The potential for the wearable tech market to double by the year 2022, is something that analysts are expecting to occur. The analysts have stated that as long as “critical mass adoption” takes place, the market is poised to increase by a large amount. At the current state of $4.8 billion, the market could potentially reach $9 billion by the year 2022.
This is a CAGR of 9% growth over the five year period. The company has also forecasted that smartwatches will become the leading solider in the fight to proliferate the market on wearable tech, as it is the easiest way to get into the interest with relatively low barriers to entry. The market on smartwatches is currently dominated by that of Apple, who recently just launched the third generation of their Apple Watch, but the Cupertino giant could be pushed out of the lead soon as other companies choose to get involved. The estimations for Apple’s shipping amount comes in at around 3.4 million units, with Samsung and Garmin coming in second and third place at 800,000 and 600,000 units shipped respectively.
Android wear is becoming the next popular thing in the wearable industry and currently has the highest amount of potential to take over the wearable tech market. With Fitbit building out new technology, they also have a chance at taking over this large space in the tech world. The analyst stated that there are several reasons as to why this is occurring. With many people wanting a better way to track fitness steps in their lives, watches and other wearable tech devices fill that void quite well. If the price of these devices is able to be lowered by a substantial amount, more people will continue to get interested.