Wearable technology has become an increasingly growing trend and is attracting significant attention from both consumers and companies. The wearable tech industry was worth nearly $58.9bn in 2020 and is forecasted to grow strongly over the next decade. However, wearable tech has not yet matured enough to have a significant impact on the apparel industry. Despite this, interest towards smart clothing has been seen from both companies and consumers, due to elevated levels of interest in health, fitness and consumers interest in interconnected things. The key to success lies in the hands of tech companies and the level of investment they inject into technological developments for wearable tech. With increasing initiatives from tech companies, smart clothing will gain traction in the apparel space however despite the continued arrival of these novel initiatives over the next couple of years, its unlikely to find widespread awareness amongst consumers. The report provides an overview of wearable tech including market size and growth forecasts and discusses the impact of wearable tech on the apparel sector. The report also provides case studies and highlights leading wearable tech adopters, vendors and specialist wearable tech vendors in apparel.
- Smart clothing is gaining traction from both consumers and companies due to the increasing interest toward health and fitness and consumers demand for interconnected things. Advancements in sensor technologies and the development of advanced materials such as nanofibers, hybrid materials and electronic wools are driving growth in the smart clothing sector of the apparel market.
- Wearable tech has not yet matured enough to have a significant impact on the apparel sector, however with increasing initiatives from tech companies' wearable tech products will continue to be rolled out over the next couple of years. Growth in this market will predominantly stem from smartwatches and hearables, which are gaining popularity.
- Due to wearable tech in the apparel sector being in its pioneering stages, apparel brands should focus and invest in technology components like data layer and app later.
- Wearable tech helps resolve the challenge of sustainability as technology operates on a longer product cycle than that of fashion. Moreover, due to the higher price points of wearable tech consumers will be more inclined to keep such products for longer, encouraging sustainable consumption.
- GlobalData explores the initiative of wearable tech and focusses on the impact that this will have on the apparel market.
- The report provides an overview of wearable tech and the essential components needed in its creation whilst also exploring the key leaders and adopters of such technology within the apparel space.
- The report also highlights and discusses interesting partnerships between tech companies and apparel retailers; whilst outlining the impact that wearable tech will have on the apparel market and the wider challenges that this sector will face going forward.
Reasons to Buy
- Provides an overview of wearable tech in the apparel market helping you to understand the landscape of your business.
- Gain insight into what tech vendors are doing and what advancements to watch out for to better guide your business.
- Better understand the impact of wearable tech on apparel and what areas of wearable tech growth will predominantly stem from to help navigate your business investments.
- Better understand the wider challenges that the apparel market faces going forward and how this will affect your business.