Wearables Market Size to grow by USD 23.03 billion by 2025, Driven by Growing Preference for Wearables Devices - Technavio
NEW YORK, Aug. 8, 2022 /PRNewswire/ -- The wearables market is expected to grow by USD 23.03 billion from 2020 to 2025, progressing at a CAGR of 6.70% according to Technavio's latest market report. The key factor driving the wearables market is the growing preference for wearables devices for payment. The market is witnessing an increased preference for wearables electronic devices for contactless payment. As a result, wearables electronic device manufacturers are integrating NFC technology as a standard into most devices. NFC chips are integrated into wearable electronic devices such as smartwatches, smart bands, smart rings, and others to enable contactless payment by a direct tap and pay via a POS (point of sale) terminal. This process reduces the transaction time compared with the cash or card method and eliminates the need to carry cash or cards. Moreover, the rising popularity of this method is attributed to the growing adoption of contactless payment across the globe. Therefore, the growing adoption of contactless payment is increasing the number of partnerships among the market participants to facilitate the use of wearable electronic devices for payment.
- As a result, wearables electronic device manufacturers are integrating NFC technology as a standard into most devices.
- Therefore, the growing adoption of contactless payment is increasing the number of partnerships among the market participants to facilitate the use of wearable electronic devices for payment.
- The growing market for counterfeit products will be a major challenge for the wearables market during the forecast period.One of the prominent factors that are hindering the growth of the global wearables market is the growing market for counterfeit wearables electronic devices.
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The growth of the wearables market across North America, APAC, Europe, South America, and MEA
The competitive scenario provided in the Wearables Market reportanalyzes, evaluates, and positions companies based on various performance indicators.