The wearables market is going to grow at a fast rate over the next few years, according to a new report from Transparency Market Research. The firm says that between 2012 and 2018, the market will enjoy a CAGR of 40.8 percent.
TMR estimates that in 2012 the wearables market was valued at about $750 million USD, and that by the end of its forecast period it will reach a value of $5.8 billion, representing a jump of almost 800 percent in less than a decade. The market research firm mostly attributes that substantial growth to the rise of a younger demographic eager to embrace the new technology, and the growing computer power packed into relatively small devices.
While wearables will see increasing applications and adoption in the infotainment sector, TMR sees most of the overall market’s growth being driven by the healthcare and fitness sectors. In a synopsis, the firm cites “[g]rowing awareness among the global populace regarding their wellbeing” as “the major driving factor of the global wearable technology market,” and indeed we have already seen how wearable technology is revolutionizing the remote care industry. And if smartwatches take off the way some analysts expect them to, vast numbers of consumers will soon be wearing fitness-tracking mobile devices every day.
The TMR report echoes the excitement of other market research firms, but in a much more amplified way. Mordor Intelligence, for example, expects the overall wearables market to reach a value of just under $300 million by 2018. That’s a pretty sizeable difference. Nevertheless, both predictions reflect the overall consensus that the wearables market is heading for a boom over the next few years at least.