Neckbands, smartwatches, stereos – will the wearable-tech boom last?

Neckbands, smartwatches, wireless stereos – the last couple of years have been golden for wearables, globally and in India with a significant jump in sales of domestic brands like BoAT.  The domestic wearables market led by Xiaomi, BoAT, and Noise is expected to hit around $12 billion by 2026. According to Mordor Intelligence, the wearable technology market is currently estimated at $186.48 billion in 2024 and will hit around $493.26 billion by 2029, marking a growth of 17.60%.

A consumer uptick with increased technology-centric lifestyles is driving the tech wearable boom. The integration of these gadgets has been made possible with the growth of MEMS sensors – which grew alongside the access to smartwatches for more and more people. Therefore, the integration of the two has led to the possibility of tracking wearables like fitness trackers that help monitor body function.

The tech-savvy generation uses wearable tech to flaunt. Smartwatches like the ones by Apple and digital rings to monitor body vitals are the latest adds. Devices like VR/AR are as also considered vanity purchases. The popularity of wearables is expected to continue growing. According to market researchers – Counterpoint – the trend is likely to be sustained.

A recently released Mordor Intelligence report on wearables also states that there is room for increased innovation in wearables. Some trends to watch for? Smart clothing –to transform the health and fitness industry. The e-textiles of smart fabric can include advanced sensors, and hardware and provide personalised insights given their ability to track activity including sleep patterns, health indicators, temperature, and more.

According to Counterpoint Research, 2024 has witnessed a dip in the consumption of smartwatches, leading to an analysis that smartwatches need to be smarter to keep the consumer interested. Wearable gadgets are increasingly expected to be integrated with AI. In July 2024, Realme launched the Realme Watch S2 which was enabled with the AI assistant powered by ChatGPT that distinguished the watch from others by providing intelligent answers. Those who have been watching the market closely point out that the wearables market—though with huge potential will have to innovate continually and integrate artificial intelligence to remain relevant for consumers whose needs are changing alongside the available tech.