Currently one of the most rapid expanding niche’s comes in the form of wearable technology. Analysts have predicted that by 2021, the industry will be worth over $71 billion in market value. This growth is almost over 138 percent, which is exponential.
Furthermore, reports indicate that this year, the niche industry will close on approximately $14 billion. The growing use of fitness trackers and wearables are a key component to the growth of the industry.
To supplement the data on fitness wearables, reports were done, which illustrated that almost 50 percent of all wearable technology released over the next year, will be in some way related to fitness trackers. Smartwatches alone are expected to be sitting on approximately 30 million shipments.
The growth of technological wearable devices
The chief of research at CCS insight Ben Wood commented: “Given the rising consumer apathy toward smartphones, it is little wonder so many companies are chasing the rapidly growing opportunity presented by wearables.”
Following this as well as other analytical data provided through various means, it was illustrated that the total market value as of 2016 is approximate $29.92 billion. It is expected that this will grow at a rate of 18.2 percent annually and accumulate to the anticipated $71 billion market value.
The main players in wearable devices
Although it is a large market opportunity for a vast amount of companies, as with all markets, there are always key players. It is expected, from current standings that some of the biggest competitors in the niche, will include the likes of Google, Apple, Garmin, Fitbit, Nike and a few others.
Furthermore, it is expected that one of the most dominated markets for wearable technology, both fitness trackers, and other devices, will be America. This is due to the strong market penetration that these devices already have in this region.
With regards to the overall growth of wearable technology, the reports indicate that mainly it is expected to flourish in style and fashion segmentation, however, it is also possible that it will be put to military purposes amongst other things.