Popularity Of Wearables As A Payment Method Driving Its Market Growth, Poised To Reach $35.48 Bn During 2020-2024

Technavio Wearable market report
Image credit: Garmin

Wearables market is poised to grow by $35.48 bn during 2020-2024, progressing at a CAGR of about 13% during the forecast period, according to the new Technavio report.

The popularity of wearable devices as a payment method has been instrumental in driving the growth of the market, said the report. However, rising concerns over data security and privacy might hamper market growth. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment, reports BusinessWire.

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Request for Technavio’s latest reports on directly and indirectly impacted markets. Market estimates include pre- and post-COVID-19 impact on the Wearable Technology Market.

Read more The Global Industrial Wearable Market Is Expected To Grow 15% During 2020-2027, Reach US$ 8.63 Bn In 2027

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 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.

Technavio’s custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.

Wearable Technology Market is segmented as below

Product

  • Smartwatches
  • Wireless Headphones
  • HMDs
  • Smart Bands
  • Smart Clothing
  • Smart Glasses
  • Smart Rings

Geographic Landscape

  • North America
  • APAC
  • Europe
  • South America
  • MEA

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our wearable technology market report covers the following areas:

  • Wearable Technology Market Size
  • Wearable Technology Market Trends
  • Wearable Technology Market Industry Analysis

This study identifies the emergence of the hybrid smartwatch market as one of the prime reasons driving the wearable technology market growth during the next few years.

Read more IDTechEx Study Reveals Huge Market for Self-charging IoT Devices

Market report
Image: BusinessWire

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

MARKET SEGMENTATION BY PRODUCT

  • Smartwatches – Market size and forecast 2019-2024
  • Wireless headphones – Market size and forecast 2019-2024
  • HMDs – Market size and forecast 2019-2024
  • Smart bands – Market size and forecast 2019-2024
  • Smart clothing – Market size and forecast 2019-2024
  • Smart glasses – Market size and forecast 2019-2024
  • Smart rings – Market size and forecast 2019-2024

MARKET TRENDS

  • Development of low-power electronics
  • An increasing number of strategic partnerships and M&A activities
  • The emergence of the hybrid smartwatch market

Vendors covered

  • 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.
  • Xiaomi Corp.

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.