Wearable technology refers to electronic devices that can be worn as accessories, embedded in clothing, implanted in bodies or even tattooed on skin. This includes wearable devices such as smartwatches, fitness trackers, smart clothing and other smart accessories. These devices are equipped with sensors to measure step count, heart rate, sleep duration, GPS location and other biometric and behavioural data. Wearable technology is advantageous as it allows individuals to closely monitor their health on a daily basis. Key features of wearables include activity/sleep tracking, heart rate monitoring, GPS, onboard storage, Bluetooth and Wi-Fi connectivity. This makes it easy for users to share data with fitness/healthcare apps.

The Global Wearable Technology Market is estimated to be valued at US$ 168.47 billion in 2024 and is expected to exhibit a CAGR of 12.4% over the forecast period 2024 to 2031.

Key Takeaways
Key players operating in the Wearable Technology market are Apple, Fitbit, NIKE, Garmin, Samsung and Xiaomi.
The demand for Wearable Technology Market Demand devices is growing significantly due to increasing health consciousness among individuals. Wearables help track vital signs, calories burnt, distance covered and quality of sleep on a daily basis which motivates users towards improved wellness.
Major tech companies are also expanding their wearable technology footprint globally. Apple has become a leader in the smartwatch category while Xiaomi dominates the affordable wearables segment in Asia. Increased investments are being made in R&D to develop innovative products with more health features.

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