The Future of Wearables: From Fitness Trackers to Smart Rings and Glasses

The wearables market is poised to hit USD50 billion by 2029, driven by advancements in computing and entertainment functionalities. New form factors, such as smart headsets and rings, are set to revolutionise the industry, offering unique opportunities for differentiation and market expansion.

The wearables market

The wearables market is evolving beyond health and fitness, with computing and entertainment emerging as key growth drivers. This shift generates new use cases and revenue streams for companies, prompting innovation in new form factors like smart glasses and rings.

The wearables market is projected to grow by USD12 billion between 2024 and 2029, reaching USD50 billion by 2029.

^{Source: Euromonitor International}

This growth will be driven by a pivot towards entertainment and computing, offering new opportunities for manufacturers to innovate and capture new market segments. The integration of advanced technologies into wearables is transforming them from simple health trackers to multifunctional devices that enhance daily life.

The established players Apple, Huawei, Samsung and Xiaomi accounted for 66% of smart wearables sales by volume in 2024. These companies have leveraged their strong brand presence and technological advancements to capture significant market share. New entrants must innovate and expand into emerging segments to compete and challenge the dominance of the incumbents.

Emerging form factors

New form factors, such as smart glasses and rings, are gaining traction. These devices offer unique opportunities for companies to differentiate themselves and capture new market segments. Smart glasses, for example, combine augmented reality (AR) and wearable technology, offering hands-free access to information, entertainment and communication. Smart rings provide detailed sleep analysis and health monitoring in a sleek, unobtrusive form factor, appealing to high-income earners who prioritise mental wellbeing.

Smart clothing and footwear offer significant value through improved biometric data collection and less intrusive designs. These new form factors cater to fitness enthusiasts, health-conscious individuals and professional athletes, providing detailed data collection and personalised experiences. Smart apparel and footwear do not require users to form new habits, making them less intrusive and more readily adopted.

An evolving market

The wearables market is expanding into new segments and markets, driven by advancements in technology and changing consumer preferences. By focusing on innovative designs and specific form factors, companies can offer personalised and immersive experiences, enhancing consumer engagement and satisfaction.

Wearables will integrate computing functionalities like health monitoring, navigation, and productivity tools, while also offering entertainment features such as music streaming, gaming, and augmented reality experiences. The integration of computing and entertainment functionalities into wearables is set to propel the market to new heights, creating new revenue opportunities for companies (both incumbents and new entrants).

Read our report The Future of Wearables – Computing, Entertainment, and Emerging Form Factors on the latest trends in wearables and discover how new form factors, and the integration of computing and entertainment functionalities are shaping the future of wearables.