Wearable tech to grow 'exponentially' this year, predicts Visiongain
The wearable technology market is expected to grow "exponentially" in revenue and number of devices this year, forecasts market research firm Visiongain.
Because of recent developments in microprocessors and MEMS technology, the wearable device market is finally ready to take off. The slowing of the smartphone and tablet markets is fueling interest in wearables among technology enthusiasts and app developers, says Visiongain.
As we have reported, the development of apps is seen as the key to adoption of wearable devices by enterprises and consumers. In fact, more than one-quarter of 1,700 app developers surveyed by Strategy Analytics plan to develop apps for wearable devices this year, up from only 3.5 percent in 2013.
The market is dominated by around 20 vendors who control 85 percent of business. However, there is plenty of room for startups to make inroads in the coming years, Visiongain explains.
"The wearable technology market will grow explosively in the next five years, and there remain many untapped market niches that these leading vendors are poised to exploit. As the market moves into a growth phase, so too will the relationships between these vendors, with competition becoming more vociferous and strategic alliances and partnerships leading to significant balance-of-power disruptions in the market," explains Visiongain.
Sharing Visiongain's enthusiasm for wearables, Strategy Analytics predicts that sales of wearable devices will reach 125 million units by 2017. "We're sure to see the sort of innovation which has driven the smartphone apps market forward and this will help drive consumer uptake of the devices themselves," predicts David MacQueen, executive director of apps and media research at Strategy Analytics.
- check out Visiongain's release
- see Strategy Analytics' stats
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