The wearable technology market is predicted to hit $30 billion this year, with more than $11 billion being driven by smartwatches and fitness trackers, according to a new study.
The market will experience a 10 percent growth rate annually, hitting $40 billion by 2018 and then spiking 23 percent to hit more than $100 billion by 2023. By 2026 the market will be valued at $150 billion, according to IDTechEx.
Yet despite the rosy growth expectations there are still some formidable challenges, according to the study's authors.
“Fueled by a frenzy of hype, funding and global interest, wearable technology was catapulted to the top of the agenda for companies spanning the entire value chain and world. This investment manifested in hundreds of new products and extensive tailored R&D investigating relevant technology areas,” the authors write in the announceemnt.
Wearables have fast been moving beyond simply tracking fitness to being more high-tech medical devices. The IDTechEx study classifies wearables as a product group including everything from smartwatches, smart eyewear, fitness trackers to smart clothing, medical devices and infotainment devices.
For more information:
- read the IDTechEX announcement