Wearable technology is one of the fastest-growing industries in the world, and the most recent forecasts by CCS Insight are predicting the industry will be worth $34 billion by 2020. Considering this year wearable tech is supposed to eclipse $14 billion, the three-year growth of $20 billion is staggering for any industry, let alone one that did not truly exist 10 years ago. While the first digital watch was rolled out by Pulsar in 1972, the wearable technology we know today debuted to consumers in various forms over the last 10 years, but wrist-worn technology has taken over in the last few years.
The majority of wearable devices come in the form of smartwatches and fitness trackers, and the forecasts predict the wrist-worn devices will continue to dominate the market in the coming years. Over half of all wearable tech sales this year will be worn on consumers wrists, and a surge in smart watches will result in roughly 60 million shipped by the end of 2017. Gartner released figures after 2015 that showed around 30 million smartwatches were shipped over the course of the year. The 50% increase in two years has more companies getting involved in the smartwatch market to capitalize on the popularity of the industry.
With over 2.16 billion smartphone users globally, there is no question that the next progression in every-day technology comes in the form of smartwatches. Ben Wood, CSS Insight Chief of Research, said, “Given the rising consumer apathy toward smartphones, it is little wonder so many companies are chasing the rapidly growing opportunity presented by wearables. We’re particularly excited about the potential for augmented and virtual reality devices, and we predict 2016 will be a pivotal year.”
There is a nationwide fitness initiative that is causing people to get up, get moving, and improve their overall level of fitness. Fitness trackers are holding people accountable to their fitness goals in terms of steps, calories burned, and active minutes. The majority of smartwatches are also fitness trackers, but for those who do not want a smartwatch, or cannot afford one, a fitness tracker is the perfect way to stay on top of your fitness without having to track everything yourself.