Wearables Market in the US: 6.99% Y-O-Y Growth Rate in 2022 | Industry Analysis, Trends, Value, Growth, Opportunities, Segmentation, Outlook & Forecast Report by Facts & Factors | Technavio
NEW YORK, June 29, 2022 /PRNewswire/ -- The Wearables Market Size in the US is set to grow by USD 6.85 billion, at a CAGR of 8.92% from 2021 to 2026, as per the latest report by Technavio. The market is segmented by product (smartwatches, wireless headphones, HMDs, smart bands, and others) and distribution channel (online and offline).
Moreover, the growing preference for wearables electronic devices for payment is notably driving the market growth, although increasing concerns over data security and privacy may impede the market growth.
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Wearables Market in US Distribution Channel Outlook
The wearables market share growth in the US by the smartwatches segment will be significant during the forecast period. The growth is attributed to the increase in demand for smartwatches in developing countries such as China, South Korea, and India owing to the substantial improvement in lifestyles and consumer preferences, especially among the middle-class population. This increase in watch production has increased the demand for smartwatches, which, in turn, has spurred the growth of the smartwatch market in the US.
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Key Market Driver-
Wearables electronic 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 a POS (point of sale) terminal. The rising popularity of this method is attributed to the growing adoption of contactless payment across the US.
The growing adoption of contactless payment is increasing the number of partnerships among the market participants to facilitate the use of wearables electronic payment devices.
Owing to the growing adoption of contactless payment through wearables electronic devices, vendors such as Apple Inc., Samsung Group, Garmin Ltd., and Xiaomi Inc. are increasingly integrating the contactless payment feature into their offerings, which is expected to positively impact the wearables market growth in the US during the forecast period.
Key Market Challenge
With more advanced features being integrated into wearable electronic devices, huge volumes of data are being stored and accessed through these devices, including customers' call and message details, health information, and debit/credit card information. The data generated by a smartwatch can be easily decoded using a wireless interceptor.
There are also several wearable electronic devices that are embedded with NFC technology that allows these devices to store customer information and facilitate contactless transactions and data exchanges through these devices. Thus, the risk of security and privacy breach is expected to hinder the growth of the wearables market in the US during the forecast period.
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Some of the Major Wearables Companies in the US:
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
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Table of Contents
Five Forces Analysis
Market Segmentation by Product
Market Segmentation by Distribution channel
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