The rate at which the number of wearable technology is growing and demand is not letting up either. In a report released by Globe Newswire, it was predicted that shipments for wearable devices will continue to grow, and at a compound annual growth rate of 29% between 2016 and 2020. And by 2020, there will be more than 240 million units shipped annually. The wearable devices industry will then be a $40 billion market.
While wearable technology has been commonly used in vertical sectors such as military and healthcare industries, advancements in technology and design have made the devices desirable to consumers. Some of the key enabling technologies include wireless connectivity and low cost sensors. And as enabling technologies have continued to miniaturise, wearable devices have hit the mass market in a wide range of forms, ranging from glasses to jewelry.
Furthermore, the rise of wearable devices will likely help mobile operators and drive service revenue of more than $13 billion by the end of 2020, following a compound annual growth rate of about 32% between 2016 and 2020. This is largely driven by the ability to interconnect areas such as healthcare, fitness and socialisation.
Leading the market in the smartwatch arena is Apple and Samsung, with a combined market share of almost 75%, together with other smaller players such as mobile operators, health insurers and retailers and alongside tiny start-ups, all vying for a stake.
The interconnectedness of the global wearable technology ecosystem makes it a favourable and ideal decision to jump on this bandwagon earlier, rather than later.
Zensorium | The Progress of Wearable Technology
Zensorium | History of Wearable Technology
Zensorium | Future of wearables: Functions and uses
Zensorium | Latest Trends in the Wearable Technology Industry
GlobeNewswire | Global Wearable Technology Ecosystem Market: 2016-2030 – Wearable Device Shipments will Grow at a CAGR of 29% to Reach $40 Billion by 2020
Research and Markets | The Wearable Technology Ecosystem: 2016 – 2030 – Opportunities, Challenges, Strategies, Industry Verticals and Forecasts
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