The Rapid Expansion of Wearable Tech Isn’t Slowing Down Anytime Soon
Ronald Monte | November 21, 2017
The tech boom of the 21st century is here, and wearable technologies are becoming more and more prevalent, and as consumers are beginning to realize the everyday benefits of wearable tech, predictions show the wearable revolution is here to stay.
Every quarter, the International Data Corporation (IDC), releases their Worldwide Quarterly Wearable Device Tracker, which details the current sales of wearable devices and makes predictions for where this industry is moving into the future. They released their latest report in June of 2017 and to say the least— wearable tech isn’t going away anytime soon.
Ten years ago, nobody could have seen how far wearable devices would come along with the unique benefits wearing an IoT device brings to consumers. The most recent data from IDC projects that vendors will ship 125.5 million wearable devices in 2017, which is a 20.4% increase over 2016’s numbers.
Into the future, the IDC predicts that 240.1 million wearable units will be shipped in 2021—only four years from now. This marks a five-year CAGR of 18.2% which are tremendous numbers for an industry still in its blossoming stages.
The Driving Forces Behind Growth
The boom in wearable technology sales can be attributed to two product lines: smart clothing and in-ear devices. Most notably, the IDC report credits the future growth of the wearables industry to smart clothes, predicting smart clothing sales to increase by 21.6% in 2021 over the 3.3 million shipments in 2017.
Smart clothes are less of a sci-fi fantasy but are now providing consumers with genuine everyday purposes. From smart watches to jackets, manufacturers in the wearables sector are coming up with new and ingenious ways for consumers to interact with their clothes and smart devices.
What Wearable Tech Brings to Consumers
IoT developers and manufacturers are bringing wearable products to the market faster than ever before, and the functions of these products range anywhere from fitness applications, health monitoring systems, smartphone convenience, all the way to motorcycle safety.
Wearable products provide flexibility for consumers that they never had before and the popularity and expansion of the industry are indicative of the demand for more. The IoT and wearable industries are changing the way consumers interact with their smart devices, monitor their health, and more.
2017’s Top Wearable Products
In 2017 alone, futuristic wearable products have exploded, with new, and inventive products shipping to consumers with real-world, practical benefits that will soon become a standard function of everyday life, blurring the line between hi-tech functions and tradition.
Google and Levi’s Project Jacquard smart jacket was a highly-anticipated product, and it helps bicyclists interact with their smartphone is a natural and fluid way. Conductive fibers are woven into Levi’s traditional trucker denim jacket, allowing riders to skip songs effortlessly, redirect their navigation system, or answer phone calls all with a swipe of the sleeve’s cuff.
The Under Armour Gemini 3 smart shoes are another example of wearable tech that provides convenience for users. While some runners may not like to wear a specialized bracelet to track their running data, these shoes have built-in tracking systems within the sole that syncs up with the runner’s smartphone.
Smart jewelry has also emerged as a promising segment in the wearable industry. IoT connected rings such as the Motiv capture the benefits of smart wristbands and pack them into the tiny form factor of the ring. Geared toward fitness enthusiasts, the ring will track steps, distance, and the wearer’s heart rate.
These are just a few examples of the most popular wearable products released in 2017. There are many more devices coming down the pipeline and while nobody knows for sure what new applications will be coming to wearables in the future, developers and manufacturers like Cemtrex (Nasdaq: CETX) are hard at work finding new and inventive ways to bring the most advanced technology to every brand they work with.
Cemtrex in the Wearable Industry
Recently, Cemtrex (Nasdaq: CETX) worked with Alpine Stars in the development of their Tech-Air motorcycle jacket, which features an airbag system that automatically deploys before impact. This technology took years of development, with sophisticated technology that measures the speed and angle of the rider as they are crashing which then deploys the airbags in a matter of milliseconds.
Cemtrex (Nasdaq: CETX) helped Alpine Stars through the entire development process, taking their innovative idea and bringing it to large-scale production in hopes that this product will save lives on the road and the racetrack.
Cemtrex’s role in the IoT and wearables industry will keep expanding as the market grows over the next few years. Just in the last two years alone, sales have skyrocketed to $2 million and are predicted to double over the next two years.