Wearable Technology Market size is forecast to reach $60.4 billion by 2026, after growing at a CAGR of 9.9% during 2021-2026. The increasing demand for wearable devices for various applications such as medical, infotainment, fitness tracking, and so on is the major reason for the growth of the Wearable Technology market. In addition, the rising use of smartwatch phones, wearable electronics such as smart clothing, smart jewellery and so on are also driving the need for wearable devices enhancing the wearable technology market growth.
Competitive Landscape:
The top 5 players in the Wearable Technology industry are –
1. Adidas
2. Apple Inc
3. Fitbit Inc
4. Garmin Ltd
5. Google
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Segmental Analysis:
1. The wrist-wear product segment holds the largest share in the wearable technology market in 2020 at 29.2%. Wrist wearables are commonly used these days due to the increasing need for fitness tracking systems and Bluetooth smart watches.
2. The most significant application of wearable devices is fitness and wellness. As the lifestyle of the consumers is changing which has required the need for products that could easily provide information about their health.
3. North America highly dominated the wearable technology market with a share of more than 38.1% in 2020, followed by APAC and Europe.
4. The healthcare segment is also propelling the wearable technology market, owing to the rising need for smart clothing for enhancing healthcare practices. The increasing adoption of smart clothing for monitoring health and promoting a healthy lifestyle is further creating opportunities for the wearable technology market.
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Report Coverage |
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Report Attributes |
Details |
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By Product Type |
Wrist Wear, Eye Wear, Foot Wear, Neck Wear, Body Wear and Head Wear |
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By Application |
Fitness and Wellness, Healthcare, Infotainment, Defense, Enterprise and Industrial and Others. |
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By Technology |
Computing Technology, Display Technology, Networking Technology, Positioning Technology, Sensor Technology. |
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By Geography |
North America, Europe, Asia-Pacific, South America and Rest of World |
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Market Drivers and Challenges:
1. Wearable Technology in Healthcare: The rising demand of the customers to take control of their health is highly influencing the use of wearable technology in healthcare.
2. Growing Popularity for Smart Watches: The increasing deployment of connectivity and digitalization has raised the need for wireless devices. This deployment has led to the need for wireless fitness and sport devices such as fitness trackers and smartwatches.
3. Technology Advanced Apparels: The technological advancement in garment manufacturing is also enhancing the wearable electronics technology market.
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