Wearable device market expected to nearly triple by 2021

Growth in use attributed to decline in costs, increasing number of vendor alliances.

The global wearable devices market was valued at more than $2 billion in 2016 and is expected to reach almost $6 billion by 2021, according to a new report from Technavio Research.

In developed regions, including North America and Western Europe, the demand for and shipment of smart wearable devices— smartwatches, wearable bands, wristbands, medical devices and the like—has increased recently, the report said. The decline in the cost of these products is a major driving force behind the adoption of wearable devices, it said.

Also See: Researchers find wearables pose risks to consumer privacy

Many organizations have launched programs encouraging their employees to use wearable devices to track their health and fitness. Additionally, provider organizations are looking for ways to use such devices to improve their ability to monitor patients’ conditions and adherence to treatment plans.

Technavio said 3D printing is spurring significant innovations in the market. It helps in the optimum utilization of input material resources that are wasted during the production process with traditional techniques.

Also See: Gartner's top 10 MDM solutions for 2017

Strategic alliances are helping makers of wearable devices to boost sales of their products and services, the report noted. For instance, Ericsson and SAP are enabling mobile operators to join them in selling cloud-based Internet of Things (IoT) solutions, including device connections and service enablement platforms for enterprises.

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