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A new study by Grand View Research projects that the valuation of the global wearable technology market is expected to reach $196.5 million by 2022.

Investment in research and development by a large number of industry players is expected to play a key role in growth in the wearable technology market in the years to 2022, according to the researchers. Another key factor set to positively impact the market is increasing disposable income across the globe.

During the forecast period, technological advancement, price, quality, and battery life will influence the buying decision of consumers while the market is set to gain from the emergence of 3D printing solution and crowd funding. Another key factor set to propel growth in the market is the increasing penetration of the smartphone across the globe. This will benefit wearables as they are compatible products. Additionally, technological progress as regards semiconductor electronics will ensure more efficient and effective products.

Certain factors that could impede growth in the market during the forecast period are low battery life and the high cost of certain devices while data privacy concern may dampen industry demand. However, overall industry development will benefit from various health and economic factors. For example, advertising agencies can cut costs via the use of eye-wear to improve data collection as regards customer feedback.

 

 

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