Wearable technology market projected to grow through 2031

The wearable technology market is undergoing a significant transformation driven by applied AI and expanded feature sets. According to a market study by ABI Research, wearable device shipments are projected to grow from 402.96 million in 2026 to 544.08 million by 2031. Revenue in this sector is expected to rise from $44.22 billion in 2026 to $56.54 billion by 2031.

Smartwatches remain the dominant segment, expected to account for 37 percent of shipments in 2025. Apple currently leads the smartwatch market with a 23.3 percent share, followed by Huawei at 14.6 percent and Samsung at 10.7 percent.

As an alternative to smartwatches, smart rings are gaining popularity. Brands such as Oura, Samsung, Ultrahuman, RingConn, and Renpho are active in this space. Smart rings offer a screenless experience that can improve sleep tracking comfort and reduce notification fatigue, though they generally lack the advanced medical sensors and sophisticated workout tracking capabilities found in larger smartwatches.