How Big Will the Wearable Tech Industry Become?
Wearable tech has been slowly gaining traction. The space has largely been dominated by fitness trackers like the ones made by Fitbit (NYSE: FIT), along with watches that go beyond fitness into advanced health-tracking, productivity, and entertainment.
Apple (NASDAQ: AAPL), which has become a market leader with its watch, accounts for a large part of that market -- more than a quarter of all wearable devices shipped in 2018, according to IDC data. Wearables have been a growing business for the company, though it's hard to know by exactly how much since the company reports its wearable devices sales as part of a category that also includes home products and non-wearable accessories.
Going forward, however, Apple can expect those sales to continue to grow. A new report being sold by GlobalData suggests that wearables industry sales will more than double by 2023. A summary of the report shared by the research firm said it expects yearly revenue from global wearable technology to grow from nearly $23 billion in 2018 to $54 billion by 2023.
Source Fool.com
