Wearable tech set to become a $54bn industry by 2023
The global wearable technology industry is predicted to grow at a compound yearly growth rate of 19%, from $23-billion in 2018 to $54-billion by 2023, a new report shows.
Data and analytics company GlobalData’s latest ‘Wearable Tech – Thematic Research’ report paints a picture of consumer market growth driven by increasing smartwatch sales.
The data reveals that smartwatches, with a vast range of features, including cellular connectivity, health monitoring and contactless payment, are proving more popular than the fitness tracker, which is reporting falling sales owing to limited capabilities.
Enterprise adoption of wearable technology is also increasing, driven by activity in the healthcare, logistics, insurance, financial technology and defence markets, says Technology Thematic Research principal analyst Ed Thomas.
“The wearable technology theme incorporates more than just wrist-worn devices,” he adds, pointing to smart earwear, or ‘hearables’, which have become a more prominent category with the emergence of devices that incorporate voice-activated virtual assistants, such as Apple’s Siri and Google’s Assistant.
The report notes that hearables seemingly have the potential to match, or exceed, the performance of smartwatches when it comes to providing health monitoring services.
“Over the next few years, wearable devices will become smarter, as they incorporate technologies like artificial intelligence and augmented reality and so their relevance, particularly to enterprise users across industries, will only increase,” Thomas concludes.
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