Study reports that wearable devices will help mobile operators drive more than $12 billion in service revenue by the end of 2021.
While wearable technology has been utilized in vertical sectors such as the military and the healthcare industry for many years, ongoing advances have triggered a major resurgence of the concept, particularly among the consumer community, according to a report from InForGrowth. Key enabling technologies (e.g., low-cost sensors, wireless connectivity, active materials, and energy) have converged to make wearable technology mainstream.
Wearable device shipments will grow at a compound annual growth rate (CAGR) of approximately 22% between 2018-2021. By the end of 2021, wearable devices will represent a market worth $45 billion, with over 250 million annual unit shipments. In terms of annual wearable device unit shipments, the top five vendors (Apple, Xiaomi, Fitbit, Samsung, and Garmin) collectively account for more than 55% of the market.