The worldwide wearable technology market will reach $176.77 billion by 2030, according to a new report from MarketsandMarkets. That represents a 15.9% compound annual growth rate (CAGR) between 2025 — when the value of the market was $84.53 billion — and the end of the forecast period.

The wearables market is a broad area that includes smart watches, head-mounted display, smart shoes, smart vests, earwear, exoskeleton, smart glasses, smart ring, and smart helmets.

The demand for wearable technology is growing due to the popularity of connected and mobile digital solutions that enhance everyday activities, the report said. Consumers are adopting these technologies because they deliver instant information, enhance convenience, and integrate multiple functions, including communication, navigation, and lifestyle management, into a single device.

The segment ecosystem is also broad. It includes Apple Inc. (US), Samsung (South Korea), Xiaomi (China), Huawei Technology Co Ltd. (China), Imagine Marketing Limited (India), Garmin Ltd (US), Sony Corporation (Japan), LG Electronics (South Korea), Alphabet Inc. (US), and Microsoft (US).

“North America is expected to dominate the wearable technology market due to the high consumer adoption of smart devices and a strong focus on health, fitness, and lifestyle monitoring,” the press release about the wearables report said. “The region benefits from advanced healthcare infrastructure and widespread smartphone and internet penetration, which support seamless integration of wearables into daily life.”

The report’s press release also says that North America will continue to benefit from the presence of major global wearable technology manufacturers, continuous innovation in product design and function, favorable government initiatives in digital health and strong consumer purchasing power.

The report said that the artificial intelligence (AI) and machine learning segment of the wearable technology sector is expected to enjoy the highest CAGR during the forecast period. The focus of the release is mostly on the ability of AI-based wearable technology to support user health. This, of course, benefits employees as well as consumers. There are many use cases that focus solely on business, however.