Global Wearables Market Could Hit $16B by 2016, Report Finds
May 13, 2015 in News
The global wearables technology market is expected to reach $16.1 billion and could achieve mass market acceptance by the end of this year, according to a recent visiongain report, FierceMobileHealthcare reports (Mottl, FierceMobileHealthcare, 5/10).
For the report, researchers analyzed the global wearable market to make projections for 2015 through 2020. The report includes details on wearable technologies, such as smartwatches and fitness trackers, as well as augmented reality technology and e-textiles, such as smart clothing (visiongain release, 5/7).
According to the report, wearable technologies have yet to achieve previous expectations of adoption and revenue. However, it noted that 2015 could be a “breakthrough” year for the global wearable market.
The report attributed projected global market growth in part to the release of Apple’s smartwatch. However, the report also cautioned that the Apple Watch could cause “great disruption” in the market by 2018, as it offers many applications already delivered by competing companies with fitness and activity trackers.
In addition, the report projected that other wearable technologies, such as augmented reality glasses and e-textiles, will not experience big market gains in the next few years. However, the report predicted that revenue and shipping growth should pick up after 2019, when vendors have made strategic application, technology and cost adjustments (FierceMobileHealthcare, 5/10).