The wearables market is booming. Not a major newsflash—especially for those in the industry who’ve walked around any consumer electronics tradeshow floor in the past two or three years. But new data from BCC Research shows that the technological advances in the wearables category are driving huge growth rates in both consumer and non-consumer markets.
In a statement, BCC Research said that their projections put the global market for wearables at $22.6 billion in 2016. That number, according to BBC Research, will balloon to more than $171 billion by 2021, representing a five-year compound annual growth rate of 50 percent.
“As the largest segment, consumer markets will grow from $14.1 billion in 2015 to $104.7 billion by 2021 at a five-year CAGR of 42.1 percent,” BCC Research said. “The non-consumer segment will grow the fastest at a five-year CAGR of 71.6 percent to reach about $66.5 billion by 2021.”