Wearable Technology Market Expected to Increase by 2020
Wearable tech, like the best smartwatch for iphone, is one of the sectors of the broader industry of technology that is advancing quite speedily, even overtaking and surpassing the advancement of smartphones. Wearable technology is everywhere, from the simple fitness trackers, the highly-developed smartwatches, to headsets for augmented and virtual reality.
The Growth in the Wearable Technology Market
MarketsandMarkets™ published a market research report stating that the market on wearable technology is expected to increase from 21.7 billion U.S. dollars in 2016 to 51.6 billion U.S. dollars by 2022, with a compound annual growth rate (CAGR) of 15.5%. The materialization of wearable technology is predicted to change the perspective of on-the-go computing. Areas of application for wearable tech vary from consumer healthcare and durables to industrial, enterprise, and much more. As wearable tech becomes fully grown, it is projected to discovery new areas for application as well as better applications in current areas like wearable tech utilized in medical surgical procedures.
Wearable Tech to Strengthen Because of Consumer Preference
The growth of the sector of wearable tech is credited to the rise in healthcare and fitness awareness and increase in the expectations of consumers. The preference of consumers is projected to strengthen with the involvement of new participants as well as introduce new innovative products in the market of wearable tech. Major players of the industry are launching newly advanced wearables wherein it would cater to numerous new areas for application. Wearable devices, for example, are presently utilized in oil and refinery factories as well as medical surgery.
Eyewear and Headwear Wearable Technology
Eyewear and headwear includes products on virtual and augmented reality, wherein both have a manifold of applications in enterprise industries as well as consumers. Highest applications for eyewear as well as headwear devices have is in the commercial sector like video games and sports. Therefore, the market is likely to increase at top rate throughout the forecast period.
Moreover, during the forecast period, the Americas is predicted to have the biggest size of the market of wearable tech. The growth of the market is credited to numerous factors on technological originations and improvements which leads to the presentation of new creations. Other factors that fuel the market growth are the rising occurrence of chronic as well as lifestyle illnesses like diabetes, and user-friendliness.