdulaziz bin Saud bin Naif bin Abdulaziz Al Saud, Minister of Interior, and organized by the Ministry of Interior in cooperation with Tuwaiq Academy.

During the session, the Organizing Committee presented the comprehensive GSTS program, comprising three key components: GSTS Month, running from November 1 to 30, 2026; the Global Security & Innovation Fair (SAIF), taking place from November 24 to 26, 2026; and the main Summit, scheduled for December 18 to 20, 2026, in Riyadh. Together, these events form an integrated program designed to advance security and technology innovation, strengthen national capabilities, and foster international cooperation.

GSTS Month will feature working groups, boot camps, training programs, knowledge-sharing sessions, and technical workshops across Saudi Arabia’s 13 administrative regions, delivered both in person and remotely in collaboration with specialized entities. The month-long program aims to develop national capabilities, identify emerging talent, enrich knowledge-sharing opportunities, and equip professionals with the knowledge and skills needed to develop innovative solutions to future security and technology challenges.

The main Summit will bring together global leaders, decision-makers, experts, and innovators to explore the future of security and technology, promote the integration of advanced technologies within the security sector, strengthen national capabilities, support innovation, and foster international cooperation, further positioning the Kingdom as a global hub for security and technology.

Showcasing the latest technological breakthroughs and security solutions, the summit will bring together government entities, private sector organizations, academic institutions, and research centers to facilitate knowledge exchange and collaboration across key fields, including cybersecurity, artificial intelligence (AI), the Internet of Things (IoT), smart security solutions, emerging technologies, and crisis management. The program will also feature main sessions, specialized discussions, and interactive exhibitions. Registration is available at gsts.sa.

Advisor to HRH the Minister of Interior and Chairman of the GSTS Organizing Committee, Ahmed Altowayan, stated that the summit builds on Saudi Arabia’s efforts to establish an advanced security and technology ecosystem focused on knowledge and innovation, keeping pace with rapid developments and future challenges.

Mr. Altowayan noted that the summit is a global platform for strengthening cooperation and exchanging expertise, anticipating future developments in security and technology, and developing strategic partnerships and innovative solutions that enhance the efficiency and readiness of security systems.

Vice Chairman of the GSTS Organizing Committee, Eng. Abdulaziz Alhammadi, said that the summit will offer a range of integrated programs and activities focused on enhancing national skills, encouraging innovation, and supporting international cooperation.

He added that GSTS Month will help build national capabilities, discover talent, and develop skills, with SAIF providing a platform for innovators and researchers from around the world to showcase leading technological solutions, while the main Summit will bring together leaders and experts to discuss the future of security and technology and explore new strategic partnership opportunities.

SAIF will take place at the Riyadh International Convention & Exhibition Center, bringing together innovators, researchers, technology talents, and industry experts from around the world to showcase promising innovations and projects across 14 fields of technology and innovation. The fair will provide opportunities to engage with project owners, including students, graduates, and entrepreneurs, and explore the different stages of innovation development through interactive zones, panel discussions on emerging security and innovation trends, and knowledge-sharing workshops led by specialists. Visitor registration is open to participants from within and outside the Kingdom through saifair.sa.

The introductory session also featured contributions from representatives of government, private, and nonprofit sector entities, alongside members of the media. Discussions focused on developing national capabilities in security and technology, strengthening students’ technical expertise, translating scientific research into practical solutions, and supporting Saudi companies in developing security and technology solutions and advancing digital transformation.

Organized by the Ministry of Interior in cooperation with Tuwaiq Academy, GSTS is produced by Tahaluf, with the Ministry of Education serving as Strategic Scientific Partner, Tahakom as Founding Partner, and Elm as Principal Partner.

Registration for participants from within and outside the Kingdom is available at gsts.sa.

Click here to view the media kit. 

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