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The wearable technology market size is to grow by $52.4 billion from 2021 to 2026 and register a CAGR of 14.1%, according to Technavio's latest market research report estimates. With a focus on identifying dominant industry influencers, Technavio's reports present a detailed study by the way of synthesis, and summation of data from multiple sources.
This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. The report is segmented by Product and Geography. North America is estimated to contribute 48% to the growth of the global market during the forecast period. The US and Canada are the key contributors to the market in the region.
The popularity of wearable devices as a payment method will facilitate market growth in the region. The presence of some of the biggest crowdfunding platforms, such as Kickstarter and Indiegogo, which help startups raise funds to develop innovative wearables in the region is also contributing to the growth. In addition, the region is the hub for several international and domestic companies offering wearable devices. Hence, these factors are expected to drive market growth in the region during the forecast period.
