July 10, 2018
WELLESLEY, Mass., July 10, 2018–Wearable technology has expanded in just a few years from simple fitness trackers into a broad range of devices brimming with features and connectivity, according to a report by BCC Research.
The industry expects to see a compound annual growth rate (CAGR) of 28.3% through 2023, when it is expected to reach $82.3 billion, as indicated in the report Wearable Computing: Technologies, Applications and Global Markets.
Major players in the market include Alphabet, Apple, Fitbit, Garmin, Huawei, Sony, Samsung and Seiko Epson.
“The adoption of wearable computing devices is on the rise in many commercial and industrial environments, especially Augmented Reality (AR) headsets or smart glasses pioneered by Google,” the report notes. “AR headsets are increasingly being adopted in industrial manufacturing environments, and have benefitted various organizations in streamlining the operations, enhancing efficiency, and avoiding workplace injuries and accidents. In addition, other commercial end users such as infotainment, healthcare and medical, manufacturing, security and logistics verticals are investing significantly to unfold the technology potential to make their businesses a better and safer place to work.”
Market Restraints Include User Interfaces and Personal Security
User interface features are of critical importance when marketing a successful product, and manufacturers are constantly struggling to find a balance between size, usability, and complexity. Display size and resolution often improve at the expense of comfort and usability. Meanwhile, privacy and personal security issues are gaining wider exposure. Some augmented reality glasses capture a continual live video stream and feed it to the internet, which raises privacy concerns; these concerns are echoed when exploring health and fitness devices which automatically upload data to cloud-based services.
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Wearable Computing: Technologies, Applications and Global Markets( IFT107C )
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