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.
The wearable technology market
is dominated by a few globally established players such as 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)
Factors such as growing demand
for smart devices in the healthcare sector and surge in demand for IoT devices
are driving the growth of the market during the forecast period.
APAC accounted for the largest
share in the market in 2026. APAC has the presence of prominent market players.
Manufacturers in China and India offer wearable devices at a low price, making
them affordable for customers. Many international players get their wearable
devices manufactured and assembled by local manufacturers based in the region
and then brand their names.
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The region has many highly
populated countries, which account for the high adoption rate of consumer
electronics. Wearable device manufacturers are continuously innovating their
wearable devices to attain a competitive advantage. Several manufacturers have
integrated NFC technology into their wearable devices to enable payment
functionalities
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