According to a new market report published by Transparency Market Research, "Smart Textile Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023," the smart textile market was valued at US $700 million in 2014, which is expected to reach US $7,730.0 million by 2023, growing at a rate of 30.8% from 2015 to 2023.
The smart textile market is primarily driven by the increasing usage of nanotechnology in these fabrics. This nanotechnology helps in producing fabrics with special functionality including UV protection, water and stain resistant, anti-bacterial and many more. This nanotechnology includes nano-electronics, nano-materials and nano-biotechnology. Nano technology helps in embedding the electronic components in to the textile. Further, nano technology provides different efficient techniques and tools to manufacture the required fabric attributes by modifying the fabric surface. Moreover, from the consumer side, the market is also supported by the increasing demand of wearable technology globally during the forecast period.