Market research vendor Research and Markets has a new report available on wearable tech. Authored by Mordor Intelligence, the report is entitled “Global Wearable Sensors Market – Growth, Trends & Forecasts (2014-2020)”.
Unsurprisingly, the report predicts substantial growth for the wearables market, anticipating an overall market value of $299.46 million by the year 2018, and an annual growth rate of 45.08 percent (CAGR) between 2014 and 2020. That level of optimism about the market echoes predictions from other market analysts – for example, Tractica, which has gone so far as to launch its own market advisory service for companies interested in wearables.
Mordor credits the growth to a few different factors. The market driver is the application of wearable technology in the areas of health and fitness, but security is another important sector expected to see growth. Another major factor is the integration of wearables with smartphones, as in the case of the Apple Watch; a report synopsis suggests that wrist wear “holds the majority of the market share and is anticipated to dominate the market during the forecast period.” Also important: Motion sensor applications. Mordor says that this area held the second-highest market share last year at $15.68 million, and is expected to retain that ranking.