Wearable Technology Market size to grow by USD 52.4 billion from 2021 to 2026 | The popularity of wearable devices as payment methods to boost market growth - Technavio

NEW YORK, Aug. 21, 2023 /PRNewswire/ -- The wearable technology market size is to grow by USD 52.4 billion from 2021 to 2026 and register a CAGR of 14.1%, according to Technavio's latest market research report estimates. With a focus on identifying dominant industry influencers, Technavio's reports present a detailed study by the way of synthesis, and summation of data from multiple sources. This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. The report is segmented by Product and Geography. North America is estimated to contribute 48% to the growth of the global market during the forecast period. The US and Canada are the key contributors to the market in the region. The popularity of wearable devices as a payment method will facilitate market growth in the region. The presence of some of the biggest crowdfunding platforms, such as Kickstarter and Indiegogo, which help startups raise funds to develop innovative wearables in the region is also contributing to the growth. In addition, the region is the hub for several international and domestic companies offering wearable devices. Hence, these factors are expected to drive market growth in the region during the forecast period.- Read our Sample Report

The report also covers the following areas:

• Wearable Technology Market size
• Wearable Technology Market Trends
• Wearable Technology Market industry analysis

Wearable Technology Market 2022-2026: Segmentation

• Product 
• Smart Watches
• Wireless Headphones
• HMDs
• Smart Bands
• Others
• Geography 
• North America
• APAC
• Europe
• South America
• Middle East and Africa

The wearable technology market share growth in the smartwatches segment will be significant during the forecast period. A smartwatch is a digital device that offers many features, including making calls; texting; health monitoring by tracking steps taken, calories burned, and heart rate; and tracking sleep patterns. It provides customers with quick access to a variety of applications on their smartphones. Hence, the various features are expected to drive segment growth during the forecast period.

Wearable Technology Market 2022-2026: Company Analysis and Scope

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. To help businesses improve their market position, the wearable technology market provides a detailed analysis of around 15+ companies operating in the market. Some of these companies include AiQ Smart Clothing Inc., Alphabet Inc., Apple Inc., ASUSTeK Computer Inc., BAE Systems Plc, CINOPTICS, Citizen Watch Co. Ltd., Fossil Group Inc., Garmin Ltd., Huawei Technologies Co. Ltd., K Wearables Ltd., Kopin Corp., Lenovo Group Ltd., LG Electronics Inc., Magic Leap Inc., Polar Electro Oy, Samsung Electronics Co. Ltd., Vuzix Corp., Xiaomi Inc., and Elbit Systems Ltd. Buy now.

Company Offering

• Alphabet Inc. - The company offers wearable devices such as Fitbit Sense, Fitbit Versa 3, Fitbit Charge 5, Fitbit Luxe, and Fitbit Inspire 2.
• Apple Inc. - The company offers an Apple watch that provides heart rate notification, mobility, and cardio fitness.
• Garmin Ltd. - The company offers smartwatches such as GEN 6, GEN 5E, GEN 5, and GEN 5 LTE as wearable technology.

Wearable Technology Market 2022-2026: Market Dynamics

Key Driver- The popularity of wearable devices as payment methods is a key factor driving market growth. 

Major Trends

The development of low-power electronics is a major trend in the market. The increasing use of mobile devices such as head-mounted displays (HMDs) is driving demand for energy-efficient and low-power-consumption electronics. In addition, Manufacturers are integrating low-power-consumption components, including advanced processors and IMUs, to improve wearable performance. By optimizing the processor, battery life is extended, and reliability and usability are improved.  Hence, these factors are expected to drive market growth during the forecast period.

Significant Challenges- The rising penetration of counterfeit products is a significant challenge restricting market growth. 

Drivers, Trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

Wearable Technology Market 2022-2026: Key Highlights

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will assist wearable technology market growth during the next five years.
• Estimation of the wearable technology market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the wearable technology market
• Analysis of the market's competitive landscape and detailed information on companies
• Comprehensive details of factors that will challenge the growth of wearable technology market companies.

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Table of Contents

Executive Summary

Market Landscape

Market Sizing

Historic Market Size

Five Forces Analysis

Market Segmentation by Material

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, and Trends

Vendor Landscape

Vendor Analysis

Appendix

About US

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