Wearable tech market to boost by 140% by 2024

Wearables and smartwatches will face changes in their revenues

wearable tech market

Wearable tech market to boost by 140% by 2024. Source: shutterstock.com

The wearable tech market is set to grow to $64 billion by 2024, compared to nearly $27 billion in 2019, according to GlobalData.

The report states that wearables have seen significant growth in the medical market over the past several years. And due to the increased awareness during the pandemic, including tracking disease contact, predict symptoms, and monitoring patients, it’s going to boost even more.

Despite its major smartwatch segment has declined since the COVID-19 outbreak, the market is expected to start recovering from 2021 onwards.

The pandemic greatly increased the awareness of wearable devices as their use cases increased. This has resulted in an increase in device innovation as more companies race to develop new ways to cash in and help limit the spread of the virus
Tina Deng, MSc, Senior Medical Devices Analyst at GlobalData

The number of smartwatch shipments in 2020 is expected to be 9% lower than in 2019, due to delays in production caused by COVID-19.

Besides, smartwatch revenues are likely to decline by 10% in 2020, as the global recession resulting from the pandemic hits consumer spending.

Compared with wearables with specific medical purposes, smartwatches are more vulnerable to the pandemic-related economic recession.

The study highlights that most consumers don’t currently see significant value in smartwatches. That’s because most of the functionality available on smartwatches can already be found on smartphones.

We’ve reported that MuchBetter payment app and Swiss watch smart glass provider, Winwatch, have launched a watch with payment glass feature. The watch will use STISS (Swiss Technology Inside Smart Sapphire), a strong sapphire glass infused with payment technology.

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