Smart devices that we wear all the time comes under the category of wearable technology, which is now on a quite fast track of developments and will see further boost in the coming years.
What is wearable technology, and what are its current and future market size?
The market size of wearable technology in 2018 was about US$ 24 billion, and this market will reach US$ 60 billion by 2025. Some of the major players include Apple, Facebook, Google, Garmin, HTC, Huawei, Microsoft, Qualcomm, Samsung, Sony, and Xiaomi.
Wearable technology is the technology used in smart gadgets, which includes smartwatches, smart clothing, fitness tracker, implantable devices, smart jewellery, and head-mounted displays.
The introduction of wearable technology is usually traced back to the invention of small watches during 1500. After the design of a small watch, watches were gaining popularity which leads us to the present day smartwatches and other smart gadgets that we use in our daily life.
There are various drivers behind the growing market value of wearable technology. Some of the drivers include the trend towards the digital world, increase in IoT devices, new developments in the digital world, tracking applications, the trend in the fashion industry, and trend in the health sector. These advance drivers indicate that there is a bright future ahead for wearable technology.
There are various advanced developments in progress related to wearable technologies. For example, Apple, which has dominated the market with its fitness tracker and air pods, are planning for two futuristic upcoming wearable devices. These wearable includes a headset, set to release in 2022, and glasses, set to release in 2023.
Google has also made progress towards its wearable technology developments. It bought Fitbit, a smart watcher and fitness tracker maker for about US$ 2.1 billion, in November 2019.