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Wearable Technology Market to Grow by USD 99.4 Billion (2025-2029) with Popularity of Wearable Devices as Payment Method Boosting the Market, Report on How AI is Driving Market Transformation – Technavio

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NEW YORK, Feb. 5, 2025 /PRNewswire/ — Report with the AI impact on market trends – The global wearable technology market size is estimated to grow by USD 99.4 billion from 2025-2029, according to Technavio. The market is estimated to grow at a CAGR of over 17.3%  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 Apple Inc., ASUSTeK Computer Inc., BAE Systems Plc, CINOPTICS, Citizen Watch Co. Ltd., Elbit Systems Ltd., Garmin Ltd., Google LLC, Huawei Technologies Co. Ltd., Kopin Corp., Lenovo Group Ltd., LG Corp., Magic Leap Inc., Misfit Inc., Polar Electro Oy, Samsung Electronics Co. Ltd., Sony Semiconductor Israel Ltd., Tex Ray Industrial Co. Ltd., Vuzix Corp., and Xiaomi Inc..

Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View Free Sample PDF

Wearable Technology Market Scope

Report Coverage

Details

Base year

2024

Historic period

2019 – 2023

Forecast period

2025-2029

Growth momentum & CAGR

Accelerate at a CAGR of 17.3%

Market growth 2025-2029

USD 99.4 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

15.0

Regional analysis

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

Performing market contribution

North America at 41%

Key countries

US, Canada, China, Germany, Japan, UK, France, Italy, India, and South Korea

Key companies profiled

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

Market Driver

The wearable technology market is experiencing significant growth, with smartwatches, swimmers, cyclists, runners, gym-goers, and athletes among the key consumer groups. Smart clothing and IoT-based apparel are also gaining popularity. Healthcare is a major sector, with smart wearables offering real-time health monitoring for patients and healthcare providers. Counterfeit products pose a challenge, but consumer electronics companies are innovating with electronic displays, connectivity, and mobile phone integration. Wearable technologies include fitness bands, AR/VR headsets, and pharma solutions. Older populations benefit from fall detection and gesture controls, while younger consumers drive demand for virtual and augmented reality devices. Wearables offer benefits for chronic diseases like cardiovascular disease and obesity, and fitness enthusiasts and the tech-savvy younger population are key consumers. Data security is a concern, but the benefits of wearable healthcare devices, including health self-efficacy and autonomy, outweigh the risks. The market is expected to grow further with the integration of MEMS sensors, GPS, IMU, and fitness-tracking wearables. The consumer electronics segment is driving technological innovativeness, with digital health technology becoming increasingly important. 

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 this demand, vendors are focusing on developing high-performance and low-power-consumption electronic components. These components, including sensors, processors, and batteries, are essential for enhancing the functionality and efficiency of wearable electronics. By adopting low-power-consumption semiconductors, vendors can create devices that offer extended battery life and improved performance. This trend is expected to continue as the market for wearable technology continues to expand. 

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 Market Challenges

The wearable technology market is experiencing significant growth with various segments like smartwatches, swimmers, cyclists, runners, gym-goers, smart clothing, IoT-based apparel, and more, catering to athletes, adventure lovers, and sports enthusiasts. Challenges include counterfeit products, wristwear, eyewear and headwear, footwear, neckwear, body wear, and health monitoring solutions. The market comprises consumer electronics, fitness bands, AR/VR headsets, and pharma, telehealth solutions, medical practice, surgical training, and health monitoring devices. Benefits include real-time health monitoring, IoT-enabled garments, and technological innovativeness. Consumers, patients, healthcare providers, and doctors use these smart wearables for disease management, health event detection, and fitness tracking. Wearable technologies include small sensors, MEMS sensors, GPS, IMU, and fitness-tracking wearables. Data security issues are a concern, but the benefits of improved health self-efficacy, health and autonomy, and technological literacy outweigh the challenges. The market is driven by the younger population’s purchasing power and the benefits of connected devices in clinical and non-clinical data collection. The consumer electronics segment, digital health technology, and MEMS sensors are key players in this market.The global wearable technology market faces a challenge from the rising prevalence of counterfeit devices. Major brands like Apple, Samsung, Fitbit, and Xiaomi have counterfeits of their popular products, such as smartwatches and smart bands, flooding the market. These counterfeits are predominantly manufactured in APAC regions due to the availability of low-cost labor and established counterfeit markets. Consumers, both knowingly and unknowingly, are purchasing these cheaper alternatives, negatively impacting the market growth for authentic wearable technology products.

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Segment Overview 

This wearable technology market report extensively covers market segmentation by  

ProductWrist-wearEyewear And HeadwearFootwearNeckwearOthersApplicationConsumer ElectronicsHealthcareEnterprise And IndustrialEntertainmentOthersGeographyNorth AmericaAPACEuropeSouth AmericaMiddle East And AfricaConnectivityWi-FiBluetoothCellularNFCTechnologyComputingDisplayNetworkPositioning

1.1 Wrist-wear-  Wrist-wear devices, including smartwatches and smart bands, have gained significant traction in the market due to their functionality and convenience. Smartwatches, such as those from Apple, Samsung, Garmin, and Fitbit (a subsidiary of Alphabet Inc.), offer features like call and messaging capabilities, health monitoring, and quick access to smartphone apps. Following the success of the Apple Watch, numerous Original Equipment Manufacturers (OEMs) have entered the market with competitive pricing and similar fitness and health-related functionalities. Strategic collaborations and partnerships enable vendors to enhance product offerings with innovative features and advanced technologies. For instance, Xiaomi’s Poco brand launched its first smartwatch, the Poco Watch, with heart rate and blood oxygen level monitoring, a 225mAh battery, and a 5 ATM water resistance rating. Smart bands, which monitor real-time fitness, heart rate, sleep statistics, and calorie control, have gained popularity due to increasing health and fitness awareness. These devices, containing microchips and sensors, deliver health insights in real-time, making it easier for consumers to maintain a healthy lifestyle. The market for smartwatches and smart bands is expected to grow due to these applications and partnerships during the forecast period.

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Research Analysis

Wearable technology is revolutionizing the way we monitor and manage our health and fitness. From smartwatches and fitness trackers for runners, cyclists, and swimmers, to IoT-based apparel for gym-goers, this market caters to various consumer needs. Healthcare professionals use wearables for remote patient monitoring, while consumers seek health self-efficacy through real-time data. Counterfeit products pose a challenge, but authentic wearables offer advanced features like electronic displays, connectivity to mobile phones, and health monitoring solutions using MEMS sensors, GPS, IMU, and clinical data. Wristwear includes fitness-tracking devices and head-mounted displays, expanding the realm of possibilities for this burgeoning industry. IoT-enabled garments and smart clothing further enhance the user experience, integrating electronic devices and electronic displays seamlessly into everyday life.

Market Research Overview

Wearable technology is revolutionizing the way we monitor and improve our health, with various types of devices catering to different consumer groups. Smartwatches, fitness bands, and IoT-based apparel are popular among athletes, adventurers, and fitness enthusiasts. Smart clothing and IoT-enabled garments are transforming the fashion industry, offering benefits like real-time health monitoring, connectivity, and even payment services. The healthcare sector is leveraging wearables for disease management, telehealth solutions, and medical practice, including pharma, surgical training, and health monitoring solutions. Consumers, from the younger population to older adults, are embracing wearable technologies as they offer benefits like health self-efficacy, health and autonomy, and technological innovativeness. However, concerns around data security and counterfeit products persist. The market for wearable technologies includes various electronic devices, from small sensors to smart hats, eyewear and headwear, footwear, neckwear, body wear, and more. The consumer electronics segment is a significant contributor, with companies exploring opportunities in multimedia industry, virtual reality, and augmented reality. Wearables are expected to become increasingly integrated with mobile phones, GPS, IMU, MEMS sensors, and mobile applications, offering clinical and non-clinical data to doctors and patients alike. The benefits of wearable technologies extend beyond fitness tracking, with applications in chronic diseases like cardiovascular disease and obesity. As technological literacy grows, the purchasing power of consumers is driving the market forward, with companies continuously innovating to meet the diverse needs of their customers.

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 AfricaConnectivityWi-FiBluetoothCellularNFCTechnologyComputingDisplayNetworkPositioning

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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Solestial to be Featured in Google Workspace Big Game Commercial

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Space startup to represent Arizona in Google’s “50 States, 50 Stories” campaign

TEMPE, Ariz., Feb. 6, 2025 /PRNewswire/ — Tempe space startup Solestial, Inc. (“Solestial”), will be featured in a Google Workspace commercial scheduled to air Sunday February 9, on Fox networks in the Arizona market during America’s most-watched football game. The ad, which features Solestial CEO Stan Herasimenka and other employees, showcases the cutting-edge solar technology for space being developed by Solestial and how the company is using Google’s AI tool, Gemini.

The company was handpicked by Google to represent Arizona as part of its “50 States, 50 Stories” campaign, which features 50 small businesses from across the United States. Google’s goal for the 30-second ad was to select a wide array of businesses from different locations and industries and highlight the many ways customers, like Solestial, are using AI.

“We were honored to be selected from among many innovative Arizona technology companies for Google’s campaign. It’s every business’s dream to be featured in a commercial during football’s premier event,” said Solestial CEO, Stan Herasimenka. “We are hopeful that the media attention will increase awareness of our next-generation silicon solar technology within the space industry, federal agencies, and the military. Beyond that, our team is really looking forward to seeing the commercial air on game day. It’s a company milestone none of us will ever forget.”

Solestial’s Google Workspace commercial, and all “50 states, 50 stories” commercials, are available on the Google Workspace website and on YouTube.

About Solestial

Solestial exists to deliver abundant energy in space. The company’s breakthrough technology is a silicon solar cell engineered for space to self-cure radiation damage under sunlight at operating temperatures as low as 65°C. Solestial solar cells are packaged in an ultrathin, low-mass, flexible solar power module designed to withstand up to 10 years in a variety of destinations in space. The flexible solar power modules can be produced on automated machines resulting in lower production costs than traditional III-V multijunction solar products.

From today’s satellite constellations and research projects to tomorrow’s lunar settlements and services in space, Solestial’s innovative technology represents a paradigm shift for space solar; an affordable, scalable solution to power sustained development. Solestial is a US company manufacturing solar cells and flexible solar power modules in Tempe, Arizona. Investors include space industry leaders including AE Ventures and Airbus Ventures. To learn more, visit the Solestial website or follow Solestial on social media.

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SOURCE Solestial, Inc.

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Lumen Technologies to Attend Investor Conferences

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DENVER, Feb. 6, 2025 /PRNewswire/ — Chris Stansbury, executive vice president and chief financial officer at Lumen Technologies (NYSE: LUMN), will attend the following investor conferences:

JP Morgan Global High Yield & Leveraged Finance Conference on February 25.Raymond James Annual Institutional Investors Conference on March 3.Morgan Stanley Technology, Media & Telecom Conference on March 4.Deutsche Bank Annual Media, Internet & Telecom Conference on March 11.New Street BCG Connectivity Conference on March 26.

Live webcast links to each of the investor presentations will be made available on the Lumen Investor Relations website at https://ir.lumen.com/events-and-presentations.

About Lumen Technologies 
Lumen is unleashing the world’s digital potential. We ignite business growth by connecting people, data, and applications – quickly, securely, and effortlessly. As the trusted network for AI, Lumen uses the scale of our network to help companies realize AI’s full potential. From metro connectivity to long-haul data transport to our edge cloud, security, managed service, and digital platform capabilities, we meet our customers’ needs today and as they build for tomorrow.  

For additional news and insights visit news.lumen.com, LinkedIn: /lumentechnologies, Twitter: @lumentechco, Facebook: /lumentechnologies, Instagram: @lumentechnologies and YouTube: /lumentechnologies.  

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SOURCE Lumen Technologies

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ASAP Utilities wins ‘Best Microsoft Excel Add-in’ Award at the Global Excel Summit 2025

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LONDON, Feb. 6, 2025 /PRNewswire/ — ASAP Utilities has won the ‘Best Microsoft Excel Add-in’ award at the Global Excel Summit 2025. The winners were chosen through a comprehensive process that included public nominations, expert evaluations by a panel of leading Excel experts, and final voting by the global Excel community.

The Global Excel Summit, the world’s largest event for Excel users and experts, brings together thousands from around the world to share ideas, improve skills, and learn about the latest trends in Excel.

The Global Excel Awards, organized by the Global Excel Summit, celebrate excellence within the Excel community across five categories. ASAP Utilities won in the ‘Best Microsoft Excel Add-in’ category for its many tools that extend Excel’s capabilities, enhancing productivity and efficiency. Other awards categories include Rising Star in the Excel Industry, Most Innovative Use of Excel, Best LAMBDA, and Best Global Excel Summit 2025 In-Person Session.

“Winning this award is a tremendous honor and a significant compliment from the Excel community. Since 1999, we have been committed to helping Excel users by continuously developing tools that save time and perform tasks that Excel alone cannot,” said Bastien Mensink, the founder of ASAP Utilities.

Helping Excel users worldwide

Nearly a million users rely on ASAP Utilities, an essential tool for Excel users worldwide. It is also one of the few Excel add-ins available in ten languages, making it accessible to users everywhere.

ASAP Utilities is available in two editions, so everyone can benefit from working faster and accomplishing more in Excel. The Home & Student Edition is free for personal use, for students, and for charitable organizations like UNICEF and the Red Cross. The Business Edition is a one-time purchase for companies and government organizations, with a fully functional 90-day free trial to try all the features.

For more information about the Global Excel Awards, visit:  https://globalexcelsummit.com/global-excel-awards

For more information about ASAP Utilities, visit:  https://www.asap-utilities.com

Website:  https://www.asap-utilities.com

Photos which are free to use for editorial purposes can be downloaded via:  https://www.asap-utilities.com/media

Trustpilot reviews:  https://www.trustpilot.com/review/www.asap-utilities.com

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