Wearable Tech World Feature Article
October 20, 2015

Wearables Primed for Major Growth

2014 was labeled the year of the wearable, and the wearable market will ride that popularity for the next five years. Compass Intelligence, a market analytics firm from Texas, has released studies claiming the market will grow to $9.7 billion by 2019.

The seven Compass Intelligence wearable studies, bundled for purchase as part of its WEARABLES WEEK promotion, were produced within a larger initiative labelled “Emerging Technologies,” in which the firm analyzes tumultuous new markets.

While the majority of wearable technology growth has been driven by fitness bands and smart watches, the future will see smart fabrics, headbands, bracelets, rings, and others. Health, style, and convenience will drive consumer interest in the technology.

Heather Taylor, Senior Analyst at Compass Intelligence, remarked, “While fitness devices and smart watches currently dominate the wearable technology discussion, other segments such as medical monitoring and apparel accessories are also expected to realize growth over the next 3-5 years.”

As the technology improves, wearable tech producers may begin to surprise us. Smart shirts, helmets, and mattresses have all achieved success on crowdfunding sites, and the fashion world will surely make some niche products vogue and desirable.

So, with the market both growing and defining itself in the next few years, consumers will dictate the future of wearable tech. The report identified that about 30 percent of consumers currently own and/or uses the device, while 60 percent of consumers see the devices as “too expensive”. Many want their wearable devices to be compatible with their smartphone interfaces, which may give the major smartphone producers a slight edge in the upcoming arms race.

Major players have already been posturing for dominance in the growing industry. Apple recently secured a patent for a ring device, and Google has just invested in a Chinese smartwatch firm. The global landscape is shifting as we speak, and the $9.7 billion pouring from consumer wallets will define the next era of connected devices. We’re not just picking a cool product; we’re redefining the way we interact with information, the way we think, and the ways we interact. Choose carefully.  

Edited by Maurice Nagle

Comments powered by Disqus

Featured Video

Dedicated to Wearable Tech: Mobile, Sports, Fitness, Audio, Fashion, Design

Featured Podcasts

The Business of Wearable Computing: An Interview with Brand Finance An interview with Edgar Baum, Managing Director North America with Brand Finance, the world’s leading brand valuation and strategy consultancy. Mr. Baum specializes in marketing ROI and financially quantified brand strategy.
Getting Attention for Your Wearables Joe Daniels of Loeb & Loeb discusses how wearable tech entrepreneurs can gain exposure for their ideas and what to do once they've won attention from potential investors.
Wearable Success Rides on Actionable Intelligence Lux Capital's Adam Goulburn focuses on the traits sought by investors as they consider wearable startups, such as how well their software turns collected data into actionable intelligence.
Wearable Tech Startup Strategy CRV's George Zachary talks wearable startups and how they can secure the attention of the right investors as the seek to become the next great thing in wearables.
How to Win the Wearable Tech Funding Game Donatella Giacometti speaks with Canary Ventures' Alex Goldberg about what the investment community looks for in startups, such as the many new wearable tech companies that are emerging.

Wearable Tech World Media Sponsors