A wearable device is a technology that is worn on the human body. This type of device has become a more common part of the tech world as companies have started to evolve more types of devices that are small enough to wear and that include powerful sensor technologies that can collect and deliver information about their surroundings.
Wearable devices are also known as wearable gadgets, wearable technology or simply wearables.
CCS Insight expects the wearables market to reach $14 billion by the end of this year, according to Forbes. And BI Intelligence, Business Insider’s premium research service, expects the wearables market to grow to 162.9 million units by the end of 2020.
The healthcare sector will be one of the top catalysts to push the wearables markets to these heights, as consumer and professional healthcare trends will spur interest in wearable devices.
Fitness trackers, in particular, are the leading consumer case for wearables because most consumers use wearable devices to record their exercise and health statistics and progress. And hospitals, med-tech companies, pharmaceutical companies, and insurance companies have started to utilize these devices.
Accuracy will remain the top barrier to widespread adoption, as manufacturers must ensure that these devices transmit correct data so that users receive accurate progress reports. And as always, privacy concerns are of the utmost importance.
Furthermore, smartwatches will likely cannibalize a major portion of demand for fitness trackers, as these devices perform many of the same functions as fitness bands but carry a host of other features, as well.
Market Segment by Applications, can be divided into
Fitness and Wellness
Market Segment by Type, covers