The wearable market has surged to a total value of over £50 billion, doubling since 2014, according to a newly-released report from market research firm IDTechEx.
The report is titled, catchily, “Wearable Technology Forecasts 2019-2029”, and makes a point to highlight the wide range of wearable types that have boosted the market to this point. From continuous glucose monitoring devices, headphones, hearing aids and augmented, virtual and mixed reality. All in all, the report takes a look at fully 48 different kinds of wearable devices.
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Of course, it also acknowledges the dominance of smartwatches in driving the industry, and the role of Apple in particular in pushing interest in that area. That’s something that IDC also concluded earlier this year, as we reported — it’s always nice to see some consensus.
Another interesting element of the report comes as it highlights some of the new entrants into the industry, “from new types of electronic skin patch, to smart apparel based on electronic textiles, to other new form factors for devices from footwear, to rings, to headbands”. As you’ll know we’ve been reviewing and covering an ever-wider range of products, so it’s good to hear that these are all helping to stretch the industry.
The report also dofs a cap to some of the early trailblazers that helped to shape the market, and gain considerable consumer interest, before tailing away and dying off. In a nice piece of serendipity, we’ve just explored one of the early titans, Pebble, which is well worth a read.
The report does admit some challenges for the industry, as well. It singles out the broadness of the “wearables” label as an apparent weakness for the market, covering so many product categories as it does, and the relatively slow uptake of VR and AR despite major investments. That this hasn’t stopped the market doubling in size is testament to the exciting potential of the tech in question.
You can find the full report via IDTechEx here.
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