Report: Wearable tech market to grow by 78%
While it was a rage at the Consumer Electronic Show, wearable technology is seen as being primarily in its infancy. But a report from Framingham-based technology research firm International Data Corporation (IDC), says that the worldwide wearable computing market is finally expanding beyond early adopter status, especially for the complex accessory market led by companies such as Nike and FitBit.
According to the company’s Worldwide Wearable Computing Device 2014-2018 Forecast and Analysis report, shipment volumes will exceed 19 million units in 2014, more than tripling last year's sales. From there, it expects the global market will swell to 111.9 million units in 2018, resulting in a compound annual growth rate of 78.4 percent.
"Complex accessories have succeeded in drawing much-needed interest and attention to a wearables market that has had some difficulty gaining traction," Research Manager Ramon Llamas said in a statement. "The increased buzz has prompted more vendors to announce their intentions to enter this market. Most importantly, end users have warmed to their simplicity in terms of design and functionality, making their value easy to understand and use."
While wearable technology has not yet reached the adoption levels of complex accessories, the report also projects growth accessories – for two other segments: smart accessories and smart wearables (such as Google Glass). IDC said that growth could surpass that or wearable devices
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