Yes, by RAW your magic armor should adjust automatically to your wildshape form during the wildshape trans-formative process.
For 5E, you start with general and go to specific.
1st General rule: Equipment (PHB pg.144, Variant: Equipment sizes)
In most campaigns, you can use or wear any equipment that you find on
your adventures, within the bounds of common sense. For example, a
burly half-orc won't fit in a halfling's leather armor, and a gnome
would be swallowed up in a cloud giant's elegant robe.
So regular equipment does not alter to other forms, especially radically different forms, as the examples provide. However, this is only a variant rule, and after the quote it goes on to say that the DM can change this to allow moderate alterations, or very petty and that different individuals of the same race can't wear another's armor without getting it adjusted first. So, there is flexibility, and definitely not definitive.
2nd General Rule: Magic Items (DMG pg. 140/141, Wearing and Wielding [Magic] Items)
In most cases, a magic item that's meant to be worn can fit a
creature regardless of size or build. Many magic garments are made to
be easily adjustable, or they magically adjust themselves to the
Rare exceptions exist. If the story suggests a good reason for an
item to fit only creatures of a certain size or shape, you can rule
that it doesn't adjust. For example, armor made by the drow might fit
elves only. Dwarves might make items usable only by dwarf-sized and
When a non-humanoid tries to wear an item, use your discretion as to
whether the item functions as intended. A ring placed on a tentacle
might work, but a yuan-ti with a snakelike tail instead of legs can't
The first part says yes, magic items will "magically adjust themselves to the wearer", and initially it gives no limitation on size or form of the magical adjustment to fit. In the last part of the quote it specifically addresses the limitations on magical adjustment, in that there is no size limitation, strange pairings are OK (ring on a tentacle), but impossible ones are out (snake tails have no feet for boots).
Your magical Druidic power of Wildshape gives 3 choices, drop, magically merge with new form, or adjust to new form. If it can't adjust, then you only have two options. As the General Equipment rule tells us that without specific DM changes, non-magical equipment will not adjust, so it must drop or merge. The DMG tells us that Magical items do adjust to fit the wearer, your armor would fit most forms you would take (that would use it) and there is no impossible match-up (armor on an air elemental), you should be fine to have it change with your new form.