The global wearable devices market is expected to grow at a CAGR of 11.3% from 2019 to 2025 to reach $62.82 billion by 2025, according to a recent report conducted by ResearchAndMarkets.com.
The growth in the wearable devices market is fuelled by several factors, the report explains, such as growing consumer preference for connected devices and the increasing population of IoT and related devices. Technological growth of the consumer electronics industry is further complementing the overall growth of wearable devices market. However, concerns of data privacy and security and lack of sufficient internet and associated infrastructure in developing and underdeveloped countries are the major restraining factors hindering the market growth.
Based on product type, the overall wearable devices market is segmented into smartwatch, ear wear, eyewear, and others.