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The global wearable electronics market is expected to post a CAGR of more than 15% during the period 2019-2023, according to market research by Technavio.

A key factor driving the growth of the global wearable electronics market is the increasing digitization of the global economy, according to a press release.

With growing internet penetration, an expanding mobile subscriber base, and the rising number of IoT devices, an increasing number of developed and emerging economies across the world are witnessing a significant surge in digitization, Technavio said.

The integration of advanced technologies such as AI, VR, and contactless payments into wearables has driven demand. The development of a mobile app ecosystem will also play a vital role in the growth of the market during the forecast period.