Popularity Of Wearables As A Payment Method Driving Its Market Growth, Poised To Reach $35.48 Bn During 2020-2024
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.
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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
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.
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Image: BusinessWire Wearable Technology Market 2020-2024: Key Highlights...