From a financial perspective, the global wearable market is expected to continue its upward trajectory with a forecasted annual rate of 20% growth (Ometov et al., 2021). The annual market size in terms of dollar value is expected to reach 40 billion euros by 2026 (Ometov et al., 2021). Additionally, analysts forecast that by 2028, the annual market size of wearable technologies and its transactions would reach 150 billion euros (Ometov et al., 2021). This statistic makes reasonable financial sense when the 5-year wearable market size average is taken into consideration. In 2017, the number of wearable shipments on the global scale were estimated to be roughly 113 million. The same category in 2021, had a total shipment of 222 million (Ometov et al., 2021). Considering the supply chain disruptions caused by the Covid-19 crisis, we can still see a considerable spike in the number of wearable technology shipments.
As shown on the following chart, looking at a 11-year range (2015-2026) of wearable technology market growth, we can see that from 2015 to 2018, the aforesaid market grew at a CAGR (Compound Annual Growth Rate) of 9%. Additionally, from 2019 to 2023, the CAGR growth is expected to be well over 23%. Furthermore, the innovations introduced by the market leaders in the subsequent years, could totally change the equation and expedite the growth even more. For instance, wearable technology could assist in workplace digital transformation, municipal transportation, and many other facets that are yet to be discovered. The outbreak of the Covid-19 crisis is one of these examples. The aforementioned crisis showed how wearable devices can be game changers when it comes to crowd-sensing and contact tracing.
As shown on the following chart, looking at a 11-year range (2015-2026) of wearable technology market growth, we can see that from 2015 to 2018, the aforesaid market grew at a CAGR (Compound Annual Growth Rate) of 9%. Additionally, from 2019 to 2023, the CAGR growth is expected to be well over 23%. Furthermore, the innovations introduced by the market leaders in the subsequent years, could totally change the equation and expedite the growth even more. For instance, wearable technology could assist in workplace digital transformation, municipal transportation, and many other facets that are yet to be discovered. The outbreak of the Covid-19 crisis is one of these examples. The aforementioned crisis showed how wearable devices can be game changers when it comes to crowd-sensing and contact tracing.