According to the latest report by IMARC Group, titled “Wearable Technology Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global wearable technology market size reached US$ 49.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 110.8 Billion by 2027, exhibiting a growth rate (CAGR) of 13.6% during 2022-2027. 

Market Outlook:

Wearable technology represents a category of electronic devices designed with advanced technological solutions that can be worn as accessories, embedded in clothing, or implanted in the body of user. They are available in numerous product types, such as wristwear, footwear, eyewear, neckwear, etc. These wearable technology-driven devices are hands-free gadgets powered by microprocessors and improved with the ability to send and receive data via the internet. They track real-time biometric information and provide immediate biofeedback to the wearer. Consequently, wearable technology-based instruments find extensive applications across several sectors, including consumer electronics, healthcare, fitness and wellness, defense, etc.

Market Trends:

The expanding healthcare industry across the globe and the increasing consumer preferences for sleek and compact health and fitness devices are primarily driving the wearable technology market. Furthermore, the growing utilization of the technology to monitor the patients under intensive care and as prompt warning systems for virus infection is acting as another significant growth-inducing factor.

Additionally, the development of innovative products integrated with the Internet of Things (IoT), artificial intelligence (AI), and virtual reality (VR) is also positively influencing the market growth. Apart from this, the elevating focus among leading manufacturers towards producing next generation displays and miniaturized sensors and the rising product usage by professional athletes and recreational fitness enthusiasts are expected to stimulate the wearable technology market in the coming years.

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Competitive Analysis and Segmentation:

Major Players Covered: 

Alphabet Inc
Apple Inc.
Garmin Ltd.
HTC Corporation
Huawei Technologies Co. Ltd
Intel Corporation
Microsoft Corporation
Qualcomm Incorporated
Samsung Electronics Co. Ltd.
Sony Corporation

Market Segmentation:

The report has segmented the global wearable technology market on the basis of product, application and region.

Based on Product:

Wrist-Wear
Eye-Wear and Head-Wear
Foot-Wear
Neck-Wear
Body-Wear
Others

Based on Application:

Consumer Electronics
Healthcare
Enterprise and Industrial Application
Others

Geographical Analysis:

North America: (United States, Canada)
Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, Others)
Middle East and Africa

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Key Highlights of the Report:

Market Performance (2016-2021)
Market Outlook (2022-2027)
Market Trends
Market Drivers and Success Factors
Impact of COVID-19
Value Chain Analysis
Comprehensive mapping of the competitive landscape

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