The wearable technology market is predicted to increase at a CAGR of 18.0 percent from 2021 to 2026, from USD 116.2 billion in 2021 to USD 265.4 billion in 2026, as per MarketsandMarkets, a global market research and consulting company. Consumer inclination for sophisticated gadgets increased development possibilities of next-generation displays in wearable devices, and the growing popularity of IoT and linked devices are all contributing to the growth of the wearable technology market. The more diminutive life cycle of the electronics market, on the other hand, is a major impediment to the wearable technology market's growth.
Conversely, the use of wearables in a variety of applications and multi-featured and hybrid application mobile devices is creating new potential for the wearable technology market to flourish. Wearable technology is bringing new applications to the table, such as medical operations. Internables/implantables are also employed with wearable devices. Advanced wearable technology utilized in medical applications is known as internables or implantables. Internables, also known as implantables, are sensors that can be implanted into the human body to monitor various health factors.
During the Forecast Period, Wristwear Will Have the Largest Market Share
Wristwear, headwear, eyewear, footwear, fashion and jewelry, bodywear, and other products make up the wearable technology market. Wristwear is predicted to be worth USD 77.9 billion in 2021, while headgear is expected to expand at a 30.0 percent compound annual growth rate (CAGR) between 2021 and 2026. Wristwear has grown in popularity as a result of its many uses. The wristwear category now presents chances for the wearable technology industry and will continue to do so in the coming years, owing to the incorporation of modern technologies.
Furthermore, wristwear, headwear, eyewear, and bodywear would be the greatest segments to invest in in the coming years. AR and product and technology used in many high-class applications such as the industrial segment, video games, and entertainment are included in headwear and eyewear.