Wearable Technology Creates Significant Growth Opportunities

With 171 million wearable devices forecast to be shipped in 2016, the wearable technology market is projected to create significant opportunities for a range of suppliers in a number of product categories. This information is based on a new report from IMS Research (recently acquired by IHS (NYSE: IHS)), an official research partner of Wearable Technologies.

Suppliers are successfully establishing and expanding the number of essential user cases for wearable devices. The main factors include the size of the device in question, non-invasiveness, the ability to measure multiple parameters and to provide automated feedback for improved user behaviour.

Moreover wearable devices must be increasingly multi-tasking in order to be considered significantly useful. This means integrating multiple sensors and transducers, supporting different connectivity profiles and reducing power consumption, thus creating opportunities for both brand manufacturers and component suppliers alike.

14 million wearable devices were estimated to have been shipped in 2011. Of these, 3 million units were fitness activity monitors with continuous glucose monitors accounting for most of the income. However, the size and composition of the market is projected to look significantly different by 2016, when between 39 million and 171 million devices will be shipped.

Figure 1. Wearable Technology Market Growth – Unit Shipments (thousands). Source: IMS Research

IMS Research has presented these forecast scenarios to reflect the varying factors that will affect future outcomes for wearable technology. Details of the uptake of wearable technology in over 20 products in four applications are provided in IMS Research’s report, World Market for Wearable Technology – A Quantitative Market Assessment – 2012.

IMS Research (recently acquired by IHS (NYSE: IHS)) is an official research partner of Wearable Technologies.
A white paper summary of the IMS Research Report can be accessed by WTcommunity members in the members’ section of the Wearable Technologies website. WTcommunity members will also receive a discount on the full report.
For non-members of the WTcommunity, please contact info(at)wearable-technologies.com to request a copy of the Wearable Technology White Paper from IMS Research.

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Johanna Mischke () is Editor-in-Chief at WT | Wearable Technologies – the pioneer and worldwide leading innovation and market development platform for technologies worn close to the body, on the body or even in the body. Besides being an expert for wearables and their broader ecosystem she is experienced in the startup world and international marketing. Johanna can be reached at j.mischke(at)wearable-technologies.com.