In addition to improving the consumer experience and making businesses more efficient, wearable technology is also creating new business opportunities.
The influx of wearable technology devices like Google Glass and smart watches will open up new opportunities for marketing, including enhanced customer data collection and insights into user interaction.
Smart pieces of wearable technology allow digital marketers to more easily collect information on the buying habits and locations of consumers.
Marketers aren’t the only ones who will benefit from the wearable technology trend.
New Wearable Gadgets
New wearable gadgets mean enterprises will need to develop apps for new systems, and manual workers will be needed to create entirely new products.
Smart clothing and accessories are already expanding business opportunities, and as this trend continues to flourish into a multi-billion dollar industry, new possibilities will arise.
As the wearable technology trend continues to explode, new opportunities for marketing, development, and labor will enter the economy.
And while many are excited to wear voice activated glasses, they may be missing the most important boon of this industry—its economic impact.
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The Future Trend of Wearable Technology
By the year 2025, the wearable technology market will be worth US$116.88 billion
The global wearable’s market is expected to record a value of US$116.88 billion in 2025, rising at a CAGR of 17.12%, for the time period of 2021-2025. (Source Business Wire)
Wearable technology has gained significant traction in recent years, owing to the boom in the fitness trend across consumers. The smartwatch category is experiencing a subsequent rise, owing to the presence of captivating features like smartphone connectivity, fitness tracking, GPS tracing, etc.
Further, companies in this field are constantly developing new products, by the means of collaborations and partnerships, which is expanding the scope for the wearable’s market growth in coming years.
The fastest growing regional market was North America, owing to the strong presence of key players and the existence of robust customer base.
Further, Asia Pacific is expected to be the most attractive regional market in coming years due to the growing consumers’ purchasing power along with the increasing tech-savvy population, which is likely to add to the overall market value of wearable technology on a global scale.
Connected At All Times
No longer do we have to wake up our smartphones and open an app, Smart Tech Wear allows us to be connected at all times.
And with that connection is a constant flow of live data that is an opportunity for the most forward-thinking companies to create new technologies, services, and even entirely new industries.