40% of Growth to Originate from APAC for Wearable Technology Market
January 11, 2022 | PRNewswireEstimated reading time: 1 minute
The Wearable Technology Market value is set to grow by USD 35.48 billion, progressing at a CAGR of over 13% from 2019 to 2024, as per the latest report by Technavio.
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Alphabet Inc., Apple Inc., Fossil Group Inc., Garmin Ltd., Huawei Investment & Holding Co. Ltd., LG Electronics Inc., Polar Electro Oy, Samsung Electronics Co. Ltd., Vuzix Corp., and Xiaomi Corp. are some of the major market participants. To leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments, while maintaining their positions in the slow-growing segments.
Wearable 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 POS terminal. The process reduces the transaction time compared to the cash or card method and eliminates the need to carry cash or cards. Moreover, the growing adoption of contactless payment is increasing the number of partnerships among the market participants to facilitate the use of wearable devices for payment. This is also encouraging vendors to integrate the contactless payment feature into their offerings. For instance, Xiaomi launched its MI Band 3, which was integrated with NFC chips and supported contactless payment. The growing preference for contactless payment through wearable devices and its rapid adoption will drive the growth of the global wearable technology market during the forecast period.
Suggested Items
Warm Windows and Streamlined Skin Patches – IDTechEx Explores Flexible and Printed Electronics
04/26/2024 | IDTechExFlexible and printed electronics can be integrated into cars and homes to create modern aesthetics that are beneficial and easy to use. From luminous car controls to food labels that communicate the quality of food, the uses of this technology are endless and can upgrade many areas of everyday life.
iNEMI Packaging Tech Topic Series: Role of EDA in Advanced Semiconductor Packaging
04/26/2024 | iNEMIAdvanced semiconductor packaging with heterogenous integration has made on-package integration of multiple chips a crucial part of finding alternatives to transistor scaling. Historically, EDA tools for front-end and back-end design have evolved separately; however, design complexity and the increased number of die-to-die or die-to-substrate interconnections has led to the need for EDA tools that can support integration of overall design planning, implementation, and system analysis in a single cockpit.
Koh Young Showcases Award-winning Inspection Solutions at SMTconnect with SmartRep in Hall 4A.225
04/25/2024 | Koh Young TechnologyKoh Young Technology, the industry leader in True 3D measurement-based inspection solutions, will showcase an array of award-winning inspection and measurement solutions at SMTconnect alongside its sales partner, SmartRep, in booth 4A.225 at NürnbergMesse from June 11-13, 2023. The following offers a glimpse into what Koh Young will present at the tradeshow:
Real Time with… IPC APEX EXPO 2024: Plasmatreat: Innovative Surface Preparation Solutions
04/25/2024 | Real Time with...IPC APEX EXPOIn this interview, Editor Nolan Johnson speaks with Hardev Grewal, CEO and president of Plasmatreat, a developer of atmospheric plasma solutions. Plasmatreat uses clean compressed air and electricity to create plasma, offering environmentally friendly methods for surface preparation. Their technology measures plasma density for process optimization and can remove organic micro-contamination. Nolan and Hardev also discuss REDOX-Tool, a new technology for removing metal oxides.
Nanotechnology Market to Surpass $53.51 Billion by 2031
04/25/2024 | PRNewswireSkyQuest projects that the nanotechnology market will attain a value of USD 53.51 billion by 2031, with a CAGR of 36.4% over the forecast period (2024-2031).