40% of Growth to Originate from APAC for Wearable Technology Market | Share, Trends, Industry Analysis, and Opportunities | Technavio

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.

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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 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

• Product
• Smartwatches
• Wireless Headphones
• HMDs
• Smart Bands
• Smart Clothing
• Smart Glasses
• Smart Rings
• Geographic Landscape
• North America
• APAC
• Europe
• South America
• MEA

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:

• Wearable Technology Market size
• Wearable Technology Market trends
• Wearable Technology Market analysis

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

• 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

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