Wearables Market Size in US to Grow by USD 6.85 Billion, Growing Preference for Wearables Electronic Devices for Payment to Drive Growth - Technavio

NEW YORK, Nov. 22, 2022 /PRNewswire/ -- The wearables market size in the US is set to grow by USD 6.85 billion. In addition, the growth momentum of the market will accelerate at a CAGR of 8.92% from 2021 to 2026. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. Request a FREE Sample Report

The growing preference for wearables electronic devices for payment is driving the market's growth. Wearable electronic device manufacturers are integrating Near-field communication (NFC) technology to enable contactless payment by a direct tap and point of sale (POS) terminal. The rising adoption of contactless payment is increasing the number of partnerships among market participants. Vendors are integrating the contactless payment feature into their offerings, which is expected to positively impact the wearables market growth in the US.

The increasing concerns over data security and privacy related to these devices are challenging the market growth. Large volumes of data are stored and accessed through these devices. The data generated by smartwatches can be easily decoded using a wireless interceptor. In addition, several wearable electronic devices are embedded with NFC, which enables them to store customer information and facilitate contactless transactions and data exchanges. Thus, the risk of security and privacy breach is expected to limit the growth of the market during the forecast period.

Technavio has identified key trends, drivers, and challenges in the report, which will help vendors improve their strategies to stay ahead of their competitors. Buy the Report

• Product 
• Smartwatches: The smartwatches segment will be a significant contributor to market growth during the forecast period. The increase in demand for smartwatches in developing countries is driving the growth of this segment. Moreover, the rise in the production of watches has increased the demand for smartwatches, which, in turn, has propelled the growth of the smartwatch market in the US.
• Wireless Headphones
• HMDs
• Smart Bands
• Others
• Distribution Channel
• Online
• Offline

Learn about the contribution of each segment summarized in concise infographics and thorough descriptions - Download a FREE PDF Sample Report

To help businesses improve their market position, the wearables market in the US provides a detailed analysis of around 25 vendors operating in the market. Some of these vendors include Alphabet Inc., Apple Inc., Fossil Group Inc., Garmin Ltd., Huawei Investment and Holding Co. Ltd., Lenovo Group Ltd., LG Electronics Inc., Motorola Mobility LLC, Samsung Electronics Co. Ltd., and Sony Group Corp.

• Wearables Market in US size
• Wearables Market in US trends
• Wearables Market in US industry analysis

Get lifetime access to our Technavio Insights. Subscribe now to our most popular "Basic Plan" billed annually at USD 5000. View 100 reports and download 5 reports monthly!

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will assist the wearables market in growth in the US during the next five years
• Estimation of the wearables market size in the US and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the wearables market in the US
• Analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of wearables market vendors in the US 

Wearables Market by Product, Distribution Channel, and Geography - Forecast and Analysis 2023-2027: The growing preference for wearable devices for payment is notably driving the wearables market growth. The market is witnessing an increased preference for wearable electronic devices for contactless payments. As a result, wearables electronic device manufacturers are integrating NFC technology as a standard into most of their devices.

Wearable Health Sensors Market by Type and Geography - Forecast and Analysis 2022-2026: The growing awareness and preference for home healthcare are driving the market growth. The home healthcare market is expected to grow owing to the growing elderly population and rising incidence of target diseases. The rapid increase in treatment costs has encouraged health organizations to come up with more cost-effective options such as COVID-19 testing at home.

Browse Information Technology Market Reports

Executive Summary

Market Landscape

• Market ecosystem
• Value chain analysis

Market Sizing

• Market definition
• Market segment analysis
• Market size 2021
• Market outlook: Forecast for 2021 - 2026

Five Forces Analysis

• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

Market Segmentation by Product

• Market segments
• Comparison by Product
• Smartwatches - Market size and forecast 2021-2026
• Wireless headphones - Market size and forecast 2021-2026
• HMDs - Market size and forecast 2021-2026
• Smart bands - Market size and forecast 2021-2026
• Others - Market size and forecast 2021-2026
• Market opportunity by Product

Market Segmentation by Distribution channel

• Market segments
• Comparison by Distribution channel
• Online - Market size and forecast 2021-2026
• Offline - Market size and forecast 2021-2026
• Market opportunity by Distribution channel

Customer landscape

• Customer landscape
• Market drivers
• Market challenges
• Market trends

Vendor Landscape

• Vendor landscape
• Landscape disruption

Vendor Analysis

• Vendors covered
• Market positioning of vendors
• Alphabet Inc.
• Apple Inc.
• Fossil Group Inc.
• Garmin Ltd.
• Huawei Investment and Holding Co. Ltd.
• Lenovo Group Ltd.
• LG Electronics Inc.
• Motorola Mobility LLC
• Samsung Electronics Co. Ltd.
• Sony Group Corp.

Appendix

• Scope of the report
• Currency conversion rates for US$
• Research methodology
• List of abbreviations

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide 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.

Contact

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

Newsroom: https://newsroom.technavio.org/news/top-drivers-for-wearablesmarket

SOURCE Technavio