Booming Wearable Computing Market Could Disrupt Multiple Industries

June 08, 2016

Wellesley, Mass., June 08, 2016 – Previously, wearable computing products, also known as wearables, were a fringe market of curious devices that were bulky, unaesthetic and impractical for consumer applications.  BCC Research reveals in its new report that technological advances are driving huge growth rates in both consumer and non-consumer markets.

BCC Research projects that the global market for wearable computing products will reach $22.6 billion and more than $171.2 billion in 2016 and 2021, respectively, reflecting a five-year compound annual growth rate (CAGR) of 50%. As the largest segment, consumer markets will grow from $14.1 billion in 2015 to $104.7 billion by 2021 at a five-year CAGR of 42.1%. The non-consumer segment will grow the fastest at a five-year CAGR of 71.6% to reach about $66.5 billion by 2021.

Many possible technology formats and product classes exist for wearable computing devices, including wrist devices, eyewear, body sensors, location trackers and activity monitors. Wearables are not only being integrated with smartphone technology, but ultimately may replace them in many consumer environments. The key players in the smartphone industry also will play crucial roles in the consumer wearables market. Other applications will attract interest and investment from non-smartphone industries such as fashion, gaming, healthcare, manufacturing, security and logistics.

Market segments generally can be classified by user type as either consumer or non-consumer applications. Some new non-consumer applications developed for deep niche markets may outgrow potential consumer markets for wearable devices. Regardless, all individual market segments are potentially multi-billion markets with significant growth potential over the long term. In addition, the growth of consumer markets will stimulate greater acceptance and more widespread adoption in specialized non-consumer markets. 

Although wearable computers have existed for several decades, the evolution of smartphone technology into wearable formats has the industry poised to grow exponentially into new markets. The recent market entry of technology giants such as Apple, Google, Samsung and Sony, as well as clothing and sportswear giants like Nike has generated enormous interest in this industry.

Innovation in flexible displays, low-power wireless connectivity, sensor technology, big data, cloud services, voice-control interfaces and mobile computing power are key industry drivers. These advances have enabled wearable technology to move into mainstream consumer markets.

“Traditional markets for wearable devices have been focused primarily on non-consumer niche applications, including those in the healthcare, defense/security, enterprise and industrial markets,” says BCC Research analyst Andrew McWilliams. “However, recent advances in materials science, electronics, photonics and software have enabled the emergence of a potentially vast range of new lightweight, wearable computing products. These technology advances are not only growing traditional non-consumer markets but also enabling the emergence of a number of new consumer applications.“

Wearable Computing: Technologies, Applications and Global Markets (IFT107B) analyzes the industry structure, including key markets, major companies and their market shares. Analyses of global market drivers and trends, with data from 2015, estimates for 2016, and projections of CAGRs through 2021 also are provided.

Editors and reporters who wish to speak with the analyst should contact Steven Cumming at steven.cumming@bccresearch.com.

About BCC Research
BCC Research publishes market research reports that make organizations worldwide more profitable with intelligence that drives smart business decisions. These reports cover today's major industrial and technology sectors, including emerging markets. For more than 40 years we've helped customers identify new market opportunities with accurate and reliable data and insight, including market sizing, forecasting, industry overviews, and identification of significant trends and key market participants. We partner with analysts who are experts in specific areas of industry and technology, providing unbiased measurements and assessments of global markets. Recently selected as the world’s greatest market research company, BCC Research is a unit of Eli Global, LLC. Visit our website at www.bccresearch.com. Contact us: (+1) 781-489-7301 (U.S. Eastern Time), or email information@bccresearch.com.

Wearable Computing: Technologies, Applications and Global Markets( IFT107B )
Publish Date: Jun 2016    

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