Wearable technology devices gain popularity : Market expected to reach USD$57,653 millions by 2022
The demand for wearable technology is expected to be about USD57,653 million by 2022 which was about USD19,633 million in 2016, as per a survey report released by Valuates Reports.
Wearable technology is nothing but electronic devices designed to wear anywhere on the body for hands-free operations. These include: smartwatches, fitness trackers, wristwear, eyewear, wearables, bodywear, neckwear, smart clothing etc. Amongst these, the smartwatches devices are expected to grow rapidly, according to the Report.
Based on application, the wearable technology sector is segmented into lifestyle, healthcare, consumer applications, security, fitness and sports, entertainment and enterprise, and industrial. Amongst these categories, the fitness & sports segment dominated the wearable technology market with a share of over 39 percent in 2015. Moreover, the entertainment sector is also expected to grow rapidly.
Factors such as limited battery life and safety concerns hinders adoption of wearable technology. However, growing advancements in software and hardware components along with increasing investments from multinational companies, all trying to capture the market with new design, innovation, and technology strategy.
Moreover, with its small size and user-friendly functions, people are more comfortable using wearable technology. The increasing popularity of Internet of Things (IoT) and connected devices is also expected to act as the catalyst for driving wearable technology.