The global wearable technology market size is expected to reach US$104 billion by 2027, expanding at a compound annual growth rate of 15.9% over the forecast period, according to ReportLinker.
The research group says that iIncreasing demand for smartphones and multimedia devices and the increasing installation of health-based wearables and fitness trackers is projected to fuel the market growth. Rising health awareness is driving the demand for devices tracking physical activities such as running, cycling, and walking. Activity and fitness tracker devices offer an ideal solution for health-conscious individuals. These are some of the major factors fueling the market growth.
Developing an urban lifestyle, growing income levels, and increasing disposable income stimulates customers to spend on consumer utilities, notes ReportLinker.Also, the surge in consumer awareness pertaining to energy-efficient products and enhanced standard of living is projected to contribute to the market growth.
Technological advancements and innovations are making provisions for efficient and affordable products, in turn creating demand for wearable devices across the globe. Changing consumer preference, paired with quality standards, may open avenues for the market.
ReportLinker says the wearable technologies industry is dominated by start-ups.The developing prominence of crowdfunding sites such as GoFundMe, RocketHub, GoGetFunding, Indiegogo, and Kickstarter is anticipated to drive the overall growth.
For instance, Revibe Technologies was funded by The Launch Place. Furthermore, growing interest in wearable technologies from the venture capital community is providing stimulus to the growth of the market.
However, the COVID-19 pandemic has had a substantial effect on the wearable technology supply chain.The market has experienced a slowdown with fall in shipments during the first half of 2020, says ReportLinker.