Technavio (www.technavio.com) analysts forecast that the global smart wearable lifestyle devices and services market will grow immensely and post a CAGR [compound annual growth rate] of almost 16% during the forecast period of 2016-2020

The smart wearable lifestyle services market in North America was valued at $0.84 billion in 2015 and will reach $2.37 billion by 2020, growing at a CAGR of 23.05%, according to the research group. The market is driven by the early adoption of wearable devices in these regions. The key revenue contributors of this region are US, Canada, and Mexico.

The largest contributor to the market in this region is the U.S. because of the early adoption of lifestyle devices among adults and youth. The key reason for this high adoption is affordability. The decline in the average selling price of wearable devices will boost the growth of the market during the forecast period.

Technavio analysts say there are four factors that are contributing to the growth of the global smart wearable lifestyle devices and services market: a growing emphasis on a healthy lifestyle; increased demand for wearable lifestyle devices; growing use of smart glasses; and an increased focus on R&D.