Wearable Technology Industry Analysis 2021, Market Growth, Trends, Opportunities Forecast to 2028 | Suunto, Abbott laboratories, Sony, Eurotech, Nike, Google

Description

New Research Study "Wearable Technology Market 2021 analysis by Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges and Investment Opportunities), Size, Share and Outlook" has been added to Coherent Market insight

The global wearable technology market is estimated to be valued at US$ 17,142.3 million in 2021 and is expected to exhibit a CAGR of 45.4 % over the forecast period (2021-2028).

Wearable technology, often known as wearables, refers to electronic technology or gadgets that are integrated into products that may be easily worn on the body. These electronic gadgets, which include motion sensors, are used to track information in real time. The elegant design and multi-functionality of a product are always characteristics that draw a customer to it, and wearable technology goods provide these benefits, which are anticipated to increase demand for wearable technology products. Wearable electronics have changed greatly throughout the years due to the introduction of new technology.

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This report includes information on the industry's market growth as well as key segmentation variables that help the global Wearable Technology Market prosper in today's environment. The report also emphasises the importance of regional classification in the global Wearable Technology Market. Due to growing demand, the worldwide Wearable Technology Market will eventually create more revenue and have a higher market size than the previous projected period.

Major Key players in this Market:

· Adidas
· Suunto
· Abbott laboratories
· Sony
· Eurotech
· Nike
· Google Inc.
· Garmin International Inc.
· Medtronic
· Fitbit Inc.
· Apple Inc

Drivers & Trends

The market forecasts in the Wearable Technology industry are based on established research and assumptions based on current drivers and trends. As a result, the research report serves as a repository of analysis and data for every aspect of the market, including applications, SWOT analysis, future potential, new developments, and more. To acquire a firm grasp on the total market, several possible growth factors and hazards are assessed.

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Market Trends

The youth of today are found to be more tech-savvy and this is true mainly for those in the age group of 13-25. This age group has offered fresh opportunities helpful in formulating new strategies for future development. Market players keep in mind the need of this age group before finalizing strategies associated with innovative product development. Wearable smart glasses, activity monitors, smart clothing, and smartwatches are likely to attract the youth of the present generation.

Currently, wearable technology products are a niche market with handful of players dominating the market but in the near future new players, both small and big, are expected to enter this market. These new and existing players are likely to bring more changes in product design and will thus result in more compact products. The prices of wearable technology products are likely to reduce with the increase in number of players competing against each other and the smaller players will play a major role in this trend as they will come up with substitutes at lower prices. Better products at a cheaper price will thus increase the demand for wearable technology products and further drive this market.

Regional Classification

The Wearable Technology market is divided into five areas, each with its own development possibilities and current trends: Latin America, North America, Asia Pacific (APAC), Europe, and the Middle East and Africa. The report was created through extensive research and analysis, as well as examination of numerous elements that may influence regional growth, such as each region's economic, political, environmental, technical, and social condition. It also includes a complete analysis of each region's recognised manufacturers, production, and revenue, as well as the top influencing elements, critical data, and data segmented both regionally and globally.

Global Wearable Technology Market: Recent Developments

· In September 2021, Xiaomi launched Xiaomi Smart Glasses – a brand new smart wearable device. Xiaomi Smart Glasses is capable of combining imaging system and sensors into a subtle, ordinary glasses design through MicroLED optical waveguide technology.
· In October 2021, Amazfit, a chinese smart wearable brand has launched three new smartwatches: the GTR 3 Pro, GTR 3 and GTS 3 with innovative haptic technology.
· In August, 2021, Xiaomi launched Mi Smart Band 6 in India for women's health tracking and continuous heart-rate tracking.
· Major companies in the market are focused on mergers and acquisitions, in order to enhance the market presence. For instance, in December 2019, Medtronic acquired Klue, a diabetes management wearable startup.
· Major market players are involved in mergers and acquisitions, in order to gain a competitive edge in the market. For instance, in November 2019, Google, Inc. acquired Fitbit Inc., a manufacturer of electronic wearable devices for US$ 2.1 billion.

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