Technology

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

Published

1 month ago

February 5, 2025

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..

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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

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

Technology

Crunchie Meltz Champions Women Leaders at Her Courage Leaders Summit 2025

Published

56 minutes ago

March 14, 2025

SINGAPORE, March 14, 2025 /PRNewswire/ — Homegrown artisanal brownie brand Crunchie Meltz is stepping up to support women in leadership as an official partner of the Her Courage Leaders Summit 2025 by Class Living, happening on April 5, 2025. The summit, which celebrates resilience, leadership, and empowerment among women, aligns with Crunchie Meltz’s vision of creating a positive community impact beyond just sweet treats.

The event will bring together inspiring women leaders, entrepreneurs, and change-makers to share their stories, and Crunchie Meltz will be contributing in a special way—crafting exclusive brownies for the summit’s participants as a symbol of encouragement and perseverance. This partnership marks a significant moment for the artisanal brand, highlighting its commitment to not only baking but also creating meaningful connections within the community.

Beyond Brownies: Crunchie Meltz Expands Community Initiatives

This latest collaboration underscores Crunchie Meltz’s growing commitment to using baking as a force for good. Co-founders Simon Yio and Chef Evon Chan are not only passionate about their artisanal brownies but also about fostering meaningful experiences through baking. Their vision is to create more than just a business; they aim to craft memories, inspire change, and build connections through the simple joy of delicious, thoughtfully made treats.

Building on this momentum, Crunchie Meltz is also partnering with a local training company, ThinkBox Solutions and Class Living to develop an innovative Parent-Child Bakery Program. The initiative, set to launch later this year, will give families the opportunity to bond over shared experiences in the kitchen, learning the secrets behind the brand’s signature brownies. “We believe baking is more than just a craft — it’s a way to bring people together,” says Simon Yio, Co-Founder of Crunchie Meltz. “Whether it’s supporting women leaders at Her Courage Leaders Summit or creating meaningful parent-child experiences, we want to make an impact beyond our brownies.”

Customer Review: A Sweet Success

Crunchie Meltz’s focus on quality and flavour continues to win the hearts of dessert lovers. Here’s what one of our loyal customers, Amar Kumar, had to say about our signature brownie:

“This brownie with a cookie top is amazing! The brownie is rich, fudgy, and perfectly sweet, while the cookie on top is warm, chewy, and golden on the edges. The combination of the soft brownie and the slightly crisp cookie is just perfect. Each bite is a delicious mix of flavors and textures, with the chocolatey brownie and buttery cookie blending so well. It’s a sweet, satisfying treat that’s hard to resist—one of the best desserts you’ll ever try!”

Such enthusiastic responses from customers have fuelled Crunchie Meltz’s success and reinforced its mission to spread joy through every bite.

A Growing Brand with a Heart

Since its launch in September 2024, Crunchie Meltz has garnered over 60 positive reviews across Google and Facebook, with foodies and dessert enthusiasts praising the brand’s dedication to quality, taste, and presentation. The brand’s signature treats, including CookieCrunch, ChocoCrunch, CrunchieDark brownies and FlorenCrunch, a healthy snack baked with nuts and seeds, continue to delight customers, offering a delightful balance of textures and flavours.

Looking ahead, Crunchie Meltz has exciting plans for further expansion, including the launch of its “Bake for Hope” CSR program in early 2026. This initiative aims to use baking as a platform to support social causes and give back to the community. As the company grows, Crunchie Meltz remains committed to making a lasting, positive impact — one brownie at a time.

About Crunchie Meltz

Crunchie Meltz is a homegrown artisanal brownie brand celebrated for its rich, chocolatey treats crafted with care and the finest ingredients. From the classic ChocoCrunch to the decadent CrunchieDark and the innovative CookieCrunch, each brownie is baked to perfection with a unique touch.

Whether for corporate gifting, special occasions, or personal indulgence, Crunchie Meltz delivers moments of sweetness and joy to customers across Singapore. With a focus on quality, community, and connection, Crunchie Meltz continues to grow and inspire, proving that a small business with a big heart can create a lasting impact.

For more information, visit www.crunchiemeltz.sg

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SOURCE Crunchie Meltz

Technology

Wat Arun Beyond Reality Step into a Virtual Journey Like Never Before

Published

56 minutes ago

March 14, 2025

BANGKOK, March 14, 2025 /PRNewswire/ — In a bid to promote cultural tourism, a team led by researchers from Chulalongkorn University has incorporated cutting-edge Virtual Reality (VR) technology to bring Wat Arun to life. Through the “Temple of Dawn VR Game” project, visitors can explore exclusive, restricted areas of the temple and appreciate the historical, cultural, and architectural beauty of one of Thailand’s most prominent landmarks.

Wat Arun VR Game: Revealing Unseen Experiences

Among Thailand’s iconic landmarks, Wat Arun, also known as the Temple of Dawn, holds immense cultural and historical significance. The temple’s mesmerizing corn-shaped stupa rises dramatically from the bank of Chao Phraya River, captivating all who visit.

“Wat Arun is one of the major landmarks I usually bring foreign friends and international guests to visit. Many were impressed when I shared the temple’s historical and cultural details. This made me realize that without a guide, many tourists would miss enticing information about the temple’s history and architecture,” shared Dr. Ratchaneekorn Ratchatakorntrakoon, researcher at the Institute of Thai Studies, Chulalongkorn University.

As the mastermind behind the project, Dr. Ratchaneekorn hopes the VR game will enrich visitors’ experiences while promoting learning and cultural tourism.

A New Perspective Through Virtual Reality

Building on her previous experience in creating VR applications at Chulalongkorn University’s Memorial Hall, Dr. Ratchaneekorn recognized VR technology’s potential to revolutionize storytelling.

“This project aims to provide an immersive storytelling experience, bringing the temple’s stories and heritage to life,” she explained.

According to the project’s tagline, “Reveal Unseen Experiences”, the Temple of Dawn VR Game allows tourists exclusive access to areas typically off-limits. These include:

The top of the central corn-shaped stupa The interiors of the directional pavilions housing Buddha images A bird’s-eye view of Wat Arun, offering new perspectives on its intricate architecture

The project employs cutting-edge 3D scanning technology to recreate a virtual space of Wat Arun, enabling users to:

Explore restricted areas Learn about the stupa’s architecture Discover stories of Buddha’s life depicted within the temple

Overcoming Challenges: Technology Meets Tradition

Dr. Ratchaneekorn identified two key challenges in developing the Temple of Dawn VR Game:

Technical Limitations: Large 3D files slowed development process. The engineering team had to compress files and adjust textures for compatibility. Cultural Understanding: Tourists unfamiliar with Thai cultural norms sometimes behaved inappropriately at the temple.

Despite these challenges, the project was successfully completed and had been introduced to tourists for trial. “Tourists gave positive feedback during the testing phase, appreciating the opportunity to engage with Wat Arun in previously unavailable ways,” Dr. Ratchaneekorn noted.

How to Play: The Temple of Dawn VR Game

Designed as a multi-player game, The Temple of Dawn VR experience mirrors real-life tourist dynamics, as visitors often come in pairs or groups. Solo visitors can team up with on-site project coordinators.

The Temple of Dawn VR game includes four sub-games:

The Old Sermon Hall (Vihan-Noi) The Old Ordination Hall (Ubosot-Noi) The Directional Pavilions The Central Prang

Each sub-game includes an introduction, game rules, missions to accomplish, knowledge gained, and knowledge summaries.

Each game session lasts approximately 5-7 minutes. Players can choose one or multiple sub-games. After completing the VR experience, visitors return the document.

Educational Opportunities and Cultural Impact

Dr. Ratchaneekorn concluded that the Temple of Dawn VR Game provides significant educational and cultural benefits:

For Tourists: Enhances their understanding of Thai culture and encourages respectful behavior in temples. For Tour Guides: Equips guides with deeper insights to enrich visitor experiences. For Students: Supports academic research and offers practical experience in VR development. For Society: Serves as an educational tool to explore the biography of the Lord Buddha.

Looking Ahead: A Sustainable Cultural Asset

The final version of the VR application will be soon handed over to Wat Arun. Plans are underway to train temple staff on system operation. Although set to be available for visitors this November, access to the VR game may initially be limited due to the high cost of VR headsets and specialized equipment.

“Our long-term goal is to make this innovative tool a sustainable asset that preserves cultural heritage while engaging a global audience,” said Dr. Rachaneekorn.

For more information about the Temple of Dawn VR game, contact: Dr. Ratchaneekorn Ratchatakorntrakoon at ratchaneekorn.r@chula.ac.th or the Institute of Thai Studies, Chulalongkorn University at 02-218-7494.

Read the full article at https://www.chula.ac.th/en/highlight/218322/

About Chulalongkorn University

Chulalongkorn University has made the world’s top 50 university list for employment outcomes, which reflects both the high employment rate and work ability of Chula graduates. The university is also listed as the best in Thailand for the 15th Consecutive Year (since 2009), according to the newly released QS World University Rankings 2024, putting Chula at 211th in the world, up from 244th last year.

Social Media:
Facebook: https://www.facebook.com/ChulalongkornUniversity
Youtube: https://www.youtube.com/chulauniversity
Linkedin: https://www.linkedin.com/school/15101896/

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SOURCE Chulalongkorn University

Technology

Agoda Offers Free Tickets for Hong Kong Fans to See NCT WISH, THE BOYZ, n.SSign and More at Seoul Spring Festa

Published

57 minutes ago

March 14, 2025

HONG KONG, March 14, 2025 /PRNewswire/ — Digital travel platform Agoda is giving K-pop fans in Hong Kong a reason to cheer with an exclusive offer to attend the Seoul Spring Festa’s opening concert, WONDER SHOW, which will take place on Wed, Apr. 30 at Seoul World Cup Stadium.

Fans from Hong Kong, Mainland China, Taiwan, and Japan can snag two free tickets per booking to the highly anticipated event featuring K-pop artists NCT WISH, THE BOYZ, n.SSign, TWS, NMIXX, god, STAYC, ALL(H)OURS, NEXZ, KickFlip, Hearts2Hearts, NouerA, KiiiKiii and more to be announced*. Travelers can secure the free tickets through the ‘Agoda x Wonder Show’ special room package available via participating properties on Agoda. The offer will be available starting March 17 to April 11, 2025, for check-ins between April 21-30, 2025, and includes an additional discount of up to 15% off accommodations.

The Seoul Spring Festa, a city-wide celebration of Korean culture, food, and entertainment, culminates in the Wonder Show on April 30, 2025. This year’s lineup promises an unforgettable evening with performances by NCT WISH, known for their electrifying stage presence; THE BOYZ, celebrated for their dynamic choreography; and n.SSign, the rising stars captivating fans across Asia, and many more. Pre-sale tickets for the event have already sold out, making Agoda’s offer a golden opportunity for fans to experience the magic of K-pop live.

Jay Lee, Country Director, South Korea at Agoda, shared, “K-pop is more than just a genre—it’s an experience, and Agoda is making it even more accessible for fans in Hong Kong. With free tickets to the Seoul Spring Festa Wonder Show featuring NCT WISH, THE BOYZ, n.SSign, and others, plus amazing hotel discounts, we’re making it easier than ever to turn a love for K-pop into an unforgettable adventure in Seoul.”

In addition to the Wonder Show, travelers can enhance their Seoul experience by booking the Discover Seoul Pass on Agoda. This all-in-one pass is designed for travelers looking to make the most of their time in Seoul with access to major attractions, transportation, and connectivity, ensuring visitors can explore the city with ease and convenience.

With over 5 million holiday properties, more than 130,000 flight routes, and over 300,000 activities available, Agoda offers everything travelers need to plan their perfect trip. For more information on this exclusive offer and to book your stay, visit Agoda.com or download the Agoda mobile app for the best deals.

* The lineup for the Seoul Spring Festa Wonder show is subject to change.

— ENDS —

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SOURCE Agoda