The global wearable technology market
size is projected to grow from USD 116.2 billion in 2021 to USD 265.4 billion
by 2026; it is expected to grow at a CAGR of 18.0% from 2021 to 2026. Factors
such as growing consumer preference for sleek and compact devices in fitness
and healthcare applications and the rising popularity of IoT and connected devices
are driving the growth of the market during the forecast period.
Apple Inc. is
one of the most innovative companies which designs and develops hardware,
application software, and services for different consumer electronic products.
The company has a prominent focus on R&D activities and is extremely
innovative. In the wearable technology market, Apple offers a series of
smartwatches with iOS. Apple Watch enables users to communicate in new ways from
their wrist and track their health and fitness and offers workout apps and
contactless payments through Apple Pay. Apple Watch Series 6 is specifically
designed for contactless and secure payments and fitness and healthcare
purposes. The company focuses on R&D activities to gain a competitive
advantage. Also, the company’s growing investments in R&D have enabled it
to expand its product portfolio in wearable technology..
Samsung Electronics Co., Ltd. was among the leading players in the
wearable technology market in 2020. Samsung Electronics is a multinational
conglomerate company. The company manufactures and sells consumer electronic
products. To cater to the huge demand for wearable technologies, the company
has a separate portfolio. The company’s premium smartwatch series Gear S, Gear
Circle, Gear Fit, and Gear VR are the backbone of its wearable portfolio.
Samsung competes against technology-intensive firms such as Apple, Google, and
Sony, creating a strong competitive edge. The company’s R&D investment is
increasing yearly, which is the major reason behind new product developments
and the company’s growth.
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Xiaomi Corporation is one of the largest global wearable
device providers. The company designs, manufactures, and markets smartphones,
wearable devices, and other consumer electronics. The company’s product range
includes smartphones, smartwatches, smart wristbands, wireless routers,
tablets, TVs, and power banks. Xiaomi entered the wearable space in 2014. The
company offers a wide product portfolio, which includes smart bands and
smartwatches. Until 2019, Xiaomi smartwatches and bands with the payment
technology were available only in China. However, the company is expanding its
foothold in contactless technology in other countries as well. In June 2020,
Xiaomi and Mastercard launched Mi smart band 4 NFC with the contactless payment
function in Russia. Xiaomi continues to view product developments and
collaborations as a major part of its growth strategy. Such product
developments and collaborations are intended to augment growth, expand its
business with new technologies and products, and enhance its geographical
reach.
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