While the hubbub around wearable tech has died down a little bit, the demand for these kinds of devices really isn’t dying out at all. A new report from Tractica was released late last week and that report shows the growth of the wearable tech market is still looked at as being robust. In fact, the report says the wearable device shipments will top 560 million units a year by the end of 2021.
In order to really understand just how much growth that is showing, take into account that right now, there are only 85 million units shipped per year, as of the end of 2015. 2021 is just five years away and it looks like we really haven’t even dipped our toes in the water of the wearable tech market. The CAGR of 36.9 percent is going to be fueled by a number of different factors, which the report laid out.
Among the top factors for this rather quick growth is that there has been stronger than anticipated growth of fitness trackers. The other big surprise in this market is that the smart watch market has actually not been as strong as people thought it would be. There were people who thought smart watches would actually cannibalize the fitness tracker market.
Finally, the biggest driver of the wearable tech market is that there are a massive number of different devices hitting the market all the time. Wearable cameras, smart glasses, body sensors and even sleep trackers are becoming the norm. The more these kinds of devices are released to the public, the more members of the public decide they want to wear some component of wearable technology.
Finally the report details that 2015 was the biggest year for wearable tech yet. That upsurge in the market indicates to Tractica that we are about to see a continued climb that is going to be most impressive over the next few years.