Wearable Technology Market is expected to grow from USD 28.51 billion in 2020 to USD 61.54 billion by 2026, with a high growth rate of 16.61% in terms of CAGR for the forecasted period of 2021 to 2026. North America has globally dominated this market and is followed closely by Europe and the Asia Pacific regions.
North America has globally dominated this market and is followed closely by Europe and Asia Pacific regions.
Recent Industry Developments
In October 2018, the company named Fitbit had launched a new product “Fitbit Charge 3”, a smart band for fitness tracking which is said to automatically capture the user’s fitness activity such as steps, distance, heart rate, floors climbed, hourly event, active minutes, and calories burned.
In 2018, Apple, Inc. came up with a new updated version of their smartwatch gadget, the Apple Watch Series 4 that comes with some advanced features such as water resistance up to 50 meters, a built-in global positioning system (GPS), bright display, and dual-core process enabled.
A recent study has published regarding the Wearable devices mentioning that these are compelling tools that keep patients involved and invested in their health. The most frequent users of wearable devices are people who are less healthy than average and more likely to need to be hospitalized. Devices like activity trackers help customers stay more active and more vigorous on their own, decreasing their need to see a doctor; while more advanced devices can monitor patient health metrics such as blood pressure, heart rate, and diet on the go. Instead of having to go to a clinic for monitoring, patients can do it at home and always be connected to a doctor. If a monitored patient’s blood pressure spikes, the doctor can receive a notification and take action.
Samsung Electronics Co., Ltd in 2016, December has entered into a partnership with a company named Lonely Planet, which is the largest travel guide book publisher for up-gradation of their smartwatch features.
Market Drivers & Restraints
The primary factors that are driving the Wearable Technology market are growing consumer preference for sophisticated gadgets, increasing growth prospects of next-generation displays in wearable devices and the growing popularity of Internet of Things (IoT) and connected devices. While these factors drive the market forward, there are also some restraining factors that are hindering the market growth like the shorter life cycle of the consumer electronics products, fierce competition and high costs of manufacturing, etc.
Market Size Available
Fastest Growing Market
Type, Product, Application, and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, APAC, Latin America, Middle East & Africa
Market Leaders Profiled
Fitbit, Inc. (U.S.), Apple, Inc.(U.S.), Xiaomi Technology Co. Ltd. (China), Garmin Ltd. (U.S.), Samsung Electronics Co., Ltd.(South Korea), Guangdong BBK Electronics Co., Ltd (China), Misfit, Inc. (U.S.), Alphabet, Inc. (U.S.), LG Electronics Inc.(South Korea), Qualcomm Technologies, Inc. (U.S.), Adidas Group (Germany), Sony Corporation (Japan), Jawbone, Inc. (U.S.), and Lifesense Group (The Netherlands) among others.
This global market research report is segmented and segmented as follows:
North America Wearable Technology Market has accounted for the largest market share because of the factors like abundant technological innovations and advancements, which led to the introduction of new products and the increasing demand from consumers & medical applications. It is followed by the Asia Pacific, which is the fastest-growing market of wearable technology.
Key Market Players:
Some of the major companies in the wearable technology market include Fitbit, Inc. (U.S.), Apple, Inc.(U.S.), Xiaomi Technology Co. Ltd. (China), Garmin Ltd. (U.S.), Samsung Electronics Co., Ltd.(South Korea), Guangdong BBK Electronics Co., Ltd (China), Misfit, Inc. (U.S.), Alphabet, Inc. (U.S.), LG Electronics Inc.(South Korea), Qualcomm Technologies, Inc. (U.S.), Adidas Group (Germany), Sony Corporation (Japan), Jawbone, Inc. (U.S.), and Lifesense Group (The Netherlands) among others.
According to the latest reports, global smartwatch shipments grew 53% YoY in Q3 2018 with a strong performance from Fitbit, the US-based company, which grew as high as about 348% YoY in Q3 quarter alone. It is one of the prominent key players performing in the wearable technologies market with a strong presence of its brand over the global market due to its online retail business expansions reaching as far as to developing countries like India, Srilanka and a few African nations.
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Wearable Technology Market, By Product
6.1.1 Wrist wear
6.1.7 Market Size Estimations & Forecasts (2021-2026)
6.1.8 Y-o-Y Growth Rate Analysis
6.1.9 Market Attractiveness Index
6.2 Wearable Technology Market, By Type
6.2.1 Smart Textile
6.2.3 Market Size Estimations & Forecasts (2021-2026)
6.2.4 Y-o-Y Growth Rate Analysis
6.2.5 Market Attractiveness Index
6.3 Wearable Technology Market, By Application
6.3.1 Consumer Electronics
6.3.3 Enterprise & Industrial
6.3.4 Market Size Estimations & Forecasts (2021-2026)
6.3.5 Y-o-Y Growth Rate Analysis
6.3.6 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2021-2026)
7.2.1 By Country
7.2.2 By Product
7.2.3 By Type
7.2.4 By Application
7.3.1 By Country
126.96.36.199 Rest of Europe
7.3.2 By Product
7.3.3 By Type
7.3.4 By Application
7.4 Asia Pacific
7.4.1 By Country
188.8.131.52 South Korea
184.108.40.206 South East Asia
220.127.116.11 Australia & NZ
18.104.22.168 Rest of Asia-Pacific
7.4.2 By Product
7.4.3 By Type
7.4.4 By Application
7.5 Latin America
7.5.1 By Country
22.214.171.124 Rest of Latin America
7.5.2 By Product
7.5.3 By Type
7.5.4 By Application
7.6 Middle East and Africa
7.6.1 By Country
126.96.36.199 Middle East
7.6.2 By Product
7.6.3 By Type
7.6.4 By Application
8. Key Player Analysis
8.1 Fitbit, Inc.
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Apple, Inc.
8.3 Xiaomi Technology Co. Ltd.
8.4 Garmin Ltd.
8.5 Samsung Electronics Co., Ltd.
8.6 Guangdong BBK Electronics Co., Ltd
8.7 Misfit, Inc.
8.8 Alphabet, Inc.
8.9 LG Electronics Inc.
8.10 Qualcomm Technologies, Inc.
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures