The Latest on the Wearables Market

The wearables market has been growing steadily, and all signs point to that growth not only continuing, but increasing. Initially associated with the likes of mainstream consumer devices like fitness trackers, wearable technology has bled into a variety of additional industries and applications—including medical devices and even the clothes we wear.

When COVID-19 hit, wearables became an attractive solution to support contact tracing efforts, offering a hands-free, reliable tool to help people maintain social distance and track interactions free of the privacy concerns plaguing other solutions, namely apps. We’ve explored what this means for the wearables market, keeping a keen eye on the latest growth predictions, and we’re at it again. 

According to the latest report from market research group Technavio, the wearables market’s upward trend is accelerating and is poised to reach a CAGR of 13%, increasing from the 12.7% CAGR expected for 2020. With this projection in place, the market is expected to grow $35.48 billion from now through 2024. 

Taking this a step further, the industrial market specifically is on track to experience 35.34% growth over the next four years, with nearly half of this growth being driven from the U.S. to the tune of $3.44 billion. And why is that? Because of the expanse of the Internet of Things wherein our devices and systems become further integrated and communicate with one another. Wearables will play a critical role here, creating a useful layer of data transfer across a myriad of platforms to make sure information is up-to-date and accessible in real-time. 

But how does this link back to COVID-19? Well, wearables will help businesses act fast by interpreting the information these devices capture about foot traffic of employees and customers. Aside from signaling when people break social distance parameters, wearables will record who comes into contact with one another by anonymously tracking movement via their built-in signals, so businesses can make decisions to combat potential disease spread.

With the numerous possible applications of wearables, particularly in light of COVID-19, they’ve gone from novelties to necessities. At Proxfinity, we’ve always known the value of having automated, hands-free technology on our person to help us better navigate the ways we interact with one another, and are excited to see the growth potential of this category in use cases that will keep us safe and healthy. 

In fact, we’ve recently adapted our proven networking smart badge to help organizations better implement social distancing and map employee activity to assist in their contact tracing efforts. If you’re interested in learning more about ResCUE and how it can help you, please contact us here.

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