Technology market

Wearables Market Size Expected to Reach $60.4 Billion by 2026 | CAGR 9.9% – IndustryARC

Market Research Reports, Business Advisory Services and Analytics

The growing consumer demand to take control of their health is strongly influencing the use of wearable technology in healthcare.

HYDERABAD, TELANGANA, INDIA, Aug. 26, 2022 /EINPresswire.com/ — IndustryARC in its latest report predicts the wearable technology market size to reach $60.4 billion by 2026, after growing at a CAGR of 9.9% in 2021-2026. The growing demand for wearable devices for various applications such as medicine, infotainment, fitness tracking, etc. is the main reason for the growth of the wearable technology market. The report offers a comprehensive analysis of the market, its main segments, growth factors, trends, drivers and challengers, key players and more.

Key points to remember:

1. Growing need for wearable technologies in healthcare applications and growing installation of fitness trackers, smart health watches and health-based wearables in the US are highly dominating the wearable technology market in North America.

2. The introduction of portable operating systems beyond Apple and Google and the increasing shift towards portable interface and analytics are propelling the market growth significantly.

3. Changing lifestyles and increasing need for fitness trackers and Bluetooth smartwatches, along with the fusion of wearable cameras and virtual reality, further enhance the growth of the market.

4. The major challenge for wearable technology is the concern for security and privacy which increases the vulnerability to cyberattacks by hackers. These challenges may further affect the wearable technology market growth, especially in smart health watches as well as other wearable medical devices.

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Segmental analysis:

1. The wristband product segment holds the largest wearable technology market share in 2020 with 29.2%. Wrist wearable devices are commonly used these days due to the growing need for fitness trackers and Bluetooth smartwatches.

2. The wristband product segment holds the largest wearable technology market share in 2020 with 29.2%. Wrist wearable devices are commonly used these days due to the growing need for fitness trackers and Bluetooth smartwatches.

3. The fitness and wellness segment is expected to grow at a CAGR of 10.2% during the forecast period 2021-2026.

4. North America largely dominated the wearable technology market with a share of over 38.1% in 2020, followed by APAC and Europe.

Competitive Landscape:

Top 5 players in the wearable technology industry are –

1.Adidas

2.Apple Inc.

3. Fitbit Inc.

4.Garmin Ltd.

5.Google

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Similar reports:

A. Wearable Medical Devices Market
https://www.industryarc.com/Report/205/Wearable-medical-devices-Market-Analysis-Report.html

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IndustryCRA
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