Smartwatch shipments across the globe will decline, owing to the coronavirus pandemic. This in turn may result in a 10% decrease in the revenue, as stated in a latest report published by data analytics firm GlobalData.
As per the report, the wearable tech market will likely grow by 200% with total worth increasing from $27 billion in 2019 to 64 billion in 2024. Increased awareness during the pandemic, including tracking disease contact, predicting symptoms and monitoring patients will be the major drivers of the market growth.
“The pandemic greatly increased the awareness of wearable devices as their use cases increased. This has resulted in an increase in device innovation as more companies race to develop new ways to cash in and help limit the spread of the virus”, Tina Deng, MSc, Senior Medical Devices Analyst at GlobalData said.
While the number of smartwatch shipments in 2020 will be 9% lower than in 2019 due to delays in production caused by COVID-19, the smartwatch revenues will decline by 10% in 2020, as the global recession resulting from the pandemic hits consumer spending, she added.
Consumers see no significant value in smartwatches as most of the functionalities are offered by smartphones. As compared to wearables with specific medical purposes, smartwatches are said to be more vulnerable to the pandemic-related economic recession.
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