Popularity of wearable devices as a payment method and growing digitization of global economy is boosting the Wearable Technology Market Forecast for 2023-2027|Technavio
The Wearable Technology Market is likely to experience steady growth because of the popularity of wearable devices as a payment method and the growing digitization of the global economy. Rising at a CAGR of 14.8%, the market is estimated to have an incremental growth of USD 62.81 Bn from 2023 to 2027.
Leading names such as Elbit Systems Ltd., Fossil Group Inc., Garmin Ltd., Huawei Technologies Co. Ltd., Kopin Corp., Lenovo Group Ltd., LG Electronics Inc., Magic Leap Inc., Polar Electro Oy, Samsung Electronics Co. Ltd., Sony Group Corp., Tex Ray Industrial Co. Ltd., Vuzix Corp. are some of the major market participants and comes with a wide range of offers for the consumers across North America, APAC, Europe, South America, Middle East and Africa - US, Canada, China, Japan, Germany. Our report includes qualitative and quantitative analyses of market leaders with a wider understanding of the business ecosystem.
Snapshot of the Wearable Technology Market
Technavio’s recent analysis of the Wearable Technology Market includes a detailed examination of its revenue forecasts, including market drivers and challenges, key market participants, and growth opportunities followed by a detailed study of the market segments in North America, APAC, Europe, South America, and Middle East and Africa, geographically. As per the forecast, the North American region is expected to have a market share of 41% during the forecast period. Refer to our best-selling sample report for all the insights
Rising penetration of counterfeit products and rising concerns over data security and privacy are expected to hinder the growth of the market. However, the development of low-power electronics and an increasing number of strategic partnerships and M&A activities will have a positive impact on the wearable technology market during the forecast period.
Technavio’s analysis of the Wearable Technology Market also includes: