The wearable technology market is on the rise today. Wearable gadgets have become a way of life and are getting popular among people. There is no doubt, that wearable technology boosts the consumer technology market. According to a recent survey, conducted by the consumer technology association (CTA), the boom of variable gadgets has generated nearly $500 billion in revenue in the financial year.
Gadgets related to health and fitness are in high demand among modern youngsters. Even mid-aged people who are familiar with tech gadgets prefer such smart wearable technology for monitoring their health and body fitness. Smartwatches make people more active and healthier by tracking their fitness goals. These types of gadgets are in huge demand from the last few years and its shipment expected to increase by 8%.
What Wearable Devices are Getting Attention These Days?
According to the reports from CTA (Consumer Technology Association), treadmills, stationary bikes, and rowers have been in demand like never before. Most people are turning into health freaks, and these modern fitness gadgets have created awareness among people. Gadgets have made people conscious of their health, style, and working procedures. Products such as Peloton and MYXfitness are getting a lot of attention and its demand will rise around 44% in the last few years.
Wearable gadgets have made people aware not only of health and work but also of staying connected with loved ones and allowing improvements in their lives. There is a huge appetite for wearable devices to be used at home or in the workplace. These handy, lightweight devices have completely altered the way people think and live. Many companies in the market have come up with a variety of wearable devices and gadgets. The modern techniques of advanced technology help these companies grow their share of the consumer market. Even the smaller companies are earning higher profits and respectful gains in the wearable business.
Why Are People Crazy Over Wearable Devices?
- Most of these wearable devices are compact in size, light in weight, and have simple techniques to use and control.
- Gadgets are stylish.
- Wearable gadgets are available in a variety of colors, patterns, and styles.
- Wearable health and fitness gadgets have made people more aware of their health, and it has made this small and easy-to-operate device the most popular among people.
- The wearable devices are easy to use and can be connected to other devices, which makes them highly useful.
These health monitoring devices have powerful sensors that remain attached to the skin surface of the body. Gadgets keep track of temperatures, heartbeats, levels of sugar, and other health-related controls effectively. The healthcare gadget can be a stylish smartwatch that looks attractive and trendy. Apart from catching attention, these smart wearable gadgets make use of advanced technology to keep a person fit and fine. It makes a person aware of his or her health. It can send signals to alert a person regarding any health issue. After experiencing difficulties during the Corona-19 pandemic, health monitoring systems have become a part of everyday life. During the pandemics, people have faced all sorts of difficulties and health issues.
Even for minor health problems, most people have faced unwanted situations and horrific experiences. The attention of people has shifted from health to e-health due to these useful devices such as smartwatches and mobile devices.
People have started to use wearable gadgets such as treadmills, bicycles, and smartwatches, which have robust growth and huge demand in the consumer market. It has certainly helped people to get involved in fitness activities and to become health-conscious.
Impact Created by Wearable Technologies In Different Industries
In recent years, wearable app development services have become so popular because companies around the world prefer to utilise wearable technology to solve their modern business problems. Devices developed through wearable technology have become the new way of collecting accurate customer data, which is so valuable in predicting customer behaviour.
Here is the Statista report on total wearable shipments data around the world in 2022. This clearly shows you the demands of devices with wearable technologies among the people.
- Smartwatch – 121.1 Million Units
- Wristband – 45.5 Million Units
- Clothing – 10.5 Million Units
- Earwear – 12.3 Million Units
- Modular (Shoes) – 0.7 Million Units
- Others (Goggles)–0.2 Million Units
Here are the impacts and advantages created by the devices developed through wearable technologies in various industries
Wearable Technology’s Impact on the Sports and Fitness Industry:
Tech gadgets using wearable technologies like IoT and AI bring a lot of changes to the sports and fitness industry. Advanced wearables help athletes and fitness lovers quantify their bodies. Also, it brings new insights into the daily routine schedule of sports and fitness activities.
Advantages of Using Wearable Technologies in the Sports & Fitness Industry
- It enables professional athletes to collect important metrics to improve their performance.
- Plays a key role in rehabilitation among athletes and hobbyists.
- It enhances the concept of tele-fitness among coaches and trainees.
- It provides worldwide distribution for online sports solutions.
Wearable Technology’s Impact on the Healthcare Industry:
The healthcare industry gains a lot more benefits from wearable technology than any other sector. Healthcare practitioners get a lot of benefits through devices using wearable technologies to deliver better services. Patients also get to reap benefits through wearable technologies as it decentralizes the healthcare service from a physician’s clinic or hospital.
Advantages of Using Wearable Technologies in the Healthcare Industry
- Patients can get healthcare services instantly with just a tap.
- Create more healthcare awareness among patients.
- Helps physicians monitor vulnerable patients’ health 24/7 from a distance.
Wearable Technology’s Impact on the Gaming and Entertainment Industry:
The evolution of wearable technology brings changes in every industry in how a person engages with it. The gaming and entertainment industry are not an exception. Professional athletes and gamers gain a lot of benefits through gadgets using wearable technologies.
Advantages of Using Wearable Technologies in the Gaming & Entertainment Industry
- Gadgets using wearable technologies bring a new perspective on games through sensors, haptics, and VR.
- Wearable devices redefine movies and music.
- It helps to track the performances of athletes.
- Enhances the in-game experience among the players.
- Brings an experiential way of storytelling to viewers through advanced 3D graphics.
- Haptic feedback and gesture control bring new ways of music listening.
Wearable Technology’s Impact On The Travel Industry:
Heavy competition in the travel industry has forced travel agencies to deliver amazing travel experiences to satisfy their travelers’ needs. The introduction of amazing advanced gadgets with wearable technology is the most preferred solution by agencies to satisfy the demands of modern travelers around the world.
Advantages of Using Wearable Technologies in the Travel Industry
- Easy boarding through hands-free smartwatches.
- Wearable devices bring more safety and security to travelers.
- Transforms customer experiences into richer and more pleasant ones.
Wearable Technology’s Impact On The Education Industry:
Introducing wearable technologies into the education sector will help educators craft quality education for learners. Also, devices with wearable technologies will enhance the engagement between teachers and tech-savvy new-generation students.
Advantages of Using Wearable Technologies in the Education Industry
- It improves engagement between educators and learners.
- It is easy to wear and use wearable gadgets as they are hands-free.
- It improves collaboration and allows teachers and students to work in tandem.
- It is easy to share data, information, or content between teachers and students.
- Learning through AR/VR technology
Wearable Technology’s Impact on the Retail Industry:
In the past few years, devices with wearable technologies have emerged as the game-changer in the retail industry. It changes the way people shop online and improves the shopping experience dramatically. In addition, wearable technology recreates the point of sale and offers several benefits to both consumers and business owners.
Advantages of Using Wearable Technologies in Retail Industry
- Enhances productivity.
- It offers a better in-store experience to buyers.
- It enables marketers to create a personalized marketing strategy.
- Improves the customer experience.
Wearable Technology’s Impact on the Construction Industry:
The construction industry has now started to slowly adopt wearable technologies after recognizing their enormous benefits. Implementing wearable technology on job sites is starting to gain traction as it makes data collection and communication easier.
Advantages of Wearable Technologies in the Construction Industry
- Improve workers’ safety through devices with GPS technology.
- Streamlining the work process
- Innovative wearable gadgets attract millennials to the construction industry.
- It keeps every worker in the loop with real-time communication.
Wearable Technology’s Impact On The Logistics & Transportation Industry:
Logistics and transportation industry are facing a lot of challenges related to accounting, updating transportation information, optimizing routes for goods transportation, and so on. Wearable technologies act as the perfect solution to tackle all those modern problems.
Advantages of Wearable Technologies in Logistic & Transportation Industry
- Vehicle/goods tracking.
- Managing employees’ work and movement.
- Finding the best route to transport goods.
- Optimization of goods segregation.
- Information from cargo through AR.
Wearable Technology: Global Market Trends & Analysis
The wearable technology market is increasing by 14% globally. It shows the rapid increase in the demand and use of smart devices that have multimedia support. According to the report published in ‘Businesswire‘, the global market value of wearable devices would reach around $118.16 billion by the end of 2028. The market value of wearable technology is increasing steeply due to the rapid development and growing demand for smartphones and smart devices among young people worldwide.
Wearable technology offers a variety of wearable devices that are mainly used for fitness trackers and to find health-related issues. The increase in consumer health products has created a health-related interest among the population. It changes people’s lifestyle and make them health freaks. Wearable health devices have enhanced fitness-related activities.
Health conscious people highly preferred activities like walking, jogging, cycling, etc. It tracks fitness program by which one can monitor the physical state and the physical condition of the body. It offers a psychological advantage to people who have serious health issues. Collecting and analyzing physiological data always helps in understanding the market growth and the increasing demand for wearable devices.
List of 2022’s coolest wearable tech gadgets
Wearable devices have changed lifestyles, increased the standard of living, and also encouraged people to become conscious about their health and prefer energy-efficient products. It has certainly made wearable devices popular and user-friendly. The availability of efficient and affordable fitness products has created new opportunities in the market. These wearable gadgets make use of innovative techniques and offer new business opportunities.
Take a look over the lists of the coolest wearable gadgets you can find in 2022.
1. Smart Rings
2. Smart Glasses
3. Smart Clothing with Sensors
4. Smart Swimwear
5. Smart Medical Wearables
6. Smart Helmets
7. Portable Smart Biosensors
8. Gadgets with Head-Mounted Displays
Health and fitness have become a part of lucrative business opportunities and can create immense opportunities. The use of internet technology has also helped in extending the business and expanding the customer base across the nation. Internet has also promoted the understanding of wearable devices in the past few years.
In the near future, more companies will enforce wearable gadgets among their employees in workplaces. This will enable employers to increase their productivity by leveraging wearable tech gadgets.
Companies Offering the Best Wearable Gadgets
Most companies like Sony Group, Fitbit, Apple Inc, Garmin, Xiaomi Corporation, Microsoft, Adidas AG, Alphabet Inc, and Nike Inc. have been offering the best wearable devices. These companies also play a key role in filling the technological needs of the medical world. Wearable devices have spread health awareness among people by offering the best in health check-ups and fitness facilities. It helps people to be healthy, fit, and active to do everyday chores.
The COVID-19 pandemic has certainly affected the supply chain of healthcare devices and has affected businesses worldwide. However, since the pandemic, people have become more health-conscious, which has aided in the growth of the consumer market for wearable products. Increasing awareness of health and the increasing capabilities of understanding and monitoring wellness issues have anticipated the sale of wearable devices to cross into billions shortly.
Conclusion
Wearable technology is on the rise by offering compact-looking, most-modern gadgets with a stylish look. These gadgets can change lifestyles completely by offering healthcare information and advice to people. These designer health-monitoring devices with automated options are easy to wear and easy to operate. Wearable devices have brought a change in human life and it has made people conscious about health and keeps encouraging their fitness.