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While still in its infancy the wearable technology sector is expected to grow rapidly over the next five years driven by health, fitness and well-being applications, outlines a recent report.
The report, by Transparency Market Research stresses that although the sector is relatively young, the wearable technology market saw sales of $750 million in 2013 and is expected to experience compound annual growth of 40% as the decade progresses.
Although products like Google's smart glasses have been garnering the headlines, it is in healthcare and medical segments where the fastest growth is currently being experienced and where genuine uses are being found for the technology, such as in the treatment and remote monitoring of chronic conditions such as diabetes. In 2012, health care represented 35.1% of the overall market.
Fitness and wellbeing applications, such as pedometers, sleep and activity sensors, like those produced by Nike and Fitbit, currently lead the consumer-facing market but by 2018, infotainment is expected to overtake the fitness and wellness segment driven by robust growth in popularity of smart watches and smart glasses.
North America represents almost 40% of the global wearable technology market and it is expected to maintain this position as the decade continues. By 2018 Europe and Asia Pacific region will collectively account for about 49% of the market revenue.