Smart Wearable Fashion

What is wearable technology?

Wearables, also known as "wearable technology", is a category of electronic devices that can be worn as clothing, accessories, embedded in clothing, implanted in the user's body, or even tattooed on the skin. The devices are hands-free and powered by microprocessors and enhanced with the ability to send and receive data via the Internet (Hayes, A. 5/11/20, Investopedia, https://www.investopedia.com/terms/w/wearable-technology.asp)

How is the "wearable market" doing?

• Revenue in the Wearables segment is projected to reach US$17,834m in 2021.
• Revenue is expected to show an annual growth rate (CAGR 2021-2024) of 0.04%, resulting in a projected market volume of US$17,854m by 2024.
• User penetration will be 5.3% in 2021 and is expected to hit 4.8% by 2024.
• The average revenue per user (ARPU) is expected to amount to US$44.70.
• In global comparison, most revenue will be generated in China (US$5,559m in 2021).

Wearables - Worldwide. (n.d.). Retrieved May 05, 2021, from https://libproxy.fitsuny.edu:2067/outlook/dmo/eservices/fitness/wearables/world