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Wearable Technology Market Share, Size and Industry Growth Analysis 2021-2026## Wearable Technology Market OverviewWearable Technology Market size is forecastto reach $60.4 billionby 2026, after growingat a CAGR of 9.9%during 2021-2026. The increasing demand for wearable devices for variousapplications such as medical, infotainment, fitness tracking, and so on is themajor reason for the growth of the Wearable Technology market. In addition,the rising use ofsmartwatchphones, wearable electronics such as smart clothing, smart jewellery and so onare also driving the need for wearable devices enhancing the wearabletechnology market growth. Moreover, the integration of electronics to dailyactivities and changing lifestyle are also anticipated to propel the wearabletechnology market during the forecast period, particularly in the NorthAmerican and European markets where despite the high cost of these productsadoption will continue to rise.## Report CoverageThe report: “Wearable Technology Industry Outlook – Forecast (2021-2026)”, byIndustryARC, covers an in-depth analysis of the following segments of theWearable Technology Market Report.By Product Type: Wrist Wear, Eye Wear, Foot Wear, Neck Wear, Body Wear andHead Wear.By Technology: Computing Technology, Display Technology, NetworkingTechnology, Positioning Technology, Sensor Technology.By Application: Fitness and Wellness, Healthcare, Infotainment, Defense,Enterprise and Industrial and Others.By Geography: North America, Europe, Asia-Pacific, South America and Rest ofWorld.## Key Takeaways * The increasing need for wearable technology in healthcare application and the rising installation of fitness trackers, smart health watch and health-based wearables in the U.S is highly dominating the wearable technology market in North America. * The introduction of wearable operating systems beyond Apple and Google and the growing shift towards the wearable interface and analytics are significantly propelling the market growth. * The Changing lifestyle and the growing need for fitness trackers and Bluetooth smart watches along with the merging of wearable cameras and virtual reality are further enhancing the market growth. * The major challenge for wearable technology is the concern towards safety and privacy that increases the vulnerability of cyber-attacks by hackers. These challenges can further affect the growth of the wearable technology market especially in smart health watches as well as other medical wearable devices. Wearable Technology Market, By Region, 2020 (%) ## Wearable Technology Market Segment Analysis – By Product TypeThe wrist-wear product segment holds the largest share in the wearabletechnology market in 2020 at 29.2%. Wrist wearables are commonly used thesedays due to the increasing need for fitness tracking systems and Bluetoothsmart watches. This is basically a computerized smart watch phone that isdesigned with features such as making calls, browsing the internet andtracking information about the user’s health. The wearable electronicsproducts such as smart clothes, fitness trackers, smart jewellery and so onare integrated with operating systems that can be used with multiple devicesand also offers sophisticated analyses with the help of in-built technologicalcapabilities. Thus, the rising usage of smartwatch phones and wristbands as astyle statement is also leading to propel the wearable technology market.## Wearable Technology Market Segment Analysis – By ApplicationThe most significant application of wearable devices is fitness and wellness.As the lifestyle of the consumers is changing which has required the need forproducts that could easily provide information about their health. Thewearable technology such as smart watch phones, fitness bands, smart clothing,smart health watches and so on are widely getting traction and is enhancingthe fitness and wellness application segment. Moreover, the increasing numberof consumers are majorly preferring to use smart health watches and bands formaintaining their fitness which is boosting the wearable technology market.Thus, the fitness and wellness segment is projected to grow at a CAGR of 10.2%during the forecast period 2021-2026.Additionally, the healthcare segment is also propelling the wearabletechnology market, owing to the rising need for smart clothing for enhancinghealthcare practices. The increasing adoption of smart clothing for monitoringhealth and promoting a healthy lifestyle is further creating opportunities forthe wearable technology market.## Wearable Technology Market Segment Analysis – By GeographyNorth America highly dominated the wearable technology market with a share ofmore than 38.1% in 2020, followed by APAC and Europe. The advancement in smartgadgets and the growing need for more sophisticated wearable technologies andthe low cost of smart wireless sensor networks is leading to the growth ofthis wearable device technology market in this region. The continuousimprovement in the design and functionality of Bluetooth smart watches isfurther driving the usage of smart watch phones in the US. Moreover, it isalso estimated that the percentage of smartwatch users in the U.S among adultshas crossed 10% in 2019. Furthermore, it is predicted that about 31.5 millionAmericans between the age group of 18 to 55 will be using smartwatches by nextyear which will drive the wearable electronics technology market in NorthAmerica. Additionally, Tech giant Apple Inc. is launching smart ring tocontrol an iPhone will also further fuel the growth of the wearable technologymarket in North America.## Wearable Technology Market Drivers### Wearable Technology in HealthcareThe rising demand of the customers to take control of their health is highlyinfluencing the use of wearable technology in healthcare. The development ofwearable devices such as fitness trackers, smart watch phones, smart healthwatches, smart clothing and so on are highly driving wearable technology inthe healthcare industry. As the recent wearable technology is equipped withadvanced features that monitor health-related problems and make the diagnosticprocess more convenient for medical practitioners is highly leading to theneed for advanced wearable technology. Moreover, the introduction of wearableECG monitors are also gaining huge traction in the healthcare sector which isdriving the wearable technology market### Growing Popularity for Smart WatchesThe increasing deployment of connectivity and digitalization has raised theneed for wireless devices. This deployment has led to the need for wirelessfitness and sport devices such as fitness trackers and smartwatches. Also,technological development has led to the introduction of Bluetooth smart watchwith in-built features, which can be connected easily to mobile devices. Theseadvanced Bluetooth smart watches are highly portable which can provideinformation at any point of time and is also becoming a center of attractionto the customers which is further propelling the wearable technology market.Additionally, the introduction of Apple Watch Series 5 offering user-friendly,feature-packed, reliable, and customizable is increasingly driving thewearable technology market. As the majority of the adults between the agegroup 18-55 are widely preferring to wear smartwatches as a style statementwhich is leading to drive the wearable technologies market.### Technology Advanced ApparelsThe technological advancement in garment manufacturing is also enhancing thewearable electronics technology market. The garment manufacturers areintegrating advanced electronics in the clothes and leading to theintroduction of smart clothing which is influencing the medical industry.Smart clothing is becoming popular among the customers as it is allowing thecustomers to change the color of their clothes as per their preference.Additionally, the top brands such as Nike and Adidas are investing hugeamounts in the development of T-shirts equipped with sensors for trackinghealth-related entities such as calories, heart rate and so on. The increasingawareness towards fitness catalyzed by numerous marathons and fitness eventsare impelling the growth in the global wearable technology market## Wearable Technology Market Challenges### Increasing Need for Safety, Security and PrivacyWearable Technology is rapidly growing at a faster pace, but the majorchallenge that is affecting this technology is the need for safety, security,and privacy of the customer’s information. As the wearable devices areequipped with lithium batteries and are attached close to the body which canlead to the potential risk to the customer. Furthermore, the security andprivacy of the user are also hindered due to the rising risk from hackers, whocan manipulate the data. The security and privacy are also a common factorthat is causing a threat to the use of wearable technology, as it also leadingto a lack of end-to-end encryption of information, insecure communication andalso forming cyber-related vulnerabilities.## Wearable Technology Market Market LandscapeTechnology launches, acquisitions, and R&D activities are key strategiesadopted by players in the wearable technology market. In 2019, the market ofwearable technology has been consolidated by the top ten players – Adidas Ag,Apple Inc., Fitbit Inc., Garmin Ltd., Google Inc., Jawbone, Nike, Inc.,Samsung Electronics Co Ltd and Sony Corp.## Acquisitions/Technology Launches * In October 2019, Samsung launched the Galaxy Watch Active 2 and Galaxy Watch LTE in India. This new product is cost-effective which will attract users in India and will further create growing opportunities for wearable technology market. * In January 2019, Omron Healthcare has launched highly-anticipated HeartGuide, the first wearable blood pressure monitor for monitoring the blood pressure and EKG capability using a single device. This wearable blood pressure monitor will highly influence the medical industry and will propel the wearable technology market in the coming years. Related Reports Report Code: HCR 0015 Report Code: HCR 0160 For more Information and Communications Technology Market reports, pleaseclick here