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Now Is the Time: A Look At Wearable Tech Trends

2018-03-07 22:51:24


13 JANUARY 2018

Now Is the Time: A Look At Wearable Tech Trends

by Jeff Uhl

 

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The wearable technology market is growing and fast - are you growing with it or will you be left behind?

You’ve probably noticed wearable technology, especially smartwatches and fitness trackers, has boomed in recent years. In fact, Tractica predicts an increase in wearable devices until at least 2021, with total shipments of wearable devices projected to reach 560 million and an estimated revenue of $95.3 billion in 2021. 

Just under 50 million wearable devices were shipped in 2015. However, 125 million units are expected to ship in 2019. In 2016, 102.4 million wearable devices were sold, representing a 25% increase over the year before. In just the fourth quarter of 2016 alone, shipments reached an all-time high of 33.9 million units worldwide. 

This boom in wearable technology is mainly fueled by fitness and health trackers, such as the Helo LX wristband which monitors heart rate, and other wearables that track exercise. These devices are helpful to the user and are easy to integrate into everyday life. By placing technology on the wrist, the smartwatch allows precise data to be collected about the user. The entire wearable tech market growth will be fueled mainly by smartwatches and wrist-worn fitness trackers. 

Tractica projects sales of 310.4 million wearable devices worldwide in 2018, which would generate a total of $30.5 billion in revenue. About $9.3 billion of this is projected to come from the smartwatch category alone, such as the Helo LX. By 2021, smartwatch sales are projected to total almost 81 million units, representing 16% of total wearable device sales. 

A total of 41.5 million smartwatches are projected to be sold this year, which will account for the highest unit sales of all forms of wearable technology from 2019 to 2021 (the only exception to this is Bluetooth headsets). 

The wearable tech market isn’t projected to slow down after 2021 either. Forecasts predict the market will reach an accelerated yearly growth of about 23% and over $100 billion by 2023, reaching over $150 billion by 2026. 

Expect to see wearable technology become even more popular this year and more types of wearable tech available as this industry grows as people adapt to using these devices in their everyday lives. Wearable tech, especially smartwatches and fitness trackers, are evolving and changing healthcare as we know it. 

If you’re unsure about the transition to wearable tech, reach out and ask me questions about this booming market. Embrace the new and get with the times - there has never been a more ideal time to get involved in this growing market and start your own business. Technology is the future and the smartwatch industry is a HUGE part of it.

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