Growth is expected in industrial and military markets thanks to new developments in flexible hybrid electronics, like these seen at a FlexTech Alliance event in August.
A report released by an emerging technology research firm found that the wearable technology market is expected to continue to grow, with new opportunities on the horizon for industrial and military applications.
In 2015, the global market value of wearable technology is $24.2 billion, according to the report “Wearable Technology 2015-2015: Technologies, Markets, Forecasts” released in September by IDTechEx Research.
Nearly 75 percent of this revenue is expected to come from mature wearables like electronic wristwatches, earphones and fitness trackers, but some of the best use cases are expected to come from the industrial, military and commercial markets, the report said, including applications like wearable military informatics.
The incorporation of wearable technology in sectors such as commercial and industrial settings is expected to lead to growth in existing wearable technology systems, the report said.
According to the report, the largest opportunity in the wearable market is in healthcare applications. “Many of the companies looking to commercialize new wearable technology are searching for partners in the healthcare and medical industries,” the report said, though other key growth markets include infotainment – including wearable products like Google Glass and Oculus VR headsets.
Watch this space, the report said, particularly the wearable camera market.
The IDTechEx release follows an announcement by the Pentagon in August that a consortium of high-tech firms and researchers would be working together to develop wearable technology for the military. According to Reuters, the FlexTech Alliance will work to develop and manufacture flexible hybrid electronics (FHE) embedded with sensors that will be flexible enough to be worn by soldiers or molded onto the skin of a plane.
Details on the IDTechEx report can be found at www.idtechex.com/research/reports/wearable-technology-2015-2025-technologies-markets-forecasts-000427.asp