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05 Aug 2015
Wearable tech market value ‘to triple in next decade’
By Jak Phillips
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According to the report, development of wearable sensors and e-textiles will see technology embedded in our every-day attire
Photo: Shutterstock.com
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The burgeoning wearable tech market is expected to triple in value over the next 10 years, according to a research forecast by IDTechEx.
The company, which has a database of 1,200 companies in the wearable tech sphere, predicts the value of the wearable tech market will rise from US$24.2bn (€22.1bn, £15.5bn) this year to US$74bn (€67.5bn, £47.4bn) in 2025.
The report acknowledges that fitness-focused wrist-worn devices such as the Apple Watch, Microsoft Band and Fitbit have so far dominated the fledgling wearables market. However, it predicts that the future will see device manufacturers look beyond the wrist and "abandon the 100 year old 'components in a box' approach".
According to the report, smart materials such as graphene will change the way we interact with electronics, while wearable sensors and e-textiles will see technology embedded in our every-day attire.
Initially regarded as a threat to traditional gyms, more and more health club operators are beginning to embrace the potential for wearable tech to demonstrate how users are gaining results from their fitness space. Aside from helping gyms and personal trainers track a client’s progress, there are also opportunities for the industry to provide its specialist fitness knowledge for the development of wearable tech, as evidenced by the recent collaboration between Nuffield Health and Microsoft.
Bodies like the Fitness Industry Technology Council (FIT-C) – which is headed by leading industry consultant Bryan O’Rourke – have long called for greater collaboration between operators, suppliers and technology firms.
Speaking at IHRSA 2015 in Los Angeles, O’Rourke said it was imperative to harness the momentum of the fitness industry to create greater consumer experiences in what will be an explosive wearable tech market.
“If we don’t start working together we’ll miss opportunity to work in a billion member industry in next decade,” he warned. |
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