Connected device popularity will drive wearables market to $2.9B by 2023

January 14, 2019 Off By jrtrombold@gmail.com

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The wearable materials market is predicted to grow from $1.5 billion in 2018 to $2.9 billion by 2023, a CAGR of 15%, according to a MarketandMarkets report released on Monday. This growth will be driven by increasing consumer preference for sophisticated devices, the rising popularity of connected devices, and growing disposable income, according to a press release.

SEE: Internet of Things policy (Tech Pro Research)

Advances in robotics, Internet of Things (IoT) and augmented and virtual reality (AR and VR) are spearheading the adoption of wearables in the workplace, according to a recent Deloitte report. Wearables including smart watches, smart glasses, sensors, and exoskeletons are becoming increasingly smaller and lighter, with a more attractive appearance. Most people think wearables are just for working out, but they can also have a huge impact on workplace productivity.

Robotic exosuits can help increase employee strength and endurance; AR is helpful for enterprise training courses; voice-controlled wearables assist employees with disabilities, and the convenience of smart watches can simplify internal communications, TechRepublic reported.

However, more use cases means more wearables, which results in more materials being used to create the gadgets, the report said. The most used material in the wearables market is silicone, because of its breathable nature. The material conforms well to the body’s shape and is very comfortable and flexible, resulting in more and more companies using the material as its primary choice for smart devices, the report found.

APAC was the largest market for wearable materials in 2018, according to the report. Because of the high demand for low-cost wearables, APAC’s CAGR is predicted to continue rising between now and 2023.

Check out this TechRepublic article to learn more about how smart devices can boost productivity for businesses.

The big takeaways for tech leaders:

The wearables materials market is predicted to reach $2.9 billion by 2023, a CAGR increase in 15%. — MarketandMarkets, 2019
Because of the popularity of wearables in the business world, more and more silicone will be used to make the smart devices. — MarketandMarkets, 2019