A new study by Grand View Research anticipates that the global wearable technology market will reach $196.5 billion by 2022. According to the report, this growth will be fuelled by category development and investment by a “large number of industry players” over the projected period.
According to Grand View, technological advancement, higher product quality, lower prices and better battery life will contribute heavily to this growth. Over the next seven years, amplified smartphone usage, crowdfunding and 3D printing are also expected to fuel development.
The study also found that devices targeting health and fitness will see the most growth, making up 33.6 per cent of the total wearables market by 2022. Behind this grouping, the most popular categories are expected to be health care, enterprise/industrial, infotainment and defense. CJ
