The global wearable technology market size is projected to grow from USD 116.2 billion in 2021 to USD 265.4 billion by 2026; it is expected to grow at a CAGR of 18.0% from 2021 to 2026. Factors such as growing consumer preference for sleek and compact devices in fitness and healthcare applications and the rising popularity of IoT and connected devices are driving the growth of the market during the forecast period.
Apple Inc. is one of the most innovative companies which designs and develops hardware, application software, and services for different consumer electronic products. The company has a prominent focus on R&D activities and is extremely innovative. In the wearable technology market, Apple offers a series of smartwatches with iOS. Apple Watch enables users to communicate in new ways from their wrist and track their health and fitness and offers workout apps and contactless payments through Apple Pay. Apple Watch Series 6 is specifically designed for contactless and secure payments and fitness and healthcare purposes. The company focuses on R&D activities to gain a competitive advantage. Also, the company’s growing investments in R&D have enabled it to expand its product portfolio in wearable technology..
Samsung Electronics Co., Ltd. was among the leading players in the wearable technology market in 2020. Samsung Electronics is a multinational conglomerate company. The company manufactures and sells consumer electronic products. To cater to the huge demand for wearable technologies, the company has a separate portfolio. The company’s premium smartwatch series Gear S, Gear Circle, Gear Fit, and Gear VR are the backbone of its wearable portfolio. Samsung competes against technology-intensive firms such as Apple, Google, and Sony, creating a strong competitive edge. The company’s R&D investment is increasing yearly, which is the major reason behind new product developments and the company’s growth.
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Xiaomi Corporation is one of the largest global wearable device providers. The company designs, manufactures, and markets smartphones, wearable devices, and other consumer electronics. The company’s product range includes smartphones, smartwatches, smart wristbands, wireless routers, tablets, TVs, and power banks. Xiaomi entered the wearable space in 2014. The company offers a wide product portfolio, which includes smart bands and smartwatches. Until 2019, Xiaomi smartwatches and bands with the payment technology were available only in China. However, the company is expanding its foothold in contactless technology in other countries as well. In June 2020, Xiaomi and Mastercard launched Mi smart band 4 NFC with the contactless payment function in Russia. Xiaomi continues to view product developments and collaborations as a major part of its growth strategy. Such product developments and collaborations are intended to augment growth, expand its business with new technologies and products, and enhance its geographical reach.
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