Wearable Tech is Not Going Anywhere

Wearable Tech is Not Going Anywhere

A new report predicts that fitness trackers, smart watches and other wearable tech devices aren’t going anywhere. In fact, wearable technology is all its forms is more likely to flood both consumer and business uses in the coming years.

The report says: In 2016, the world wearable tech market had an estimated value of $26.19 billion. By 2015, this value is expected to reach $170.91 billion, a compound annual growth rate (CAGR) of 20.8 percent, according to the analysis from TheInsightPartners.com. (The full thing is available to purchase at the company’s website.)

As for what’s driving the trend, it is largely the growth of the use of fitness bands and smartwatches, the report notes.

Not only have consumers participated in using the devices themselves, but also these consumer-friendly gadgets are driving a greater awareness of the potential of wearable tech beyond health tracking.

Here are some more details on the industries using wearable tech, and the types of devices you can expect to see more of in the future.

What is Wearable Tech?

Currently, the wearable tech market serves these distinct industries, the report notes:

  • Health care and medical
  • Infotainment
  • Military and Industrial
  • Fitness and wellness
  • Safety and security
  • Fashion and lifestyle

How each industry applies wearable tech to its consumers differs. The different product classes that are all considered wearable technology include:

  • Sleep sensors
  • Smart clothing and smart glasses
  • Activity monitors
  • Smart watches
  • Heart rate monitors
  • Continuous glucose monitors
  • Wearable patches
  • Augmented reality headsets
  • Jewelry (such as bracelets, ring, neck pieces earrings, pendants and clutches, among others)

woman workout wearable tech apple watch health tracking

 

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Who Will be the Major Tech Players?

The report notes that the big names in the marketplace are some familiar faces. Now, and in the coming five years or so, the companies dominating the space include:

  • Apple
  • Google
  • Garmin
  • Fitbit
  • Intel
  • Jawbone
  • LG Electronics

TELL US: How do you think your use of wearable tech will change in the next 5 to 10 years?

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