The wearable technology market is mainly due to the increasing popularity of wearable devices such as smart watches and fitness trackers. These devices are being used for a variety of purposes such as tracking health and fitness data, managing schedules, and communication.
This article provides insights into the market for wearable devices by product, type and application. The report also covers factors driving the growth of the wearable technology market.
The wearable technology market is projected to grow from USD USD 116.2 billion in 2021 to USD 265.4 billion by 2026; it is expected to grow at a CAGR of 18.0%. Factors driving this growth include increasing adoption of wearables for fitness and health tracking, increasing demand for smart watches and other types of wearable devices for fashion and lifestyle, and rising popularity of virtual reality (VR) and augmented reality (AR).
Emerging Trends in Wearable Technology
Factors driving the growth of this market include increasing adoption of wearable devices for health and fitness, increasing demand for smart watches and other wearable devices for consumer applications, and increasing investment in innovative wearables.
Wearable technology can be classified into five product types: health monitors, activity trackers, smart watches, eyewear, and head-mounted displays. Each type has a different application area and potential market segment.
Health monitors are primarily used for tracking heart rate and blood pressure levels, but they are also being used to monitor other health conditions such as diabetes. Activity trackers are used to track physical activities such as walking or running. Smart watches are used mainly for notifications and communication, but they are also becoming more powerful with features such as voice recognition and GPS tracking. Eyewear is worn to improve vision or to prevent eye injuries. Head-mounted displays are devices that project images onto the eyesight, allowing people to see virtual reality simulations or video programs.
Top Wearable Technology by Product Type and Application
Wearable technology products are classified into two main categories: active wear and accessories. The active wear category includes wearable devices that track physical activity such as steps taken, calories burned, and distance walked. Accessories include devices that are not worn on the body but are used to control electronic devices. The product type segment of the wearable technology market is projected to account for the largest share by 2021 to 2026. This is due to the growing popularity of smart watches and other wearables that are compatible with smart phones.
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The Wearable Technology Market by Type
Wearable devices are classified into smart watches, head-mounted displays (HMDs), glasses, ear buds, and other wearable devices. Smart watches are the most popular type of wearable device among consumers and are projected to account for the majority of the market in 2022
The smart watch segment is expected to account for the largest share in the wearable technology market in 2026, followed by glasses and sensors. The smart watch segment is projected to grow at a higher CAGR than other product types over the forecast period. This is due to the increasing popularity of smart watches among people of all ages and genders. In terms of application, the market is dominated by fitness and health care, followed by social networking and entertainment.
Fitness trackers are beneficial for people who are looking to improve their physical fitness and track their daily activities. These devices allow people to monitor their heart rate, steps taken, calories burned, etc., which can help them achieve their fitness goals.
Some of the key players in the wearable technology market include Apple Inc. (US), Fitbit Inc. (US), Google LLC (US), Samsung Electronics Co., Ltd.(South Korea), Garmin Ltd.(Switzerland), LG(South Korea), Huawei(China), Sony Corporation(Japan), Xiaomi Corporation(China), and Microsoft (US)
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