The wearables market continues to grow worldwide with an expanding audience and increasing number of products available. Wearables are a term to describe technological devices worn on one’s person or clothing. From Apple watches to Fitbits to the Moto 360 and other wearables, the Internet of Things is connecting people to all their devices and this is a very popular trend. The wearable tech market has shifted positively after failures with generic products and poorly received devices. The forecast for the market of wearables is a good one and one that is growing exponentially.
A leader in the analysis of this field, CCInsight, explains that the wearables market is forecasted to grow exponentially by 2019 with the wearable market to be worth more than $25 billion. Just a few short months later, Garter, Inc. reported that the wearables market will generate a profit of $28 billion in 2016. The International Data Corporation reports that by 2019, the wearables market will have a five-year compound annual growth rate of 28%, a staggering number to be sure.
Trends in the Industry
The wearable market continues to develop new forms of technology that are branching into other industries. Tech devices include items like Google Glass, a hands free device one wears as eyewear with access to smartphone like technology. Other wearables support medical issues like asthma or diabetes with monitoring and alerting of emergency medical issues. The innovative technology for wearables has expanded into virtual reality, which has its roots in video games, but has been branched out to education, medicine and scientific research.
The manufacturing industry can expect that the worldwide wearable market will continue to boom. Current research and predictions confirm this expectation. The trends suggest that being part of research, design, manufacturing, and distribution of this technology will be an increasing lucrative and innovative field to be a part of.