Wearable technology products will be worth over $50-billion in 2019, according to a new report from IDTechEx.
In fact, the total market size has doubled in size since 2014, placing wearables as one of the most consistently successful markets around consumer electronics in the last five years.
However, in 2019 headlines have been less frequent, investment has become more focused, and generally the hype around wearables has all but faded.
IDTechEx’s comprehensive study of wearable technology, “Wearable Technology Forecasts 2019-2029”, looks at how this sector has evolved over the last few years, and how things will change in the coming decade.
The report describes how the growth in the last five years has been driven by several key product types including smartwatches, continuous glucose monitoring devices (CGM), hearing aids, headphones and AR, VR & MR. The report looks at each of these sectors in detail, providing assessments and market data across all of the key players, technology, and in the current themes for each product area.
In addition, there have been many new types of wearable technology product in this time, ranging from new types of electronic skin patch, to smart apparel based on electronic textiles, to other new form factors for devices from footwear, to rings, to headbands.
In aggregating various trend indicators together, IDTechEx has seen the clear hype curve for wearables, peaking in 2015 and falling since.
This hype curve correlates relatively well with the growth rate in the overall industry, increasing to a peak at 36% growth between 2014 and 2015, but falling to the 10% to 20% range per year ever since.
However, despite the clearly reduced hype, this growth has led to a doubling in annual revenue generated in the sector in this time
So, despite the attention shifting elsewhere, IDTechEx’s report finds that wearable technology products continue to see excellent sustained growth, generating billions of dollars of new revenue each year.