It’s no secret that we love our technology these days, and we’re sort of attached to it. However, in the near future, it’s probable that we will literally become more attached. The global wearable technology industry is taking the world by storm, and the sky is the limit when it comes to potential, as seen at the Wearable Tech Expo in New York City this week.
While Google, with its prototype Google Glass, seems ready to redefine the market, its main rival in the smartphone space, Apple (News - Alert), is likely to launch something amazing of its own in the near future. Analysts think it may be a “smartwatch,” or a Dick Tracy-style watch that allows users to communicate, e-mail, text, Web surf, navigate and more.
So how big is the market likely to get? While estimates vary, a new report compiled by Visiongain (News - Alert) has determined that the value of the global wearable technology market in 2013 will reach $4.6 billion.
Visiongain says it believes that the wearable technology market will follow the same paradigm as that of smartphones and tablets and in the next five years these new devices will see explosive growth and high adoption rates promising wide revenue streams for all ecosystem members.
“With virtually limitless applications to a number of verticals the wearable technology market represents a huge value proposition to all ecosystem members, from manufacturers to app developers and service providers,” according to the report’s authors.
Limitless is right. In addition to healthcare and fitness – where the industry is largely concentrated right now – wearable technology is expected to encroach into many other industries, as well, with wearable enterprise applications right around the corner, and even wearable technology for pets.
The full report is broken down into revenue predictions for multiple categories of wearable technology, including smartwatch shipments, mHealth devices, tech clothing, AR glasses, fitness and sports and wearable cameras, as well as a breakdown by sales potential for global regions.
Edited by Alisen Downey
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