Google Pixel Watch will help the market recover

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The market is expected to grow to $ 64 billion by 2024

According to the latest research from analyst firm GlobalData, the wearable market remains very strong. It brought in $ 27 billion in revenue last year. The market is expected to grow to $ 64 billion by 2024.

The main segment of the wearable technology market, smartwatches, has shrunk since the start of the pandemic, but it will begin to recover early next year. GlobalData predicts a 9% decline in smartwatch shipments this year due to the pandemic, while smartwatch revenue declines by 10%.

Google Pixel Watch will help the market recover

Compared to wearable devices for specific medical purposes, smartwatches for the general population are more vulnerable to the economic downturn associated with the pandemic. Most consumers currently don’t see much value in smartwatches, primarily because most of the features available on smartwatches can already be found on smartphones.

Tina Deng, M.Sc., Senior Medical Devices Analyst at GlobalData.

This year, many smartwatches will be equipped with a pulse oximeter that records the level of oxygen saturation in the blood. Analysts believe the smartwatch market will begin to rebound this year with the launch of the highly anticipated Google Pixel Watch.

Source: Phone Arena

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