The market for wearables in Asia Pacific (APAC) is currently worth US$ 8.5 billion, according to a new report by Frost & Sullivan.
Arvind Arun, industry analyst in the ICT Practice at Frost & Sullivan predicts this market to grow to US$ 37 billion over the next 5 years at a CAGR of about 34%.
The growth of wearables in enterprises will happen at a very fast rate as volume shipments are set to grow at a CAGR of about 75% between 2014 and 2018.
Wearable technology is becoming popular because it can be used in a wide range of industries, and offers a platform for continued innovation.
"Like all disruptive technologies," said Arun. "Wearables will immensely benefit certain industries such as healthcare which is likely to see a sharp increase in prophylactic therapy and preventive medicine."
There are several factors that will contribute to the popularity of this emerging technology including the boom in the Internet of Things (IoT) ecosystem and the potential of wearables to act as the gateway to the IoT world.
APAC wearables market will also grow as wearables provide contextual computing capabilities that make way to new avenues of growth and possibilities.
Also, several disruptive attributes of wearables empower the wearer with enhanced capabilities giving this market a further boost.
"Wearables could seriously challenge the status quo in several industries and could substantially enhance process efficiency, customer experience and worker safety in hazardous work environments," said Arun.
Although this market is growing, the industry should address some challenges such as improving battery life, and improving interoperability between various devices and platforms.
Industry should also better manage the app developer community and address challenges associated with wearable data management.
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