How Much Is The Wearable Technology Industry Worth?

How much does wearable technology cost?

The average cost of developing wearable app also varies greatly depending on the location of the agency.

The average hour in the case of an agency which is in Eastern nation will be between $35 to $60.

While the same job will be done in an agency belonging to a Western nation in the range falling between $80 – $120..

How many wearable devices are there?

The number of connected wearable devices worldwide has more than doubled in the space of three years, increasing from 325 million in 2016 to 722 million in 2019.

What are wearable medical devices?

A wearable medical device can be defined as a device that is autonomous, that is noninvasive, and that performs a specific medical function such as monitoring or support over a prolonged period of time. The term ”wearable” implies that the support environment is either the human body or a piece of clothing.

What is Fitbit’s market share?

Apple has the highest market share of wearable device unit shipments worldwide with 31.7 percent as of 2019. Prior to Apple becoming the leading wearable devices vendor in 2017, Fitbit was the market leader with market shares close to 40 percent.

The market category termed as ‘wearable technology’ is gaining significant popularity within this space. … There are several general factors for this growth including human need, want and expectation, the rise of the IoT and advances in technology that make the wearable devices themselves viable.

How many smart watches were sold in 2019?

20.1 million smartwatchesIn 2019, an estimated 20.1 million smartwatches were sold in the United States.

What was the first wearable technology?

1960s. In 1961, Edward Thorp and Claude Shannon created their own version of wearable technology – a computer small enough to fit into a shoe. Designed to help them cheat at a game of roulette, the computer was a timing device to predict where the ball would land.

Did Google buy Fitbit?

Google announced it was buying Fitbit last year for $2.1 billion and said it hoped to complete the deal some time in 2020.

Who is the target market for Fitbit?

The target market is based psychographically. Fitbit targets individuals who lack motivation to be physically active, those who are overweight, and those who are already physically active but wish to monitor their accomplishments. The variable is lifestyle because they monitor the physical activity of people.

How many Fitbits are sold a year?

In 2019, Fitbit sold about 16 million units of its smart fitness devices. Fitbit device sales registered an impressive growth from 2010 to 2014, rising from almost 60 thousand units sold to over 10 million.

What is the best wearable technology?

Top 10 must-have wearable tech gadgetsJawBone UP. One of the most popular fitness bands around, Jawbone UP helps people to understand their sleep cycles, move and eat better. … Samsung Gear 2. The Gear 2 from Samsung is an evolved smartwatch. … FitBit Flex. … NuMetrex Fabric Chest Strap. … Google Glass. … GoQii. … Get Active Slim. … LECHAL GPS Shoes.More items…

What are the advantages of wearable technology?

The advantages of wearable technology in the workplaceIt can increase productivity. … It may increase employee satisfaction. … It could create fitter employees. … It’ll help you make the most of other tech investments. … It can be a distraction. … They’re not cheap. … Not all wearables are standalone. … Size and battery limitations prevail.More items…•

Your Apple Watch and Fitbit are classic examples of wearable technology, but those aren’t the only devices being developed today. In addition to smart watches, VR and AR technology, smart jackets and a wide variety of other gadgets are leading us towards a better-connected lifestyle.

How big is the wearable tech market?

The overall wearable technology market was valued at USD 15.74 billion in 2015 and is expected to reach USD 51.60 billion by 2022, at a CAGR of 15.51% between 2016 to 2022.

What are examples of wearable technology?

Common examples of wearable technology include:Smart jewelry, such as rings, wristbands, watches and pins. … Body-mounted sensors that monitor and transmit biological data for healthcare purposes.Fitness trackers, often in the form of wristbands or straps, that monitor things like physical activity and vital signs.More items…