Global Market for Wearable Computing Devices Projected to Reach $30.2 Billion in 2018;Consumer Market Expected to Surge With 52% CAGR
The global market for wearable computing devices is expected to grow to $30.2 billion by 2018, with a five-year compound annual growth rate (CAGR) of 43.4%. The consumer market, the fastest moving segment overall, is projected to grow at a tremendous 52% CAGR.
Wellesley, MA (PRWEB) March 21, 2014
BCC Research (http://www.bccresearch.com) reveals in its new report, Wearable Computing: Technologies, Applications, and Global Markets, the global market for wearable computing devices is expected to grow to $30.2 billion by 2018, with a five-year compound annual growth rate (CAGR) of 43.4%. The consumer market, the fastest moving segment overall, is projected to grow at a tremendous 52% CAGR.
Wearable or body-borne computers enable hands-free mobile real-time data monitoring, logic calculation, and network communication. Consumer applications, including wearable cameras, activity trackers, smart clothing, smart glasses, smart watches, augmented reality and gaming devices, are expected to explode onto the market over the next few years, reaching $22.1 billion by 2018. Non-consumer markets (healthcare, defense/security, enterprise, and industrial) are expected to reach $8.1 billion by 2018.
The smartwatch product category is projected to account for the largest single consumer market, generating more than $12.5 billion in global annual revenues in 2018.
"Key for the future widespread adoption of smartwatches in consumer markets will be for products to leverage the single unique advantage of smartwatches over smartphones," said BCC Research information technology analyst Adam Weigold. "In other words, products must target consumer applications where it is a distinct advantage for a smart device to be permanently worn to prevent it from being misplaced, lost, or stolen. Hence, applications such as remote location of personal items, home automation and mobile payment processing could be “killer apps” for the smartwatch."
Wearable Computing: Technologies, Applications and Global Markets provides an overview of the wearable computing devices market. The report discusses recent technological advances in materials sciences, electronics, photonics, and software that are enabling a potentially vast range of new lightweight, wearable computing products to emerge. The history and current state of the market is reviewed and the types of devices available are discussed. An analysis of the industry structure, including major companies and market shares, and major markets and market drivers is made. Likely future industry developments are discussed and the future evolution of the technology is predicted. Patent evaluation, including coverage of the current state of technology, new patent applications, and newly issued patents is also included. This report is intended for developers, manufacturers, providers, suppliers, users, customers, commentators, analysts, and investors interested in where the Wearable computing devices and accessories market is heading.
Editors and reporters who wish to speak with the analyst, should contact Steven Cumming at steven.cumming(at)bccresearch(dot)com.
About BCC Research
BCC Research publishes market research reports that make organizations worldwide more profitable with intelligence that drives smart business decisions. These reports cover today's major industrial and technology sectors, including emerging markets. For more than 40 years we've helped customers identify new market opportunities with accurate and reliable data and insight. These include, but are not limited to, market sizing, forecasting, industry overviews, and identification of significant trends and key competitors. We partner with analysts who are experts in specific areas of industry and technology. Their up-to-date knowledge gives our customers unbiased measurements and assessments of these vital markets. Because our reports offer a global focus, our customers include the top companies in industries around the world as well as universities, major business schools, start-ups, consulting firms and investment companies. BCC Research is a unit of Eli Research LLC.
Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC, 49-2 Walnut Park, Wellesley, MA 02481, Telephone: (+1) 781-489-7301; Email: editor(at)bccresearch(dot)com as the source and publisher. Thank you.
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