Multiple factors contribute to the remarkable growth of the wearable technology market worldwide, according to a recent market report by Technavio. Overall the market value will increase by nearly $36 billion from 2019 to 2023, a compound annual growth rate of greater than 15%.
Technavio’s Global Wearable Electronics Market 2019-2023 report identifies four primary market drivers. The increasing digitization of economies worldwide builds demand as it enables electronics market growth. Wearable devices that integrate artificial intelligence and augmented reality, as well as other advanced technologies, also contribute to the use of electronics devices. In addition, the one-two punch of growing numbers of smartphone users and the increasing availability of wearable-compatible apps result in greater awareness, acceptance, and demand.
Technavio predicts the year-over-year increase of the wearable technology market will be nearly 19% for 2019, with 56% of the growth in the North American market. Heavy focus on the development of low power electronics — including optimized processors — follows the demand for devices such as smartwatches, smart wristbands, smart rings, and head-mounted displays. According to Technavio, key players in the wearables industry with major market share include Apple, Garmin, Fitbit, Samsung, and Xiaomi. The market report provides key insights to assist additional companies seeking opportunities for their own growth in the burgeoning wearables market.
