According to MarketsandMarkets in their report “Wearable Technology Market by Product (Wristwear, Eyewear, Footwear, Neckwear, Bodywear, and Others), Application (Consumer Electronics, Healthcare, Enterprise & Industrial, and Others), Type (Smart Textile, Non-Textile), & Geography – Global Forecast to 2020,” the wearable technology market will reach over $31 billion (USD) by 2020 at a compound annual growth rate of 17.8% from the present day until 2020.

 
MarketsandMarkets found that smart watches and wristbands, as well as wearable fitness and medical devices will spearhead market growth. Indeed, wrist wear technology has rapidly grown in popularity with new capabilities and products being continuously introduced. Add the fact that Apple, Samsung, Nike and Adidas, among others, are wearable technology market leaders and the predictions bstart to seem feasible.

MarketsandMarkets is the world’s second largest research and publishing firm specializing in business research across high growth markets, cutting edge technologies and emerging applications. The company conducts over 1200 studies annually for approximately 1700 businesses across the world.