Published Date : Feb 05, 2016
When it comes to technological and scientific innovation, Europe has always been a front runner. Its role as an influential player has only recently been affirmed thanks to the economic strength of countries such as the United Kingdom and Germany, which somehow remain unperturbed by the economic turmoil that has hit the EU. Europe is still one of the most significant markets for premium consumer good categories and wearable technology is one of those.
Owing to their high cost, wearable technology devices are largely being rejected in developing countries but are being demanded at a high rate in Europe and North America. Being one of the two most prosperous regions in the world, Europe is projected to witness astounding growth in the wearable technology market over the next few years.
Trend of Wearable Payment Devices Headed by Visa
Owing to the ease in use of cashless payments and the proliferation of smart cards, the trend of cashless payment is soon poised to become the norm in Europe. Keeping this in mind, players within the wearable technology market are preparing to develop the next big innovation in cashless payment devices. One of the most prominent cashless payment gateways across the globe, Visa has partnered with a team of students from London’s Central Saint Martins – an art school, to develop unique and innovative ideas for wearable devices that will aid in cashless payments in the future.
Europe’s Wearable Technology Market Inhibited by High Costs
Wearable devices are mostly geared to achieve a specific purpose and the high costs of these gadgets have become a difficult challenge to overcome for consumers in the European market. However, growing economic prosperity in countries such as Denmark, the UK, Germany, Sweden, and Norway is poised to help the Europe wearable technology market gain stability. The need to keep wearable devices ergonomic and light has resulted in short battery life for most devices, another factor that could hamper the European market.