Various market research carried out in recent months shows that huge rise in wearables sales has been expected in coming years. Recent research by GlobalData shows that the wearables market will see growth rates of up to 137% in 2024.
The boom in the category of high-tech hand-worn devices is a given, even if the picture is often slightly different in years of particular, such as this year’s, due to the pandemic.
The market value of wearables was $27 billion in 2019, according to GlobalData data, but is estimated to reach $64 billion in 2024. Data for 2020 show that the economic impact of the pandemic will also affect this market, but from the beginning of 2021 it is estimated that the first signs of recovery will appear, which will continue until 2024, at an increasing rate.
- Smart devices received over 100 million of attacks in 2019
- Smartphones sales reduced according to Gartner
A driver of this growth is estimated to be the purchase of smartwatches, although the consumer is convinced that a smartwatch does not offer much more data than a smartphone.
This belief is expected to change in the near future, while the new features that are expected to be added to the function of smartwatches, combined with improved performance in terms of autonomy and functionality will be the springboard for the development of wearable devices in the near future.