That figure is up from the $1.4 billion that consumers will spend on wearable technology this year. October 15, 2013 5:42 AM PDT (Credit: Scott Stein/CNET) The wearable technology market is set to expand rapidly in the next several years, according to new data from Juniper Research. The research firm on Tuesday revealed that worldwide spending on wearable technology will hit $1.4 billion this year. By 2018, however, that figure will hit $19 billion. The increase is due in large part to "heightened consumer awareness of wearable technology," Juniper Research's Nitin Bhas said in a statement on Tuesday. Related stories Intel doubles down on wearables with investment in Basis Science Does Samsung's new Galaxy Gear ad copy iPhone launch ad? Smartwatches: Staying power or fleeting technology? How Samsung cranked out the Galaxy Gear: The inside story Google Glass hits the road with a US tour That heightened awareness has been due in large part to reports of Apple considering launching a new smartwatch and Samsung already announcing its Galaxy Gear. In addition, Google Glass, the search giant's wearable eyewear, has prompted some to consider how they might use wearable technology to expand their productivity. The market's growth will of course be a good thing for device makers, but according to Juniper, developers might benefit, as well. "Significant opportunities will arise for app developers - across the health, fitness, sports and communication segments," the company says.
That figure is up from the $1.4 billion that consumers will spend on wearable technology this year.
The wearable technology market is set to expand rapidly in the next several years, according to new data from Juniper Research.
The research firm on Tuesday revealed that worldwide spending on wearable technology will hit $1.4 billion this year. By 2018, however, that figure will hit $19 billion. The increase is due in large part to "heightened consumer awareness of wearable technology," Juniper Research's Nitin Bhas said in a statement on Tuesday.
Related stories
- Intel doubles down on wearables with investment in Basis Science
- Does Samsung's new Galaxy Gear ad copy iPhone launch ad?
- Smartwatches: Staying power or fleeting technology?
- How Samsung cranked out the Galaxy Gear: The inside story
- Google Glass hits the road with a US tour
That heightened awareness has been due in large part to reports of Apple considering launching a new smartwatch and Samsung already announcing its Galaxy Gear. In addition, Google Glass, the search giant's wearable eyewear, has prompted some to consider how they might use wearable technology to expand their productivity.
The market's growth will of course be a good thing for device makers, but according to Juniper, developers might benefit, as well.
"Significant opportunities will arise for app developers - across the health, fitness, sports and communication segments," the company says.
