The market for mobile smart wearable devices will be worth $19 billion in half a decade’s time. By 2018, the wearable gadgets industry will be making some serious profits.
Juniper Research has come up with its latest report which makes some predictions regarding wearable devices. These include consumer wearables, enterprise and industrial wearables, health wearables and last but not least armed forces wearables. Among the forecasts are: the quantity of smart wearables which are being exported; the foundations for them; the incoming profits for hardware and the service profits in millions.
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The market forces, trends and hurdles are many. As for the shareholders, they have certain things to look forward to if they follow certain guidelines. And while this year the incoming revenues amounted to merely $1.4 billion for glasses and smart watches, look ahead five years in the future and you get a very different picture. It will be a hefty $19 billion worth of sales in 2018.
“It is worth observing that this change in adoption levels can also be attributable to heightened consumer awareness of wearable technology and a better visibility of product adoption, especially in the smart watch segment”, added report author Nitin Bhas.
The gadgets can be included in two major categories: multimedia and entertainment gizmos and multifunctional contraptions. The level of competitive moves will only increase with the passage of time. Things are all set to get ever more complex and critical too.
Imitation and awareness are two watchwords that will play a crucial role in the adoption of wearable devices by the consumer base. Applications will further multiply and connectivity will become the order of the day in future times.
Firms such as Fitbit and FiLIP will prosper from the expansion of these wonderful wearable widgets in the times which are yet to come. While adoption on a massive scale is still a long way off, the various fields of endeavor in which this nascent technology can be applied are multifarious indeed.