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.
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.