The wearable market is expected to reach $57,653m, globally, by 2022.
Wearable technology, commonly known as wearables, have become quite popular among consumers over a past decade. These are modern electronic devices that can be worn as accessories, installed in clothing, and can be embedded in human body.
Smartwatches like Apple watch is one of the most common and well-known wearables in the market. Other than that, there are a lot of modern wearable technologies to clothing and jewellery such as head mounted displays (HMDs) and so on.
Along with all basic computing functions, wearable devices can also perform unique health tracking services when keep in contact with human body such as sleep monitoring, calorie tracking and others.
With such advanced technologies in wearable devices, enterprises can come up with more productivity in the workplace.
According to a report published by Allied Market Research, the global wearable technology market size is projected to reach $19.6bn with a considerable CAGR from 2016 to 2022. The continuous growth of mobile networks is enabling the development of wearable technology to a great extent.
Key players profiled in the industry
- Apple
- Fitbit
- Garmin
- Adidas
- Nike
- Samsung Electronics
- Sony Corporation
- Huawei Technologies
- LG Electronics
- Motorola Solutions
Popular modern wearables in the market
- Smartwatches: Smartwatches can be connected to a smartphone, through which the user can read, write, and send new messages directly from their watch, without even holding the phone. The Matrix power watch series 2 can charge from solar power and body heat in place of electricity, while Apple watch can enable wearer to obtain an electrocardiogram heart reading without any extra accessories.
- Smart jewellery: The most leading smart jewellery is the smart ring. It is worn on the finger just similar as a standard ring. Many other smart jewelleries exist in the form of bracelets to bangles, designed by popular fashion enterprises. A firm named Joule, is soon going to enlarge its series of smart earrings. It is to be noted that a smart jewellery may provide a less intrusive means of monitoring user’s health as compared to a smartwatch.
- Smart clothing: Smart clothing, on the other hand, can offer deeper insights that other modern wearable technologies because it can make contact with a larger amount of user’s body. Thereby, it enables advanced tracking for both lifestyle improvement and medical tracking. The Samsung Group is planning to launch smart shirts which will be able to diagnose respiratory diseases. Similarly, Tommy Hilfiger is trying to add location tracking functions to its jeans. This way, several other global companies have begun to utilize smart clothing in order to build brand loyalty.
Furthermore, wearable technologies have been evolving so much that it can even be inked in user’s body in future.
Smart tattoos will include flexible electronic sensors, through which they will be able to monitor brain and heart activities, blood sugar levels, muscle functions, and sleep disorders.
In brief, smart tattoos will work like a personalised circuit onto the skin. With this drift on board, wearable technology is anticipated to continue to evolve and shower exponential growth to the wearable technology market in more than one way.