WEARABLE TECHNOLOGY MARKET – Growth, Trends and Forecasts (2021 – 2027) Including the US, Europe and Asia-Pacific Market
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The Wearable Technology Market was valued at approximately $27.91 billion in 2020 and is expected to reach $74.03B by 2027 and work at a CAGR of 17.65% over the forecast period (2021 – 2027). The latest wearable technology has evolved owing to the emergence of MEMS sensors (chip-based technology). These sensors are assembled into a wearable device driven by the smartphones being used daily on the GPS or the IMU (consisting of a gyroscope, accelerometer, and magnetometer). These sensors helped the fitness tracking wearable to monitor your body day to day activities.
The smartwatch segment is experiencing a rise in the last few years, owing to the additional features, like the brand that fits the lifestyle. Reputed brands, such as Samsung, Apple, Fossil, Oneplus, are keeping the pricing aggressive to maintain their revenues. In addition, with Google’s WearOS (Watch software), many other luxury watchmakers, such as TAG Heuer and Armani, have entered the smartwatch segment. According to Cisco Systems (a Networking hardware company), the global number of connected wearable devices is expected to reach approximately 1,105M by 2022, from 593M in 2018.
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Suprotik Sinha is the Content Writer with Synkrama Technologies. He writes about technologies and startups in the global enterprise space. An animal lover, Suprotik, is a postgraduate from Symbiosis Institute of Mass Communication (SIMC) Pune. He carries 6+ years of experience in Content Writing, and he also worked in mainstream broadcast media, where he worked as a Journalist with Ibn7 ( now known as News18 India) and Zee Media in Mumbai.