Garments and footwear with integrated sensors that transmit biometric information and other datasets will reach new heights of popularity by 2030 and is set to be worth over $4 bn, according to data analytics firm GlobalData, which recently said the sports, healthcare and military industries will become key users of smart clothing in the coming years. The industry will pass the $1 bn revenue mark by 2023, GlobalData said.
The company’s latest report, ‘Thematic Research: Smart Clothing’, notes that the sector was worth $668 mn in 2020, and the ten-year period will see growth at a compound annual growth rate (CAGR) of 21 per cent.
According to Rupantar Guha, Associate Project Manager for Thematic Research at GlobalData, the smart clothing industry is awaiting investment from leading technology and apparel companies and that will improve products’ capabilities and influence market adoption, a pressing concern for today’s smart clothing vendors.
“The COVID-19 pandemic has hit the smart clothing market, both in terms of shipments and revenues. However, the impact has been limited as smart clothing is in the early stages of development, and the market will recover in 2021. Meanwhile, some smart clothing vendors are using COVID-19 lockdowns and social distancing mandates as an opportunity to showcase their products, particularly those with healthcare and fitness capabilities,” he was quoted as saying.