NEW YORK, Nov. 8, 2021 /PRNewswire/ — The wearable technology market is set to grow by USD 35.48 bn during 2020-2024, progressing at a CAGR of 13% during the forecast period, according to Technavio. The report offers an up-to-date analysis of the factors influencing the market.
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Wearable Technology Market 2020-2024: Driver and Challenges
The popularity of wearable devices as a payment method will offer immense growth opportunities. The growing adoption of contactless payment has led to an increase in partnerships among the market participants, which, in turn, has driven the market growth. In addition, the rising popularity of hybrid smartwatches is also one of the key factors anticipated to fuel market growth. The growing demand for these watches is encouraging several market vendors to develop watches while reaching out to a wider customer base. However, the rising concerns over data security and privacy will challenge the growth of the market participants.
Wearable Technology Market 2020-2024: Segmentation
Wearable Technology Market is segmented as below:
- Wireless Headphones
- Smart Bands
- Smart Clothing
- Smart Glasses
- Smart Rings
- Geographic Landscape
- North America
- South America
The smartwatches segment led the market share in 2019 and will continue to retain its dominant market position during the forecast period. The growth of this segment can be attributed to various advantages and functionalities being offered including several apps. In terms of geography, 40% of the growth will be contributed by APAC with China and Japan emerging as the key markets for wearable technology in the region. The growth of this segment can be attributed to the increasing adoption of new technologies and the growing presence of large crowdfunding platforms.
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Wearable Technology Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The following areas are covered in this research report:
- Wearable Technology Market size
- Wearable Technology Market trends
- Wearable Technology Market industry analysis
Wearable Technology Market 2020-2024: Vendor Analysis
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Alphabet Inc., Apple Inc., Fossil Group Inc., Garmin Ltd., Huawei Investment & Holding Co. Ltd., LG Electronics Inc., Polar Electro Oy, Samsung Electronics Co. Ltd., Vuzix Corp., and Xiaomi Corp. are some of the major market participants. Backed with competitive intelligence and benchmarking, our research reports on the Wearable Technology Market are designed to provide entry support, customer profile, and M&As as well as go-to-market strategy support. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
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Wearable Technology Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist wearable technology market growth during the next five years
- Estimation of the wearable technology market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the wearable technology market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of wearable technology market vendors
Wearable Technology Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 13%
Market growth 2020-2024
USD 35.48 billion
YoY growth (%)
APAC, Europe, MEA, North America, and South America
Performing market contribution
APAC at 40%
Key consumer countries
China and Japan
Leading companies, competitive strategies, consumer engagement scope
Alphabet Inc., Apple Inc., Fossil Group Inc., Garmin Ltd., Huawei Investment & Holding Co. Ltd., LG Electronics Inc., Polar Electro Oy, Samsung Electronics Co. Ltd., Vuzix Corp., and Xiaomi Corp.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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