2014 was labeled the year of the wearable, and the wearable market will ride that popularity for the next five years. Compass Intelligence (News - Alert), a market analytics firm from Texas, has released studies claiming the market will grow to $9.7 billion by 2019.
The seven Compass Intelligence wearable studies, bundled for purchase as part of its WEARABLES WEEK promotion, were produced within a larger initiative labelled “Emerging Technologies,” in which the firm analyzes tumultuous new markets.
While the majority of wearable technology growth has been driven by fitness bands and smart watches, the future will see smart fabrics, headbands, bracelets, rings, and others. Health, style, and convenience will drive consumer interest in the technology.
Heather Taylor, Senior Analyst at Compass Intelligence, remarked, “While fitness devices and smart watches currently dominate the wearable technology discussion, other segments such as medical monitoring and apparel accessories are also expected to realize growth over the next 3-5 years.”
As the technology improves, wearable tech producers may begin to surprise us. Smart shirts, helmets, and mattresses have all achieved success on crowdfunding sites, and the fashion world will surely make some niche products vogue and desirable.
So, with the market both growing and defining itself in the next few years, consumers will dictate the future of wearable tech. The report identified that about 30 percent of consumers currently own and/or uses the device, while 60 percent of consumers see the devices as “too expensive”. Many want their wearable devices to be compatible with their smartphone interfaces, which may give the major smartphone producers a slight edge in the upcoming arms race.
Major players have already been posturing for dominance in the growing industry. Apple (News - Alert) recently secured a patent for a ring device, and Google (News - Alert) has just invested in a Chinese smartwatch firm. The global landscape is shifting as we speak, and the $9.7 billion pouring from consumer wallets will define the next era of connected devices. We’re not just picking a cool product; we’re redefining the way we interact with information, the way we think, and the ways we interact. Choose carefully.
Edited by Maurice Nagle
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