NEW YORK, Jan. 6, 2022 /PRNewswire/ -- The Wearable Technology Market value is set to grow by USD 35.48 billion, progressing at a CAGR of over 13% from 2019 to 2024, as per the latest report by Technavio.
The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.
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. To leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments, while maintaining their positions in the slow-growing segments.
Wearable device manufacturers are integrating near-field communication (NFC) technology as a standard into most devices to enable contactless payment by a direct tap and pay via POS terminal. The process reduces the transaction time compared to the cash or card method and eliminates the need to carry cash or cards. Moreover, the growing adoption of contactless payment is increasing the number of partnerships among the market participants to facilitate the use of wearable devices for payment. This is also encouraging vendors to integrate the contactless payment feature into their offerings. For instance, Xiaomi launched its MI Band 3, which was integrated with NFC chips and supported contactless payment. The growing preference for contactless payment through wearable devices and its rapid adoption will drive the growth of the global wearable technology market during the forecast period.
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Wearable Technology Market 2020-2024: Segmentation
Insights on impact of each segment to make informed business decisions: https://www.technavio.com/talk-to-us?report=IRTNTR40925
Wearable Technology Market 2020-2024: Vendor Analysis and Scope
To help businesses improve their market position, the marketprovides a detailed analysis of vendors operating in the market.
The report also covers the following areas:
APAC will offer several growth opportunities to market vendors during the forecast period. The increasing adoption of new technologies, the presence of large crowdfunding platforms, and the rising adoption of contactless payment methods are some of the factors that will significantly influence the growth of the wearable technology market share in this region.
40% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for wearable technology in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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Wearable Technology Market 2020-2024: Key Highlights
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Wearable Technology Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2019 |
Forecast period |
2020-2024 |
Growth momentum & CAGR |
Accelerate at a CAGR of 13% |
Market growth 2020-2024 |
$ 35.48 billion |
Market structure |
Fragmented |
YoY growth (%) |
12.70 |
Regional analysis |
APAC, Europe, MEA, North America, and South America |
Performing market contribution |
APAC at 40% |
Key consumer countries |
China and Japan |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
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. |
Market Dynamics |
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, |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
About Us
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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SOURCE Technavio
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