Wearable Technology, according to IDTechEx’s latest report, is worth $50bn by the end of 2019. Since 2014 wearable technology has grown into the highest grossing market. In the past 5 years it has evolved as one of the leading products around consumer electronics. Nevertheless, with minimum news coverage and more focused investments, there has been a significant drop in the general hype around wearable technology. IDTechEx’s elaborate study gives us a concise idea of the growth of this industry over the years and an analysis on what its future might be like in the next decade. The report “Wearable Technology Forecasts 2019-2029” is available at www.IDTechEx.com/wearable.
The report credits the growth in the last five years to:
“product types including smartwatches, continuous glucose monitoring devices (CGM), hearing aids, headphones and AR, VR & MR.”
The report analysis these sectors in detail, providing valuations and market data all around the key products, technology, and themes of each product area. Innovation in this industry has also been factored into this report. Recent developments and new products launched in the market, ranging from new types of electronic skin patch, to smart apparel based on electronic textiles, to other new form factors for devices from footwear, to rings, to headbands. The IDTechEx’s report assesses around 48 such products.
The report helps us visualize the wearable technology landscape in separate sectors. Each chapter in the report addresses a separate sector such as; smart watches, fitness tracker, eyewear, hearables, smart clothing, e-textiles, electronic skin patches and several other themes. The research shows several years of effort, as it includes data bases from around 1200 companies.
The over view of this data leads to some interesting trends in the recent years. After tracking a series of relevant metrics to have an overview of the “state of the Industry”, and an analysis of search trends, patent trends, investment data and product shipment volume data across each of the 48 product forecast lines included in the report. When combining trend indicators together, it is possible to see the clear hype curve for wearables, peaking in 2015 and falling since. This hype curve correlates relatively well with the growth rate in the overall industry, increasing to a peak at 36% growth between 2014 and 2015, but falling to the 10-20% range per year ever since. However, despite the evidently reduced hype, this growth has led to a doubling in annual revenue generated in the sector in this time.
The IDTechEx’s report finds that wearable technology continues to witness sustainable growth and will continue to potentially generate billion-dollar revenues.
To find out more about wearable technology research available by IDTechEx please visit www.IDTechEx.com/Research/WT.