Wearable device market expected to nearly triple by 2021

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.

The Apple Watch Edition is displayed during the Apple Inc. Spring Forward event in San Francisco, California, U.S., on Monday, March 9, 2015. Apple Inc. began showing off features and applications for its first new device in five years, a smartwatch designed to put information on peoples' wrists and break open the fledgling market for wearable technology. Photographer: David Paul Morris/Bloomberg

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.

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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.

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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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