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Wearable technology market expected to reach USD 71.23 billion by 2021 at a CAGR of 18.9% - Scalar Market Research
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Our industry experts anticipate that within the wearable technology market, the smart watches will dominate the product segment, and will grow at a CAGR of more than 15%. In addition, the fashion and lifestyle will be the fastest-growing application segment of the market, witnessing growth at a CAGR of more than 25% during the forecast period. While North America is poised to dominate the global market based on revenue, the Asia-Pacific region is set to emerge as the fastest-growing geographic region of the wearable technology market.
KEY PREMIUM INDUSTRY INSIGHTS
Rising penetration and adoption of the smart mobile devices coupled with the proliferation of Internet of Things (IoT) is boosting the global wearable technology market.
Some key players actively operating in the market are profiting from substantial venture capital funding, thereby bolstering the global market.
Significant adoption of the wearable technology enabled products across the enterprises proves to be a huge opportunity for the players in this industry.
The inadequate battery life of the wearable products along with the rising data confidentiality and security concerns are hindering the growth of the global wearable technology market.
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