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Wearables Market size to grow by USD 23.03 billion | Rising preference for wearables for payments to drive growth | TechnavioNEW YORK , March 10, 2022 /PRNewswire/ -- The global wearables market size is expected to increase by USD 23.03 billion between 2020 and 2025, progressing at a CAGR of 6.70%. The report offers detailed insights into the current market trends, growth drivers, dominating vendors, and present and future growth opportunities in the market.
Download a Free Sample Now to understand more about the scope of the report. Wearables Market: Growing preference for wearables devices for payment to drive growth The growing adoption of contactless payment solutions has increased the preference for wearables. This is encouraging wearable electronic device manufacturers to integrate NFC technologies as standard fitment into most of their offerings. The use of wearable electronic devices for contactless payment is still in a nascent stage. However, many vendors across various industries are starting to accept payments through wearable electronic devices. Thus, the rising popularity of wearable devices in contactless payments is expected to fuel the growth of the wearables market during the forecast period. As per Technavio, the rising digitization of global economy 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 2021-2025. Wearables Market: Rising digitization of global economy Developed countries and developing countries in the APAC and EMEA are witnessing a surge in digitization. This can be attributed to increasing internet penetration, the growing mobile subscriber base, the rising number of IoT devices, and the proliferation of smart cities. These factors are increasing the adoption of solutions and applications that are compatible with wearable technologies, which is driving the growth of the market in focus. "In addition, the development of miniaturized components will further accelerate the growth of the global wearables market", says an analyst at Technavio. Identify other factors influencing the growth of the global wearables market. Request a Free Sample Report Wearables Market: Segmentation Analysis This market research report segments the wearables market by product (smartwatches, wireless headphones, HMDs, smart bands, and others) and geography (North America, APAC, Europe, South America, and MEA). The market is set to observe maximum growth in the smartwatches segment over the forecast period. The increasing number of partnerships between market vendors and market participants from various industries is driving the growth of the segment. In addition, the increase in the number of vendors offering low-cost smartwatches will also contribute to the growth of the segment. Similarly, the North American region led the wearables market in 2021, followed by APAC, Europe, South America, and MEA respectively. During the forecast period, North America is expected to register the highest incremental growth. The presence of a well-developed communication network infrastructure will be crucial in driving the growth of the regional market. Also, the rising popularity of the latest technologies such as AR and VR will foster the growth of the wearables market in North America. Get highlights on the factors influencing growth of the market across other business segments. Some of the key topics covered in the report include: Market Drivers Market Challenges Market Trends Vendor Landscape
Related Reports: Wearables Market in US 2022-2026: The wearables market in the US is segmented by product (smartwatches, wireless headphones, HMDs, smart bands, and others) and distribution channel (online and offline). Global Wearable Health Sensors Market: Global wearable health sensors market is segmented by type (heart rate sensors, pedometers, and pressure and temperature sensors) and geography (North America, APAC, Europe, South America, and MEA).
Table of Contents: Executive Summary Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Product
Customer landscape Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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