What makes wearables stop ticking.
Society has been enamored with wearable electronics for many years. From FitBit to Google Glass to Apple Watch, taking electronic technology to the next level has fascinated us. Wiki defines wearable computers (also known as body-borne computers or wearables) as miniature electronic devices that are worn by the bearer under, with or on top of clothing. This class of wearable technology has been developed for general or special purpose use, including information technologies and media development. Nowhere is our fascination of wearable technologies more evident than in the wearables market, which has grown from $5 billion in 2015 to $32.6 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 15.9% from 2020 to 2027.
New product areas like smart fabrics and hearables have helped drive this growth. In particular, growth has been centered around the increased use of fitness-related wearable devices. These connected wearables are expected to increase from 593 million units to 1,105 billion units in 2022.[1] The breadth of applications is staggering. From sports and fitness to security and safety to business and medical operations, wearable technologies are quickly becoming more and more pervasive in our global economy.
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