Wearables to be Worth $50 Billion in Next 5 Years

In a new study by ON World,the  wearable technology industry is poised to reach $50 billion within the next five years.

Within that rapid growth, the study suggests that more than 700 million wearable tech devices will be shipped into the global market, thus creating a market worth $47.4 billion. The vast majority of this wealth will be created from hardware, however monitoring services, subscriptions, and mobile applications will have a faster rate of growth within this time period to accommodate the devices. Even with a quick look into the upcoming future, wearables such as smart watches, glasses, and personal sensors are set to surpass fitness/health oriented wearables by the end of the year, and make up ⅔ of the industry by 2018.

ON World interviewed more than 1000 individuals, including companies that are already and plan to be in the market such as Adidas, Microsoft, and Motorola.

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