According to a Transparency Market Research (TMR) study on the smart textile market, advancements in nanotechnologies and increasing trend of miniaturization of electronics are expanding lucrative opportunities. Low-cost smart textiles have been fabricated for several applications including healthcare, sports & fitness, fashion & entertainment, and defense. The global valuation of the market is projected to reach US$ 23.82 billion by the end of the forecast period (2021–2031), representing a CAGR of 25%.
Textile manufacturers are harnessing the potential of inexpensive wireless sensors for unveiling novel products. With the help of IoT sensors they are expanding their product portfolio to reap into emerging revenue possibilities in the smart textile market. The use cases of wearable in healthcare have considerably expanded over the years, presenting immense avenues for the commercialization of smart textiles.
The popularity of wearable devices for sports is generating vast revenue streams in the smart textile market, find the authors of the TMR study. Manufacturers gain from integration of vast computing power into smart textiles to boost functionality of wearable for various applications in the smart textile market. For instance, integration of Bluetooth Low Energy (BLE) and edge computing with user-friendly sensors is opening new frontiers in health, medicine, education, and entertainment.
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