Tech trends: Wearable market booms with big brands leading the way.

The global wearable technology market is expected to reach a value of US$192.2 billion by 2032, with a compound annual growth rate of 12.6% during the forecast period of 2024-2032. The rise in health and wellness awareness among consumers is driving the growth of the market, with a demand for fitness trackers, smartwatches, and wearable health monitors. Technological advancements, such as miniaturization of components and improvements in battery life, are enabling the development of more comfortable and durable wearables. Connectivity and smartphone integration are also key drivers, allowing wearables to sync with smartphones and provide seamless data exchange. The market is dominated by companies such as Alphabet Inc, Apple Inc, and Samsung Electronics Co Ltd, with wrist-wear, including smartwatches and fitness bands, and consumer electronics being the largest segments of the market.