According to the recent research report titled ‘Global Wearable Technology Market Size study, by Product (Wristwear, Headwear/Eyewear, Footwear, Neckwear, Bodywear), Type (Smart Textile, Non-Textile), Application (Consumer Electronics, Healthcare, Enterprise & Industrial) Technology (Computing technology, Display Technology, Networking technology, Positioning Technology, Sensor Technology), Component (Power Supply Components, Positioning And Networking Components, Sensing Components, Control Components, Display and Optoelectronic Components, Memory Components, Interface Components), Software & services (Apps (APPLICATIONS), Services) and Regional Forecasts 2020-2027’ available with Market Study Report, global wearable technology market was valued at USD 28 billion in 2019. It is projected to record a healthy 15.51% CAGR, reaching a valuation of USD 88.7 billion by 2027.
 

Rising demand for advanced accessories and next-generation interface screens is stimulating the expansion of worldwide wearable technology market. Furthermore, growing popularity of Internet of Things (IoT), increased awareness about the advantages of wearable technology, and fast paced research and development activities are adding traction to industry growth.
 

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For the uninitiated, wearable technology is an interactive device that allows the user to monitor real time data such as heartbeat per minute, number of steps taken, hours of sleep, and others. Wear-ability of these devices, alongside rising adoption for heath & leisure aspects, improved lifestyles, and incorporation in security sector are impelling global wearable technology market share.
 

However, short lifecycle of consumer electronics could prove to be a challenge for market growth.
 

Speaking of application terrain, global wearable technology market is classified into consumer electronics, enterprise & industrial, healthcare, and other applications (Aviation, military & defense, and marine). Moving on to technological scope, the market is split into computing, networking, positioning, sensor, and display technologies.
 

Based on type, wearable technology can be either in the form of wearable smart textiles, or wearable products & devices (non-textiles). By component type, the market can be classified into power supply, sensing, positioning & networking, display & optoelectronic, interface, control, and memory.
 

Coming to product types, global wearable technology market is arrayed into headwear and eyewear, wristwear, neckwear, footwear, bodywear, and others. Citing the software & service spectrum, apps (applications) and services are the two constituents of worldwide wearable technology industry.
 

On the regional front, North America grabbed a significant chunk of the market in the recent past, owing to the popularity of IoT and smart devices. However, Asia Pacific industry is projected to show the highest CAGR during 2020- 2027, on account of widespread incorporation of smart interface screens and advanced accessories.
 

Key contenders of global wearable technology market are Fitbit, Inc., Qualcomm Technologies, Inc., Apple, Inc., Samsung Electronics Co. Ltd., Adidas AG, LG Electronics, Inc., Alphabet, Inc., Xiaomi Corporation, Garmin Ltd., and Sony Corporation.