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The future growth of the wearable technology market is expected to be driven by consumer preference for sophisticated gadgets, increasing growth prospects of next-generation displays in wearable devices, and growing popularity of Internet of Things (IoT) and connected devices.
Industry Insights. The global wearable technology market size was valued at over USD 18 billion in 2014, owing to rapid adoption worldwide. Increasing consumer awareness and rising technically sound population is also anticipated to drive demand over the forecast period.
Breaking the IT market down into its components, the traditional categories of hardware, software and services account for 53% of the total. The other core category, telecom services, accounts for 30%. The remaining 17% covers various emerging technologies that either don’t fit into one of the traditional buckets or span multiple categories, which is the case for many emerging as-a-service solutions that include elements of hardware, software, and service (e.G. IoT offerings).