The scale of global wearable technology market will reach 31.27 billion US dollars by 2020 and keep a compound annual growth of 17.8 percent in 2015-2020, according to a report newly released by market researcher MarketsandMarkets.
The report attributes the market growth to consumer preference for sophisticated gadgets, increasing popularity of smartwatches and wrist bands in the consumer market, increasing growth prospects for next-generation displays and integrated consumer wearables, increasing popularity of wearable fitness and medical devices, and growing popularity of Internet of things.
The report predicts that wristwear segment will dominate the wearable technology market in the coming years.
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