The future growth of the wearable technology market is expected to be driven by consumer preference for sophisticated gadgets, increasing growth prospects of next-generation displays in wearable devices, and growing popularity of Internet of Things (IoT) and connected devices, according to Markets and Markets (www.marketsandmarkets.com).
Applications such as fitness and sports, entertainment and multimedia, and garments and fashion are majorly considered under the scope of the consumer electronics vertical. The increasing demand for smart gadgets and gaming devices for interactive gaming and entertainment is driving the growth of the wearable technology market for the consumer electronics vertical, says Markets and Markets. Headwear and eyewear product segment estimated to grow at the highest rate in the wearable technology market between 2016 and 2022, according to the research group.
The headwear and eyewear such as smart glasses, augmented reality (AR) and virtual reality (VR) glasses and displays is a promising segment, which is gaining significant opportunities in the wearable industry. The AR and VR glasses are expected to grow significantly. These devices helps in projecting images at high resolution, and 3D images could be perceived easily. VR glasses have tremendous growth in entertainment and video games.
For instance, in October 2016, Sony Corporation (Japan) launched a PlayStation with the VR glasses. Moreover, Volvo Car Corporation (Sweden) uses VR glasses to provide a virtual experience of a car, while buying the car. All such developments would certainly help the wearable technology market to grow at the highest rate between 2016 and 2022, according to Markets and Markets.