Wearable technology is an emerging trend that integrates electronics into daily activities and fits into the changing lifestyles, and can be worn on any part of the body. A recent report from Mordor Intelligence projects that the Wearable Technology Market was valued at $27.91 billion in 2020 and is expected to reach $74.03 billion by 2026, working at a CAGR of 17.65% over that time.
The report considered several wearable technologies, including smart watches and clothing, head wear, ear pieces, fitness trackers, sleep aids and other similar wellness devices. Smart watches in particular are only growing in popularity among consumers. "Smartwatches are seeing a surge in new users, including the older population, because wearable makers, such as Apple and Fitbit, are adding health-monitoring features that appeal to older people and keep them updated about their health status in real-time. For instance, Apple features a fall detection app and an EKG monitor to the Apple Watch Series 4, while Fitbit added a feature to detect sleep apnea," according to the report, which adds that Apple's sales of wearable and accessories products grew 54% in the last quarter of 2019 compared to the prior year.