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Wearable Technology Market to grow by USD 99.4 Billion from 2025-2029, boosted by the popularity of wearable devices as a payment method, AI’s impact on market trends – Technavio

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NEW YORK, Jan. 30, 2025 /PRNewswire/ — Report on how AI is redefining market landscape – 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  

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 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 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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Binance Honored by Singapore Police Force for Collaborative Cybercrime Prevention Efforts

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SINGAPORE, March 17, 2025 /CNW/ — Binance, the global blockchain ecosystem behind the largest crypto exchange by trading volume, is proud to announce that it has received an appreciation award from the Singapore Police Force (SPF) for its proactive contribution in the fight against cyber threats. This recognition reinforces Binance‘s dedication to remaining at the forefront of industry efforts to build a safe and secure financial ecosystem for all.

The award was presented by SPF’s CyberCrime Command (CCC) during this year’s Alliance of Public PrivAte Cybercrime sTakeholders (APPACT) networking dinner held last week on March 11, 2025. The APPACT Appreciation Awards recognize private companies for their efforts and partnership with the SPF CCC in capability building and their contributions to detecting and preventing cybercrime. This award underscores the important role that private sector players, such as Binance, play in combatting emerging cybersecurity threats in Singapore.

The Guest of Honor at the dinner, Mr Zhang Weihan, Acting Deputy Commissioner (Investigation & Intelligence) and Director of the Criminal Investigation Department (CID) of SPF, gave an opening speech where he directly expressed appreciation to various private sector entities, including Binance, for their analytical and operational support in cases handled by the Singapore Police Force.

Binance received the award this year alongside 17 other companies. Award recipients also include tech giants like Google, Mastercard, Meta, Microsoft, and PayPal.

On receiving the award, Akbar Akhtar, Binance‘s Head of Investigations for APAC, shared: “Receiving the APPACT Appreciation Award is an honor for Binance, and we are deeply grateful to the Singapore Police Force for recognizing our team’s efforts in combating cybercrime. At Binance, we have always believed that effective security requires collaboration. That is why we are constantly looking for opportunities to directly engage with both law enforcement agencies and industry players to create a digital environment where everyone feels safe, comfortable, and protected.”

This latest recognition places a spotlight on Binance‘s broader and ongoing efforts to combat illicit activity and build strong public-private partnerships in all parts of the world. In fact, it has been a particularly active month for Binance in Southeast Asia. Earlier this month, Binance also received an appreciation from Thailand’s Central Investigation Bureau (CIB) for contributions to Operation Cyber Guardian. Additionally, Binance was recently honored with an appreciation medal from the Directorate of Cyber Crime of Indonesia for its long-term support for the unit.

In 2024, Binance responded to nearly 65,000 requests from law enforcement agencies worldwide. Moving forward, Binance remains committed to working collaboratively with both public and private players to ensure the digital sphere remains safe and secure for all.

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Workato to Launch “The Work Revolution” National Developer Challenge

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The Work Revolution, a nationwide developer challenge, supports the development of cutting-edge integration, automation and AI solutions for a transformed workplace.

SINGAPORE, March 18, 2025 /PRNewswire/ — Workato, the leading Enterprise Orchestration platform, supported by Singapore’s Infocomm Media Development Authority (IMDA), has launched The Work Revolution” Developer Challenge, a nationwide developer challenge aimed at fostering innovation for the future of work. This initiative invites developers to create cutting-edge integration, automation and artificial intelligence (AI) solutions that transform workplace productivity.

Empowering innovators to shape the future of work

With 85 percent of business leaders anticipating a surge in skills development needs due to AI and digital trends in the next three years, this challenge presents developers with a unique opportunity to get ahead of this curve for the future economy. This challenge, open to students, developers, IT professionals, and citizen developers, will feature a prize pool of over S$18,000 in cash. Finalists will be pitching their innovative ideas to a distinguished panel of judges made up of public and private sector leaders.

The Work Revolution Developer Challenge focuses on five critical domains relevant to modern enterprise solutions: security, employee experience, customer experience, operational excellence, and social sector impact. Participants of this challenge will have full access and hands-on experience with Workato’s enterprise automation platform and its cutting-edge AI capabilities. Through this initiative, developers can also gain practical experience to build a robust AI foundation that enhances future career development. By championing innovative solutions across these areas, Workato and IMDA aim to unlock new possibilities for workplace transformation and technological advancement.

“As a strategic partner of IMDA, Workato will continue to empower the broader community to contribute to the transformation of Singapore’s digital economy. This new partnership looks outwards, tapping into the creativity and ingenuity of the wider community to drive the next wave of workplace innovation. This competition is a fantastic opportunity for aspiring innovators to put their ideas into motion and develop skills that will make a real impact on the future of work,” said Vijay Tella, co-founder and CEO of Workato.

The first-place winner will be awarded S$10,000 cash prize and the opportunity to speak at Workato’s flagship conference. The second and third place winners will win S$5,000 and S$3,000 respectively. In addition, all finalists will receive Workato-led exclusive training and mentorship as they prepare for the final presentation.

Driving digital transformation through collaboration

This initiative aims to advance Singapore’s Smart Nation vision by enabling local talent to tackle real-world business challenges. By providing enterprise-grade tools and the opportunity for hands-on innovation, it exemplifies Workato and IMDA’s commitment to jointly foster inclusive growth and digital transformation across Singapore’s workforce, reinforcing Singapore’s position as a trusted digital innovation hub.

“We look forward to seeing the winning solutions that will come out of this Developer Challenge, which is focused on driving innovation for the future of work. We believe Workato’s enterprise automation platform will empower budding developers to create forward-thinking integration, automation, and AI solutions that will transform workplace productivity”, said Edwin Low, Director of Enterprise & Ecosystem Development at the IMDA.

Named a Leader in the 2024 Gartner® Magic Quadrant™ for iPaaS, Workato enables enterprises to transform their business operations by orchestrating business processes end-to-end and operationalizing AI across the entire organization. Workato has helped leading enterprises in Asia Pacific, including Fullerton Health, Gulf Marine, and Jollibee Food Corporation, accelerate digitalisation across their business.

Interested parties can register for the challenge and pre-event trainings happening once a month through the official website. The entry submission deadline is 18 April 2025, at 11:59 PM SGT.

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About Workato

Workato transforms technology complexity into business opportunity. As the leader in enterprise orchestration, Workato helps businesses globally streamline operations by connecting data, processes, applications, and experiences. Its AI-powered platform enables teams to navigate complex workflows in real-time, driving efficiency and agility. Trusted by over 12,000 global customers. Workato empowers organizations of every size to unlock new value and lead in today’s fast-changing world. Learn how Workato helps businesses of all sizes achieve more at workato.com.

 

 

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Ricoh recognised among TIME Asia-Pacific’s Best Companies of 2025

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TOKYO, March 18, 2025 /PRNewswire/ — Ricoh has been named one of the TIME Asia-Pacific’s Best Companies of 2025, ranking 64th out of 500 distinguished organisations. This recognition reflects Ricoh’s ongoing commitment to innovation, sustainability, and workplace excellence across the Asia-Pacific region.

The TIME ranking, developed in collaboration with data provider Statista, evaluates companies based on three key dimensions: employee satisfaction, financial performance, and sustainability. The list highlights organisations that are setting benchmarks for success in the region.

TIME and Statista evaluated 5,000 companies and ranked the top 500 based on three primary dimensions:

Employee Satisfaction: Assessed using 2023 survey data from over 50,000 participants across the Asia-Pacific region, focusing on direct and indirect recommendations.Financial Performance: Evaluated based on criteria such as generating at least US $100 million in 2023 revenue and demonstrating positive revenue growth or profitability from 2021 to 2023.Sustainability Transparency (ESG): Analysed using 2022 ESG data, including environmental impact, social factors like board diversity, and governance practices such as CSR reporting. Ricoh’s recognition underscores its strong financial performance, positive workplace culture, and dedication to creating sustainable value for society.

“We are honoured to be recognised among TIME’s Best Companies in Asia. This achievement reflects the dedication and passion of our employees, whose innovation and commitment drive our success,” said Kei Uesugi, Managing Director, Ricoh Asia Pacific. “At Ricoh, we believe that a strong, inclusive culture is key to long-term success and that empowering people across our organisation is the foundation for sustainable growth. This recognition reinforces our commitment to creating lasting value through technology, collaboration, and responsible business practices.”

This marks Ricoh’s latest global recognition, following its inclusion in TIME’s World’s Best Companies of 2023 and achieving Certification™ from Great Place To Work® in 2024 in the United States. In December 2024, Ricoh secured the 35th position among 500 companies in the Financial Times’ ‘Best Employers: Asia-Pacific 2025′ list, ranking 4th in the Technology Hardware and Equipment category.

The company continues to drive transformation by integrating digital services, workplace solutions, and environmental stewardship into its business strategy.

Related Links

TIME Asia-Pacific’s Best Companies of 2025
https://time.com/collection/worlds-best-companies-2025-asia-pacific/ 

Ricoh selected amongst the Financial Times “Best Employers Asia-Pacific 2025
https://www.ricoh.com/info/2024/1204_1

Ricoh named as one of TIME World’s Best Companies of 2023
https://www.ricoh.com/info/2023/0915_1

About Ricoh

Ricoh is a leading provider of integrated digital services and print and imaging solutions designed to support the digital transformation of workplaces, workspaces and optimise business performance.

Headquartered in Tokyo, Ricoh’s global operation reaches customers in approximately 200 countries and regions, supported by cultivated knowledge, technologies, and organisational capabilities nurtured over its 85-year history. In the financial year ended March 2024, Ricoh Group had worldwide sales of 2,348 billion yen (approx. 15.5 billion USD).

It is Ricoh’s mission and vision to empower individuals to find ‘Fulfillment through Work’ by understanding and transforming how people work so we can unleash their potential and creativity to realise a sustainable future.

For further information, please visit www.ricoh.com

© 2025 RICOH ASIA PACIFIC PTE LTD. All rights reserved. All referenced product names are the trademarks of their respective companies.

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