We’ve been hearing about Google Glass, smart watches, and plenty of other gizmos over the past year but we have yet to see any of the products come to market. Many question whether consumers will take to wearable technology or if it will be just too newfangled and non-fashion friendly. However, the industry got a big vote of confidence this week when well respected financial analysis firm, Credit Suisse has released a report detailing the outlook of the wearable technology market.
Currently wearable technology accounts for about $4 Billion yearly which currently mainly consists of headsets, shoes, and fitness montiors, but in the next two to three years, it could skyrocket to $30 to $50 billion according to the report.
Obviously the report is giving a very favorable outlook to Google Glass and potential iWatch releases really catching fire.
The proliferation of smartphones are driving the expected growth in wearable tech, acting as a hub to keep various wireless devices synced and connected. Over time, wireless devices will become even more popular as hardware improves, and sensors and batteries get better.
Key elements of the report state that there are already 250 million users running mobile operating systems that can support wearable technology and 15 percent of smartphone owners to purchase a wearable device.
Not surprisingly, Credit Suisse cites Apple, Google and Nike, will be the driving force in wearable technology which should include apparel, accessories and footwear.