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NEW YORK, June 2, 2022 /PRNewswire/ — The Wearables Market Value in US is set to grow by USD 6.85 billion, progressing at a CAGR of 8.92% from 2021 to 2026, as per the latest report by Technavio. The market is segmented by product (smartwatches, wireless headphones, HMDs, smart bands, and others) and distribution channel (online and offline).
Moreover, the growing preference for wearables electronic devices for payment is notably driving the market growth, although increasing concerns over data security and privacy may impede the market growth.
The wearables market share growth in the US by the smartwatches segment will be significant during the forecast period. The growth is attributed to the increase in demand for smartwatches in developing countries such as China, South Korea, and India owing to the substantial improvement in lifestyles and consumer preferences, especially among the middle-class population. This increase in watch production has increased the demand for smartwatches, which, in turn, has spurred the growth of the smartwatch market in the US.
Wearables electronic 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 a POS (point of sale) terminal. The rising popularity of this method is attributed to the growing adoption of contactless payment across the US. The growing adoption of contactless payment is increasing the number of partnerships among the market participants to facilitate the use of wearables electronic payment devices. Owing to the growing adoption of contactless payment through wearables electronic devices, vendors such as Apple Inc., Samsung Group, Garmin Ltd., and Xiaomi Inc. are increasingly integrating the contactless payment feature into their offerings, which is expected to positively impact the wearables market growth in the US during the forecast period.
With more advanced features being integrated into wearables electronic devices, huge volumes of data are being stored and accessed through these devices, including customers’ call and message details, health information, and debit/credit card information. The data generated by a smartwatch can be easily decoded using a wireless interceptor. There are also several wearable electronic devices that are embedded with NFC technology that allows these devices to store customer information and facilitate contactless transactions and data exchanges through these devices. Thus, the risk of security and privacy breach is expected to hinder the growth of the wearables market in the US during the forecast period.
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Wearables Market in US Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.92% |
Market growth 2022-2026 |
$ 6.85 billion |
Market structure |
Fragmented |
YoY growth (%) |
6.99 |
Regional analysis |
US |
Performing market contribution |
US at 100% |
Key consumer countries |
US |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
Alphabet Inc., Apple Inc., Fossil Group Inc., Garmin Ltd., Huawei Investment and Holding Co. Ltd., Lenovo Group Ltd., LG Electronics Inc., Motorola Mobility LLC, Samsung Electronics Co. Ltd., and Sony Group Corp. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period, |
Customization preview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
SOURCE Technavio
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