Over the recent past years, the market of textile, apparel and footwear was not so developed and innovated but in the recent time with the significant developments in the technology and techniques of doing work the market of this has grown more effectively. The wearable devices are comprised as the next development of IT and textile industry. The smartwatches and activity trackers were the main end-products being sold in the wearable tech world. Whereas, in 2015, the market observed a stampede of wearable devices utilized for face, ears, feet, and wrists. Moreover, with the transformation in cultural shifts, lifestyle, IT and cyclical attitudes, industries such as fashion, textile, and IT have begun to merge. The key players of this market are dominating the handsome amount of share across the globe by adopting the effective market strategies and policies for doing effective work which further lead the demand for such products across the globe. This will also result in leading the highest market growth during the forecasted period more effectively.
According to the report analysis, ‘Worldwide Smart Fashion (Clothes And Accessories)Market (2016-2022)’ it states that there are several key players which are recently functioning in this market more significantly during the forecasted period by doing significant developments in the technology of product making with the effective working techniques includes Hexoskin, Ralph Lauren, OmSignal, Athos, Clothing+, Owlet Baby Care, Sensoria Fitness, AiQ Smart Clothing, Heddoko, Nike, Under Armour, Adidas, Samsung, Catapult Sports and several others. Moreover, the key players of this market are working more efficiently which result in the competitive nature and enforced the existing key players with the coming investors for making high amount of investment which further become profitable for leading the fastest market growth in the coming years.
Additionally, Worldwide Smart Fashion Market is anticipated to reach USD 2,938.9 million by 2022, growing at an effective CAGR of 117.0% during the forecast period of 2016-2022. However, the sports industry was the first to begin with the smart fashion trend, supporting in monitoring emotions, tracking heart rate and much more-without connecting to a smart phone or smartwatch screen. Meanwhile, the market of smart clothes is divided into T-shirts, underwear, socks, jackets, shoes, and others. For instance, the T-shirts and pants will control the majority of the share, anticipated to reach USD 1,074.0 million by 2022.
Although, smart fashion is anticipated to become one of the developing markets in this field in the next 5 years. This opportunity concluded in the increase in the number of clothing companies to adventure the improvement and innovative designs. In addition, the market is having several growth drivers which lead the market growth and increase the demand for these products such as increase in the number of people concerned regarding their fitness, advanced data accuracy, speedy market growth in healthcare sector, increasing interest among athletes and several others. Therefore, in the near future, it is expected that the market of smart fashion will increase more significantly over the recent few years.
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Ankur Gupta, Head Marketing & Communications