It should come as no surprise that interest in wearable technology has been rising rapidly in recent years. According to the analyst firm IDTechEx, however, we ain’t seen nothing yet.
In a recent report, the company estimates that sales for all wearable products worldwide will reach about $30 billion in 2016, and will continue to grow at about a 9% compound annual growth rate (CAGR) through 2018. At that point, the accelerator will be pushed to the floor for a CAGR of 23% for the following five years. And in spite of slower growth for the remainder of the forecast period, the analysts predict a worldwide market of $150 billion by 2026 on shipments of more than 5 billion units.
Falling prices, increased competition, and improved performance all contribute to this predicted growth. As the industry moves from the hype stage that celebrates the novelty of these products, it will mature into one that focuses more on solutions and delivering value. From smart watches to smart clothing, from entertainment to medical applications, it is clear that we will see this market continue to grow rapidly in the next ten years.