Global Wearable Technology Market 2020-2024 | 13% CAGR Projection Through 2024

The global wearable technology market is expected to post a CAGR of more than 13% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report

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Technavio has announced its latest market research report titled global wearable technology market 2020-2024 (Graphic: Business Wire)

The growing popularity of contactless payments is encouraging market vendors to integrate technologies such as NFC into wearable devices such as smartwatches, smart bands, and smart rings. For instance, in 2018, Xiaomi launched its MI Band 3 integrated with NFC chips to support contactless payment. Moreover, several retail players are partnering with payment service providers so that they can accept contactless payments through wearable devices. For instance, in 2019, Target Brands announced that most of its stores in the US have started accepting contactless payment options that enable customers to pay through wearables by holding their devices near the terminal’s card reader. Therefore, the rapid adoption of contactless payment is expected to drive the growth of the global wearable technology market during the forecast period.

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As per Technavio, the emergence of hybrid smartwatches will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.

Global Wearable Technology Market: Emergence of Hybrid Smartwatch

Vendors in the market are introducing hybrid watches to attract customers who prefer old-school mechanical watches integrated with smart features. All functionalities in these watches are handled by a smartphone through an app. For instance, in 2019, Citizen Watch Co. Ltd. introduced its new hybrid smartwatch, Citizen Eco-Drive Riiiver, which can be connected to a smartphone through a companion app. The introduction of such hybrid watches is expected to boost the growth of the global wearable technology market during the forecast period.

“Development of low-power electronics and the increasing number of strategic partnerships and M&A activities will further boost market growth during the forecast period,” says a senior analyst at Technavio.

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Global Wearable Technology Market: Segmentation Analysis

This market research report segments the global wearable technology market by product (smartwatches, wireless headphones, HMDs, smart bands, smart clothing, smart glasses, and smart rings) and geography (APAC, Europe, MEA, North America, and South America).

The North American region led the wearable technology market in 2019, followed by APAC, Europe, South America, and MEA respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth. This is due to the availability of low-cost smart bands and the high adoption of smartphones in the region.

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