A 652-page research report by Market Research that analyzed 465 companies revealed that the wearable device technology market will grow by 20 percent between 2016 and 2020; representing $40 billion dollars with 240 million units shipped yearly.
Nowadays the wearable revolution has taken shape much faster than the mobile device that preceded it; mostly because of low-cost sensors, wireless connectivity, active materials and energy have converged to make wearable technology cheaper than ever before. Also, the infrastructure for wearables is already in place; all you have to do is sync your wearable to your smartphone, and you are ready to go.
Wearable technology is, and has been used by many industries, from the military to health care, and consumers have quickly adopted this technology due to its interconnectivity with the internet of things (IOT), fitness, and messaging applications.
Some of the key findings in the "Wearable Technology Ecosystem: 2016 2030 - Opportunities, Challenges, Strategies, Industry Verticals & Forecasts" report was that OS-powered smartwatches from Apple and Samsung have a combined market share of nearly 75 percent. Although here are allot of niche companies coming down the pipeline thanks to Kickstarter's that will help diversify that market.
I'm looking forward to where the wearable technology market is going to take us, but the unique challenge will always be creating something that is not just functional or even beautiful, but something that is personal for the consumer.
The report is available here.