Wearables is taking the world by a storm. While the likes of Apple and Google being forerunners in this domain, almost every player is trying to catch up with this leading trend. And there is massive potential in the market for innovation and growth. So here are a few aspects that you need to be in the know-how of, when it comes to wearables.
Wearables are amalgamation of one or more sensors empowered with computational capabilities, which capture and analyze user’s data and has the capability to connect to the Internet, enabling communication between a network and a device. Wearable technologies present a significant opportunity for businesses, both in terms of new markets and data collection. This is how wearables make “SENSE” out of the IoT Ecosystem.
Consumer applications are the largest component of the overall market. BCC Research published the most comprehensive study on the topic, projecting the market to grow from $6 billion in 2014 to $22.1 billion in 2018. The non-consumer market accounts for the rest: $3.2 billion in 2014 and $8.1 billion in 2018.
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