Latest Report: Wearable Tech to Top $100B by 2023
According to a recent report from research firm Futuresource Consulting, wearable tech continues to gather pace, building an ecosystem of connected devices and capturing consumer attention to the tune of $108 billion by 2023.
“There is no doubt that wearable tech is stealing the CE show,” says Stephen Mears, Research Analyst at Futuresource Consulting. “While the wider CE market is experiencing a general plateau, wearables are in the growth zone. From a retail value of $22.5 billion in 2017, we’re forecasting nearly $50 billion for 2019, with the category powering on through to account for around 10% of all CE revenues by 2023. That’s quite an achievement.”
The report adds that the category’s ever-growing raft of features, driven by innovation and competition, is seeing wearable tech move away from the pocket and onto the wrist or into the ear. Apple is perfectly placed to exploit the wearables landscape, a journey that began five years ago with its acquisition of Beats and a move into the premium audio market. Its longer-running partnership with Nike also adds weight, although Apple’s emphasis is on building out its own ecosystem.