According to a new Telecoms and IT report, wearable technology has been utilized by the military for several years, with soldiers wearing sensors in their uniforms and helmet mounted cameras. Due to these devices becoming increasingly cheap to manufacture researchers say OEMs are now devising ways to apply this technology to target the consumer market. With virtually limitless applications to a number of verticals the wearable technology market represents a huge value proposition to all ecosystem members, from manufacturers to app developers and service providers. Visiongain has determined that the value of the global wearable technology market in 2013 will reach $4.6bn. The report also states that Google are set to redefine the market with the launch of Google Glass and their main rival in the smartphone space, Apple, will inevitably have counter this offering with a wearable technology device of their own, reported to be a smartwatch. Researchers believe the wearable technology market will follow the same paradigm as that of smartphones and tablets and in the next 5 years these new devices will see explosive growth and high adoption rates promising wide revenue streams for all ecosystem members.
