At a compound annual growth rate of 18%, the size of the worldwide Wearable Technology market is projected to reach USD 265.4 billion in 2026.
The wearable technology market is experiencing the increase because of the factors like convenience, flexibility and user-friendly. In addition, wearable technology offers efficiency in the operations, track the fitness and monitoring of real-time data that helps in increasing the wearable technology industry growth. Wearable technology is mostly used in sports & fitness devices, healthcare, defense support, customer applications and several verticals of the industry. Therefore, the flourishing demand for wearable technology industries is substantially fueling the demand for wearable technology industry over the forecast period.
primary cost of manufacturing of wearable devices is leading the prices for the customers. Manufacturers of wearable devices spend a large amount of money on shipping, software, research, promotion & marketing, licensing and wearable development because of investment is very high, will increase the global wearable technology industry. Wearable technology is the developing technology incorporated with electronics and can be easily used as an accessory. Potential of connecting to the Internet and enabling the data to exchange between the device and network is the most notable application of wearable technology. market of wearable technology has a substantial number of startups that are investing in smart wearables. The factors that are driving the wearable technology industry growth are an increase in the developments of innovations in the coming years that are integrating the design in everyday life and high technology. Nowadays, to attract the customer manufacturers are mainly focusing on offering the devices of aesthetic design.
Factors that are affecting the growth of the wearable technology market are convenient and portable usage, manufacturing cost, developments in the technology, rise in the awareness for health and contribution of large players. These factors are increasing the usage of wearable devices in several industries like defense, enterprises & industries, defense, entertainment, healthcare and more. The wearable devices like smart clothing, activity trackers and smartwatches because of several advantages involving the current developments of technology and portable usage.
Examples of developments in wearable technology in utilizing the miniature sensors into smartwatches, fabrics compatibility to communicate with the easy payment, in-store merchandising and social media. Customers are anticipated to choose the smartwatches for the developments in technology and analog counterparts. Companies of wearable devices are investing in the research & development in large amount to develop the optimum solutions in gaining the global wearable technology market share. Development in technological applications is propelled to fuel the wearable technology industry in the coming years.
The global wearable technology market is segmented on the basis of product, devices, application, and region. On the basis of product, the wearable technology market is divided into neckwear, hearable, eyewear, bodywear, and wrist wear. On considering the devices, wearable technology market is divided into smart clothing, smart glasses, fitness & wellness devices, smart watches and more. Based on application, the market is divided into healthcare, defense, industrial & enterprise, lifestyle, customer applications, and sports & fitness.
Geographically, regions involved in the development of the global wearable technology market share are Europe, North America, Latin America, and the Asia Pacific. The Asia Pacific holds the largest wearable technology market share and is estimated to expand in the coming years.
Global wearable technology industry leaders involved in increasing the market are Sony Corporation, Fitbit, Samsung Electronics, Apple Inc., and more.
Key Segments in the “Global Wearable Technology Market” are-
By Product, market is segmented into:
- Neck wear
- Eye wear
- Body wear
- Wrist wear
By Devices, market is segmented into:
- Smart clothing
- Smart glasses
- Fitness & Wellness devices
- Smart watches
By Application market is segmented into:
- Industrial & Enterprise
- Customer Applications
- Sports & Fitness.
By Regions market is segmented into:
- North America
- Latin America
- Asia Pacific