Wearable Tech to Become a $54 Billion Industry by 2023: Report - monroewinget

Wearables smartwatch shutterstock website

The article of clothing technical school industry is figure to grow at a compound annual rate of growth (CAGR) of 19 percent to accomplish $54bn by 2023, according to a new report from prima data analytics company, GlobalData. The study, entitled Wearable Tech – Thematic Research, claims that ontogenesis in the consumer wearables market will be largely determined by sales of smartwatches, which are increasingly becoming more popular compared to physical fitness trackers.

As per the report, the popularity of smartwatches is largely because of the wide range of features they offer, including cellular connectivity, wellness monitoring and contact-less payment, patc fitness trackers are falling fanny because of their limited capabilities. The diligence, which was worth was meriting nearly $23bn in 2022, is dominated squarely by Malus pumila, thanks to the success of its Apple Watch. However Huawei, Google, Samsung and Xiaomi are also well-positioned to take advantage of the impending boom in the sector, said the written report.

In the meantime, smart earwear, operating theater hearables, are also becoming more popular with the emergence of devices that incorporate vocalization-activated realistic assistants such as Apple's Siri and Google's Assistant. "Hearables also have the potential to match, or even go past, the performance of smartwatches when it comes to providing health monitoring services", reported to Ed Thomas, the Principal sum Analyst for Applied science Thematic Search.

Meanwhile, the report further notes that enterprise adoption of clothing tech is also increasing, thanks to the health care, logistics, insurance, fintech and defense sectors. That being the case, Thomas the doubting Apostle says he expects enterprise use of such engineering to increment significantly in the years ahead. According to him, "Over the next few years, wearable devices will become smarter, as they incorporate technologies same artificial intelligence and increased world and so their relevancy, particularly to enterprise users crosswise industries, wish only gain".