Wearable Technology Market Will Grow Despite COVID-19

Although the wearable technology market is in decline due to COVID-19, it will grow by 137 percent by 2024. How will COVID-19 grow the wearable technology market?

According to GlobalData research , the wearable technology market will increase its $ 27 billion volume in 2019 to $ 64 billion by 2024. Due to the COVID-19 outbreak, features such as symptom prediction and disease monitoring will enlarge the wearable technology market.

According to the report, smartwatch revenues, an important segment of wearable technology, are expected to decline by 10 percent this year due to the global recession caused by the pandemic, while the wearable technology market is expected to start to recover in 2021.

GlobalData researchers point out that consumers do not feel the need for a smart watch, unlike wearable devices for medical purposes. However, due to COVID-19 , features such as symptom prediction and disease monitoring may encourage citizens to use smart watches.

"The pandemic has greatly increased awareness of wearables as use cases are changing, " said Tina Deng, GlobalData medical devices analyst , " This could help more companies develop new ways to make money and limit the spread of the virus."

Wearable device manufacturers, including Apple and Samsung,  are competing to add more health monitoring features, including sleep tracking  and  EKG apps. These health tracking features may also be of interest to people who do not use smart watches.