CAMBRIDGE, UK – The market for wearables in 2019 will reach $50 billion, more than double since 2014, says IDTechEx.
Growth is driven by smartwatches, continuous glucose monitoring devices, hearing aids, headphones, AR, VR and MR.
New types of wearable technology range from the electronic skin patch to smart apparel based on electronic textiles, to footwear, rings and headbands. In a new report, IDTechEx assessed 48 separate product types.
Many companies that produce wearables have disappeared or changed strategy since 2014. The success in smartwatches has not come from many of the early standard bearers, but more prominently from Apple, followed by other consumer electronics players and sports electronics companies, says the research firm.
In VR, AR and MR, some of the flagship products and companies have also failed, and despite significant growth in the industry, the overall space is still far from breaking even on the huge investments that have poured in over the last decade.