The IoT Era is Coming. Every Year The Wearable Electronics Market Will Grow by 15%
Specialists of the analytical company Technavio have prepared a document entitled “World Market of Wearable Electronics in 2019-2023”. According to their forecasts, the volume of this market will grow by 35.67 billion dollars during this period. The average annual growth will be 15%. Note that in 2019, the growth in comparison with 2018 made up of 18.99%.
According to analysts, the growing availability of the Internet, mobile subscriber base and IoT devices contribute to the digitalization of the economy and the integration of advanced technologies. Such technologies are artificial intelligence, virtual reality, and contactless payments into wearable electronic devices, which leads to an increase in demand for them. The development of the mobile app ecosystem also contributes to the popularity of wearable electronic devices. These factors together determine the significant growth of the global wearable electronics market.
An important factor that has a positive impact on the market is the growing attention to the development of the element base with reduced energy consumption.
It remains to add that the wearable electronics experts Technavio include smartwatches and bracelets, glasses, jewelry, and wireless headphones, as well as headsets with displays and smart clothing items.
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