The latest report by IMARC Group, titled “Wearable Technology Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, finds that the global wearable technology market exhibited strong growth during 2015-2020. Wearable technology, also known as wearables, is a group of electronic devices that may be worn by individuals as accessories, embedded in clothing, implanted in the user's body or tattooed directly onto the skin. These devices are used to collect, analyze and track information on a real-time basis to inform users about everything from their health metrics to workouts. Wearable technology consists of motion sensors or microprocessors that take the snapshot of day-to-day activities and sync them with mobile devices, laptops, and computers. Nowadays, these tools have gained immense popularity as they have a built-in GPS, which allows individuals to stay informed and immediately share the location with friends, family, nearby people, or even the police.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Wearable Technology Market Trends:
The growth of mobile networks has enabled the development of wearable technology, including smartwatches, head-mounted displays, smart jewelry, implantable devices and fitness trackers that allow the wearer to track their pulse and heart rate, steps and sleep hours. Furthermore, with the onset of coronavirus (COVID-19) disease, there has also been an increasing requirement of the technology for monitoring patients under intensive care. Besides this, the rising awareness regarding the various benefits of wearable electronics, especially among professional athletes and recreational fitness consumers, has led to the increasing adoption of fitness and wellness products. The rapid integration of the Internet of Things (IoT) with connected devices, along with the growing gaming industry, has further escalated the demand for wearables. Moreover, advancements in technology have enabled manufacturers to introduce next-generation artificial intelligence (AI)-enabled wearable devices that are attracting a wider consumer base. Looking forward, the market is expected to grow at a CAGR of around 16% during the forecast period (2021-2026).
- Based on the product, the market has been segmented into wrist-, eye- and head-, foot-, neck-, body-wear and others.
- On the basis of the application, the market has been classified into consumer electronics, healthcare, enterprise and industrial applications, and others.
- Region-wise, the market has been segmented into North America (the United States and Canada), Asia Pacific (China, India, Japan, South Korea, Australia, Indonesia and others), Europe (France, Germany, the United Kingdom, Russia, Spain and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being Alphabet Inc, Apple Inc., Garmin Ltd., HTC Corporation, Huawei Technologies Co. Ltd, Intel Corporation, Microsoft Corporation, Qualcomm Incorporated, Samsung Electronics Co. Ltd. and Sony Corporation.
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