15 Wearable Technology Statistics [2023 Edition]
Wearable technologies are becoming the order of the day. Statistics show the number of connected devices has continued to increase, reaching 722 million as of 2019. Also, the Internet of Things market is projected to grow to $340 billion by 2024. These stats show the continued growth in the sector and more to come.
These devices are widespread as many people take them everywhere, utilizing their inherent benefits. Still, others know what they are but only know a few things about the devices. If you are in the first or second category and want that to change, this article is for you. It has the basic statistics of wearable technologies and helps you recognize and know more about them.
- From 2016 to 2019, connected wearable devices increased by 325 million to 722 million respectively.
- 30% of middle-income households used fitness trackers in the US in 2020.
- The percentage of the world population that owned a wearable device in 2020 was 22%, and 3 of every 5 used it daily.
- There is a $74 billion expectation price for the global wearable technology market worth by 2025.
- From 2019 to 2023, the number of wrist wearable devices was predicted to rise from 66.5 million units to 105.3 million, respectively.
- The Internet of Things market in North America had a $95 billion value in 2018, and a $340 billion growth was predicted to happen by 2024.
- Americans who used fitness trackers or smartwatches in 2019 were 21%.
- The number of health wearables sold worldwide in 2019 was 223 million.
- Currently, at over $20 billion, the global smart glass market is about $340.4 million.
- 18.6 million sport wearable technologies were shipped worldwide in 2017, which is fast growing.
- The sale of smartwatches rose from 9 million units in 2016 to 22 million in 2020 in the US.
- People with different incomes use wearable tech differently.
- $12.7 billion is the estimated worth of the global medical wearable tech market.
- Apple is the highest wearable tech company.
- The number of users of wearable devices is over 1 billion.
As the name implies, wearable technology is simply something you can wear. These technologies come as clothing accessories or attachments to clothes for different reasons. Some can get attached to people's skins as tattoos, temporal drawings, or body implants. This technology ranges in types and looks; it is good to identify them when you see them.
If you have to hold a device, it is not wearable technology. Different wearable devices have other purposes for being created, even if some share essential functions. Some regular wearable devices are smartwatches, rings, jewelry, clip mics, and more.
Wearable Technology Market Size
The global wearable technology market is evidentially big. Records show this the market was worth $15.74 billion in 2015. People spend so much on these devices for different reasons. Some for class, some for how cool it looks, and others for official reasons. Regardless, the market worth still grew even more significantly in 2019.
In 2019, the wearable device market was worth $32.63 billion, surpassing its worth in 2015. Analysts have predicted an even higher growth for the market between 2020 and 2027. The prediction was correct because the global wearable technology market is rapidly increasing. It reached over $61.30 billion in 2022 at a CAGR of 15.51% from 2016 to 2022.
During the pandemic in 2020, industries that produced wearable devices thought the market worth would decrease. But more people got interested in the gargets because they could quickly work from home. In 2022, it was reported that the number of connected wearable devices was over 1.1 billion globally. There has been a change in the space since the last record got released.
What is the Size of the US Wearable Technology Market?Although the US size of the wearable technology market is large, it is still nothing compared to the global size. The US market worth is one of the biggest compared to many other countries. In 2019, over 56.7 million people used wearable devices once every month in the US. Half of this, 56.7 million people were using smartwatches in the same 2019.
The market growth rate was this same year because of the broad publicity companies did. Over 3.8 million US children, teenagers, and young adults started using wearable devices in 2019. In 2020 there was an up in the market; its revenue reached $4.05 billion, and the usage rate increased to 14.6%. The average income for each user in the same year was about $83.99.
However, it has been predicted that the usage will drop between 2020 and 2024. The prediction says that only 11.7% of people in the US will use wearable devices, and the revenue will reduce by 1%. This revenue reduction will take it from $4.05 billion to $3.84 billion.
Penetration Rate of Wearable Technologies
The global penetration rate of wearable technologies is high, just like the size. The statistics below explain this high rate better.
- In 2020, each user globally's average revenue was $43. This was huge compared to the previous years. Accumulatively, the revenue reached about $18.98 billion in the same year.
- The user penetration of wearable technologies worldwide was 5.9% back in 2020. In 2019, it was half this figure.
- Analysts have estimated penetration and revenue decrease of wearable devices to start in 2024. From reports, a 2% decrease in revenue is expected, leaving the market volume at 17.85 billion. Also, penetration is expected to reduce to 4.8%.
With 325 million connected devices in 2016, the world recorded the highest number. But, this number increased by over double in 2019 with 722 million connections. It reached over 1 billion in 2022 and is still on the rise.
2. 30% of Middle-income Households Used Fitness Trackers in the US in 2020.Only 25% used fitness trackers in low-income households, and 30% in middle-income families. However, only half of the upper-income households used the device in 2020.
Fitness trackers are one of the many wearable health devices, and North America is the current leading area of wearable health tech. It shares 30% of the market and has a $9.9 billion worth market. More reports have shown that urban areas use health wearable devices the most, with 35%, compared to rural areas, with 30%.
Usage Growth of Wearable Technologies
In 2020, a whopping 22% of people worldwide had wearable devices to their names. Then, 3 persons out of every 5 owners of these devices use them every day. The same report was given in the previous year, 2019, with a difference of about 0.3%.
The growth of wearable devices doesn't stop anytime soon in the world, as it has a fast-rising rate. The estimated market worth of global wearable technology was over $52.14 billion in 2021, which has increased over the years. Analysts predicted it would rise to 77 billion in the coming years, and smartwatches will be 22 billion out of it.
4. $12.7 Billion is the Estimated Worth of the Global Medical Wearable Tech Market.Over time the medical vesture tech market has increased in worth. It rose from 9% in 2015 to 33% in 2019 as people started seeing its effectiveness. They have predicted the global market worth to increase to $37.6 billion in 2025 with a 19.7% CAGR.90% of Americans with health wearable techs don't skip any day without wearing them. It shows that wearable techs are very effective in the health industry, and the high usage rate is high.
Wearable Technology Sales
In 2019, the vesture technologies sales rose by 54%, and the value was about $27.91 billion with millions of users. 2022 showed the number of users increased to 1.1 billion people, and sales increased.
In 2022, the global market worth of vesture devices was $61.30 billion. Because of the market's fast-growing nature was estimated to reach a $74 billion market worth in 2025. Considering the current worth price, 2025 might be too far for that benchmark, as it might get the estimated amount by the end of 2024.
Types of Wearable Devices That Get Used the Most
Over the years, smart vesture devices like smartwatches have become the most popular, judging from what is seen in societies. Even more of these devices are coming out occasionally, and some might have edges over the smartwatch. Looking at a few wearable devices and their statistics will help with this determination.
Wearable Wrist Device6. From 2019 to 2023, the Number of Wrist Wearable Devices was Predicted to Rise From 66.5 Million Units to 105.3 Million, Respectively.Smartwatches are one of the wrist vesture technologies, and they were expected to grow from 66.6 million units in 2019 to 105 million in 2023. So far, they have been moving towards the expectation, and there is no doubt they will reach it. It is and has been the most popular wrist vesture device segment with about a 50% rate.
Wearable Internet of Things (IoT) Devices7. North America's Internet of Things Market had a $95 Billion Value in 2018, and a $340 Billion Growth was Predicted to Happen by 2024.In early 2018, North America had about 2.3 billion IoT connections. Analysts expect the number to rise by 2025 to 6 billion, over two times the previous number. The price is expected to grow with the number of connections because the number of connections means several usages.
IoT tech spread around North America and Europe, and 29% of their organizations use it. 16% of the world's organization wants to start using the tech, which shows how much it is growing. This is why analysts predicted a %340 billion growth in IoT tech in 2024.
Wearable Fitness Tech8. In 2019, Americans Who Used Fitness Trackers or Smartwatches Reached 21%.From reliable research, over 1 in 5 adults in the US use a wearable fitness tracker often. They either use the actual fitness tracker or their smartwatches for it. About 41% of Americans use this tech to watch their health; others don't like it because of its privacy policy.
Health Wearable Devices9. The Number of Health Wearables Sold Worldwide in 2019 was 223 Million.Fitness trackers are the most popular and used health wearable devices among all. Thirty million were sold worldwide in 2014, which rose to 223 million in 2019. The number is also expected to hike to 300 million before the end of 2023, and the market worth will increase to $104.9 billion by 2029.
Hearable Devices10. The In-ear or Over-ear Smart Audio Device Gives a Better Experience Than the Traditional Headset.Many people have experienced the smart audio device's better effect and prefer it over headphones. This has increased the sales of this hearable tech over the years. Its shipment rose from 48.6 million units to about 170.5 million from 2018 to 2019. In 2028, about 15 million True Wireless Stereo was shipped worldwide to different users. This number hiked to 42.5 million at the end of 2019.
Smart Glasses11. Currently at Over $20 Billion, the Global Smart Glass Market was About $340.4 Million.Between 2017 and 2022, the global smart glass CAGR grew by 125.8%, the highest increment the market had seen. With this, the market value at $340.4 million grew to over $20 billion in over 5 years.
These glasses are helpful and practical. They add information to what the wearer sees; others cannot see it except they wear glasses. 150,000 smart glassed were shipped in 2016, 340,000 in 2017, 3.7 million in 2018, and 6.5 million in 2019. More so, over 10.7 million smart glasses were shipped in 2020, 16.6 million in 2021, and 22.8 million in 2022.
Sport Wearable Devices12. 18.6 Million Sports Wearable Technologies Were Shipped Worldwide in 2017, Which is Fast growth.Many sports practitioners have developed interests in sports wearable devices, causing the wide sale of these items worldwide. 2017 about 18.6 million of them were shipped worldwide, and 19.5 million in 2018. Also, in 2019, about 21.3 million tech units were sent, and 27.7 million units in 2020, and the number kept growing.
Smartwatch Uses13. The Sale of Smartwatches Rose from 9 Million Units in 2016 to 22 Million in 2020 in the US.A smartwatch is one wearable tech with the most users in the world. It is also the most popular in the market. 20.1 million smartwatches were sold in the US and 148.74 million worldwide. The number increased in 2020 as 22 million were sold in the US and 186.89 million worldwide.
Since then, the number of sales annually has only increased, and Apple has the largest share of the growing sales number, with 47.9%. Following Apple distantly is Samsung with 13.4%.
Statistics of Wearable Techs
People with higher income patronize vesture tech less than people with middle and low income. However, they use the more expensive gadget for a better tech experience. 34% of the global vesture tech users are low-income, and 41% are medium-income earners.Only about 25% of vesture tech users are from the high-income class. This explains that fewer high-income earners use wearable devices, but these few buy the more expensive ones.
15. Many Wearable Techs Users Don't Have Geo-restricted Features.In 2017, 4G connections were about 217 million, which rose to 439 million in 2022. North America has the most 5G connections, and it will have 70% of the 5G wearable connections along with Pacific Asia. This shows that the feature is not geo-restricted but restricted based on the network.
16. How Frequently Do People Use Wearable Techs?You cannot tell the fixed rate at which people use wearables until you have analyzed the usage of the different types. This is because the usage frequency depends on the type of device. Other tech companies worldwide 2019 sent out about 80 million shipments of wearable devices. They also made 19 million wrist vesture device shipments from 2019 to 2020.
For children in China, 35 million units of vesture tech came into the market, and 1 million in the US, which is a viable growth. However, Europe didn't share in the increased demand but decreased because of the privacy issue and stringent regulations. With these, it is clear that vesture tech is used very often. There is, however, no fixed percentage rate for it.
Wearable Tech Users' Demographics
More men use wearable devices than women. A survey in Japan in 2019 shows that 3% of women and 12% of men own smartwatches. But, research has shown that women are more likely to claim ownership of more wearable devices than men. Despite this, 63% of users of smartwatches are men, and the other 37% are women.
Age GroupingThe Generation that is most likely to use wearable devices is Generation Z. The people who use tech more are those aged 25 to 34. This result came from s research carried out on vesture tech users. Teenagers and adults aged 15 to 24 comprise 24% of wearable tech users.36.4% of users are from the 25 to 34 age group, 26.3% are from the 35 to 44 age group, and 17.2% are from the 45 to 54 age group. The 55 to 64 age group produces 16.1%, the least.
Wearable Techs Data
The data from wearable techs help companies know the vitals of many people worldwide. It also records the progress and habits of users, which is how these companies know how to improve their services. Vesture devices take more data than some people know.
Apple is the Highest Wearable Tech Company.Apple has worked to the top of technology and is today's highest company in the wearable tech industry. 2019 the company's wearable tech, accessories, and home product categories made $5.1 billion. This amount, in 2020, increased to $6.3 billion.Following the company's revenue in 2019 was Fitbit with $1.43 billion, and Garmin's revenue with $1.11 billion. Also, Huami's revenue was $834.9 million.
The Number of Users of Wearable Devices is Over 1 Billion.The number of people using wearable tech today in the world is high. The industry has seen massive growth since it started in 2000 to date. The significant growth rate began in 2016 when more people realized the benefits and ease of using these products. The market has been doubling sales, production, and usage since then.There has been no sign of the market slowing down, as its usage is currently at over 1 billion globally. In the years to come, vesture tech will go through 2 billion.
ConclusionThe world is warming to wearable technology, and the industry's worth is high. It has the potential to increase even more because new wearable devices are coming into the market, and more people will use them. Apple is the leading company for vesture devices because of its smartwatch models. It holds more market shares and will take real work for the next company to catch up.
FAQsWhy do people use wearable technologySince wearable devices have close contact with the body, they can easily monitor the user's health. Also, people use it because it is a better alternative to conventional technologies.
What are the three benefits of wearable technology?Wearable devices can collect and analyze users' physical activity and provide real-time monitoring. Also, it promotes easier communication.
What are the disadvantages of wearable technologies?Wearable technologies, like monthly subscriptions, mostly require a financial commitment. It can be detracting sometimes and make people over-trust its capacity, leading to disappointments sometimes.
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