Wearables are going to stay for long! A new report predicts that the wearable market will be literally worth whopping $150 Billion by 2016.
In the event that these figures don’t sound insightful to you, and no matter how valid reason you might be carrying around, trust us, all your imaginations and assumptions are eventually going to take a deep breath and relax. While they do so, a research firm IDTechEx recently came up with few facts and numbers in its report that may grab your attention.
It’s quite apparent that wearable tech contributes a noteworthy foothold across consumer electronics segment, especially those products that are supposed to be worn on the person. Researchers said that the market would be worth over $30 Billion by the end of this year and grow further 10% annually to over $40bn by 2018.
“Fuelled by a frenzy of hype, funding, and global interest, wearable technology was catapulted to the top of the agenda for companies spanning the entire value chain and world. This investment manifested in hundreds of new products and extensive tailored R&D investigating relevant technology areas,” researchers noted.
In fact, it just doesn’t end with 2018. The research also states that those figures will keep on climbing high by 23% growth rate to over $100 Billion by 2023. However, those figures will then witness downfall, up to 11% by 2026 – valued at $150 Billion.
“However, the fickle nature of hype is beginning to show, and many companies are now progressing beyond discussing ‘wearable’ to focus on the detailed and varied sub-sectors,” researchers added.
The overall contribution will play a significant role across the industries such as healthcare & medical, fitness & wellness, infotainment, commercial, industrial, military, etc. The contribution of different wearable products will be comprised depending upon the location on the body such as head, ear, eyes, body (torso), arms, wrist, legs & feet, implantable, multi-location / adaptability by user or user case, etc.