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Wearable technology predictions show large growth ahead

Denny | October 21, 2015

A new report has shown that the market for wearables isn’t anywhere near leveling off in its expansion.

A new report relased by IDTechEx Research has shown that the marketplace for wearable technology is going to continue to grow, and that it won’t be doing so at a slow pace.

This has been particularly true when it comes to applications in industry as well as in the military.

This year, it is estimated that the wearables global market value is $20.2 billion in the IDTechEx Research report that was recently issued by the firm and that was entitled “Wearable Technology 2015-2015: Technologies, Markets, Forecasts.” It pointed out that almost 75 percent of the market’s revenue is expected to be generated from categories that have had the chance to mature a little more than others, such as fitness trackers, smartwatches, and earphones. However, it also underscored the fact that it will be wearables in military, industrial and commercial markets that will see the greatest growth and that will represent the largest amount of revenue.

The report specifically pointed out that it will be in these industries where wearable technology will be allowed to shine.

Wearable Technology - Growth As wearables are incorporated into a larger number of sectors and settings, the report stated that it will lead to a notable growth in the existing systems of this tech. That said, it pointed specifically to healthcare applications as the largest market for these mobile devices. “Many of the companies looking to commercialize new wearable technology are searching for partners in the healthcare and medical industries,” stated the report.

Another market that was pointed out as one that should be seeing growth is that of infotainment, which should include products such as Oculus VR headsets, Google Glass and other types of smartglasses and augmented reality glasses.

The wearable camera market is another space that the IDTechEx said was up and coming. The release of this report comes on the heels of an announcement made in August by the Pentagon, which stated that a high-tech company and researcher consortium would be partnering to come up with wearable technology that would be appropriate for military applications.

Wearable technology isn’t winning over the U.K.

Lucy | March 24, 2015

People in the country have yet to be convinced that they will be impressed with ownership of wearables.

According to the results of a recent study, people across the United Kingdom have yet to warm to wearable technology to the point that they will believe that their lives will be changed enough by these gadgets that it will be worth actually buying them.

In fact, the research indicated that 1 in 10 consumers feel that wearables will make their daily lives more challenging.

While people in the United Kingdom have been quick to embrace many other forms of technology, as smartphones penetration is tremendous there, but wearable technology has failed to win over that population, as of yet. This is the case, regardless of the fact that some of the most beloved brands, including Apple, have launched or even rolled out their own gadgets. Moreover, people in the U.K. aren’t even convinced by collaborations with some of the most prominent designers.

Only 25 percent of British people feel that their daily lives would be improved by wearable technology.

Wearable Technology - Not impressing UK The survey was held by British Gas on behalf of Hive and it involved the participation of 2,000 people. It has arrived at the same time that the British Government revealed that it would be making investments worth several million pounds toward automatic vehicles and devices for connected homes. Clearly, the British people don’t hesitate to look to the future of tech, but smartwatches simply don’t appear to be on this list.

The 25 percent of people who felt that their day to day lives would be improved by wearables represented a much lower figure than those who were on board with connected home devices. A much more notable 56 percent felt that connected home devices would change their lives . Moreover, 43 percent feel that artificial intelligence would help to make their daily lives more simple. About 30 percent of people felt that driverless cars and 3D printers would enhance their everyday lives.

With the high expectations for all of these other types of tech, it is interesting that smartwatches and other types of wearable technology have not managed to show their appeal to this same population.