The wearable technology market size is expected to grow from USD 15.74 billion in 2015 to USD 51.60 billion by 2022, at a CAGR of 15.51% between 2016 and 2022. The wearable technology market is expected to grow because of various driving factors, such as consumer preference for sophisticated gadgets, increasing growth prospects of next-generation displays in wearable devices, and growing popularity of Internet of Things (IoT) and connected devices.

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Wearable devices or products are small electronic devices worn by users which enable mobile computing and wireless networking. The term wearable technology refers to any wearable electronic device or product which helps to integrate computing in daily activities or work. The wearable technology includes headwear & eyewear such as augmented reality (AR), virtual reality (VR), footwear such as athletic, fitness, and sports shoes, wristwear such as smart watches and wristbands, and others (such as body worn camera and ring scanners). The concept of electronic textiles (e-textiles)/smart textiles has recently emerged from the concept of integration of wearable computers in clothing and apparel.

The wristwear product segment is expected to cover the maximum size of the wearable technology market between 2016 and 2022. The factor for this growth is attributed to key industry players who are introducing products with advanced features to serve customers’ need of fitness and healthcare. Wristwear measures fitness and healthcare parameters, which includes heartrate, calories, distance travelled, and steps. All such parameters could be synchronized with a mobile to store data. Moreover, people could access the mobile through wearable devices with the help of wristwears. So considering all such developments, it is estimated that wristwear would gain the maximum size of the wearable technology market between 2016 and 2022.

In 2015, the Americas accounted for the largest share of the wearable technology market because of several factors. One of the most important factors is technological innovations and advancements, which led to the introduction of new products. The increasing demand from consumers and medical applications has also led to the growth of wearable technology market in the Americas.

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Some of the major companies in the wearable technology market, include Fitbit, Inc. (U.S.), Apple, Inc.(U.S.), Xiaomi Technology Co. Ltd. (China), Garmin Ltd. (U.S.), Samsung Electronics Co., Ltd.(South Korea), Guangdong BBK Electronics Co., Ltd (China), Misfit, Inc. (U.S.), Alphabet, Inc. (U.S.), LG Electronics Inc.(South Korea), Qualcomm Technologies, Inc. (U.S.), Adidas Group (Germany), Sony Corporation (Japan), Jawbone, Inc. (U.S.), and Lifesense Group (The Netherlands) among others.

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