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Wearables – Is the future as bright as it seems?

Wearable devices are taking hold in every major industry

Are you swept up in the hype surrounding wearable devices? Or are you wondering what all the fuss is about? Wearable devices include exciting new technologies such as fitness trackers, wearable cameras, glasses, smart watches, heart rate monitors and GPS tracking devices-to name a few.

These devices are being used everywhere-from healthcare, fitness, retail, banking and insurance to manufacturing and travel. For a device that was first created way back in the 1960s as a way to cheat at the roulette wheel, the wearable device has taken it’s time in becoming the hot technology sector it is today.

The worldwide market for wearable devices is projected to reach $20.6 billion by 2018, reaching an annual growth rate of 36%. In terms of number of units sold, ABI research estimates that global shipments of wearable computing devices are expected to rise to 485 million units by 2018.

Wearable devices are taking hold in every major industry

The question is how much of this growth is real and how much of it is hype? To find the answer, let’s look at the impact of wearable devices in a variety of industries and see how these devices are stacking up.