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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.