Things You Should Know About Smartwatch Market Size Keeps You From Growing

A smartwatch is computerized watch that includes numerous functionalities, such as making calls and messaging, health monitoring by tracking activities, such as steps undertaken in a day, calories burnt, and heart rate monitoring. 

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The smartwatch OEMs are integrating NFC technology as standard into most product offerings. The integration of NFC technology has enhanced the functionality of smartwatches. Even though the use of wearable electronic devices, such as smartwatches for contactless payment, is still in the early development stage, several vendors in different industries have started accepting payments through wearable electronic devices. 

The growing adoption of contactless payment is increasing the number of partnerships among the market participants to facilitate the use of wearable electronic devices for payment. Market participants from various sectors, including retail and clothing, are partnering with payment service providers so that they can accept contactless payment through wearable electronic devices. Hence, the growing preference for smartwatches for contactless payments is expected to fuel the growth of the global smartwatch market size at a CAGR of 15.74% during the forecast period. 

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