The global wearable devices market was valued at more than $2 billion in 2016 and is expected to reach almost $6 billion by 2021, according to a new report from Technavio Research.

In developed regions, including North America and Western Europe, the demand for and shipment of smart wearable devices— smartwatches, wearable bands, wristbands, etc.—has increased in recent years, the report said. The decline in the cost of these products is a major driving force behind the adoption of wearable devices, it said.

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