Gadgets, Technology

Wearable Technology is going to be a big business later in decade: IDTechEx report

wearable tech.jpgWearable Technology products are picking up fast. The Consumer Electronics Show 2014 displayed an array of such technology devices from all tech giants like Google, Intel and Samsung, among others.

Right from smart ear bids to watches and glasses – tech companies are investing big to change how humans interact with technologies in the time to come. According to a survey conducted by Accenture more than half of the consumers are interested in buying wearable technologies such as fitness monitors to manage and keep a track of their personal health. The survey was done among more than 6,000 people in six countries – Australia, Canada, India, South Africa, the United Kingdom, and the United States. It furthermore showed that many are also interested in buying smart watches (46 percent) and Internet-connected eyeglasses (42 percent).

But is it enough to say that the industry will end up attracting millions of dollars in the time to come? Maybe yes. A recent IDTechEx report claimed that wearable electronics business is going to jump from over USD 14 billion market in 2014 to over USD 70 billion in 2024. “The huge wearable technology market is now entering a rapid growth phase” says the report.

It also claimed that sectors that will remain the most dominant among others are going to be healthcare which merges medical, fitness and wellness.

Wearable electronics developers and manufacturers for healthcare by territory

Source: IDTechEx

Wearable technology is mainly used by fixing it into the apparels or by using the technology in the form of wearable accessories such as electronic watches, earphones and watches. The industry is currently dominated by some of the big names in the tech industry including Google, Apple, Accenture, Reebok, SAP and Samsung.

The infotainment sector is also expected to grow in numbers – but not in value. Here tech companies like Google and Samsung – who are investing big in the eyewear sector will be a large sub sector alongside smartwatch makers. Smart glasses offer an excellent hands free capabilities to users in order to perform plethora of tasks, whereas smart watches play a dominant, yet exceptional part in the fitness-monitoring sector. Both the hardwares are going to capture a significant market size when talking of wearable technologies.

In India, the market is however very young – as compared to that of US and other western countries. But the industry is rapidly picking up the pace. Several companies are coming up trying to be the next Google in this race. For example in the Indian answer to Google Glass, Mistral Solutions, a Bangalore based startup has designed a wearable computing device that enables users to carry out common computer functions while keeping their hands free – a similar hardware that is used by fighter pilots.

According to a consumer survey conducted among more than 6 thousand people in six countries, consumers in India are most interested in buying wearable technologies and are willing to buy some kind of wearable tech. 80% of Indians were most interested in buying fitness monitors for tracking physical activity and managing their personal health followed by smart watches (76%) and Internet-enabled eyeglasses (74%).

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