A new report is highlighting how the field of wearables will change in this upcoming year. The report states that the global market on wearables is worth somewhere in the $3.2 billion range, which could become more than ten times that amount over the course of the next five years or so. With a CAGR of 38.8%, the possibilities for the wearable industry are better than they look. The report states that “North America dominates this market presently, followed by Europe.
In 2016, China dominated the market in Asia-Pacific; similarly, Germany led the overall market in the European region. At present, the U.S. dominates the market in North America.” The report goes on to state that “Rise in healthcare awareness and increase in mobile penetration drive the demand for the enterprise wearables market. Further, the benefits such as ease of use, flexibility, and convenience fuels the market growth rate. However, high cost of enterprise wearables and rising data security and privacy concern impedes the market growth. In 2016, the Bluetooth technology segment dominates the global enterprise wearables in technology segment, in terms of revenue. However, based on product type, wrist wear and head wear leads the global market followed by eye wear in year 2016.”
The healthcare sector could potentially become one of the biggest customers for the entirety of the wearable sector. More and more devices are being created specifically for this industry, and as new technology is introduced, the space of wearables will only become more and more popular. The hopes are high that over the course of the next five years or so, the industry on wearable tech will be able to reach its full potential, helping those who need easier times in their lives that can use this new type of technology.