The Wearable Market is Exploding & it’s Just the Beginning

Wearable tech has invaded the way we work and live in many ways, to the fitness trackers on our wrists or medical devices that analyze movements of Alzeheimer’s patients—and it shows no sign of slowing down. 

We previously discussed how this market would continue to grow, particularly as ramifications from COVID-19 began to unfold, and it looks like it’s only getting started. Wearable tech has been thrust into the spotlight as social distancing measures took place, and with the reality that they may last for a very long time. Other technologies have been part of the discussion, primarily apps—although they’re rife with high-risk “what-ifs” and complications—but wearables have persisted as the most reliable option. 

So, what does the wearable tech market look like now, and where is it headed? In general, growth predictions are on the upswing—the global smart wearable market is expected to hit $52M by 2025, and that’s only when considering legacy tech vendors like Google, Apple and Sony. But, as we’ve seen with the new climate, the need for wearables has never been greater—and there are new market entrants every day.  

Taking an even deeper look at this growth, one of its biggest drivers is application at the enterprise-level. The amount of wearable devices that will be used in the workplace are going to increase at a staggering 41% CAGR through 2025. And one of the biggest challenges those devices will address is the need to track wellness in the workplace, particularly for industries that operate in challenging or remote environments, such as mining, construction, oil and automotive. 

At Proxfinity, we knew it was a burgeoning market before it became one. Just how voice has been changing the way we interact with devices, such as with smart speakers and voice-activated assistants like Google’s Alexa, we knew wearables would be key to tracking, mapping and improving human interaction. Having something on our person means we can collect a myriad of data in real-time, especially foot traffic and interactions, which will be key to adhering to social distancing guidelines, while also offering visual cues for people to recognize when they get too close to one another. 

We’ve been proudly doing this for years, and for thousands of people, and we’re excited for people to see the value and array of applications of wearable technology now and into the future. While the future of work environments, social interactions and gatherings is in flux, one thing we know for certain is we have the technology in place to make these experiences safe, and productive. And with wearables, we don’t have to sacrifice a sense of a community, we can improve it. 

#     #      #