Global market for wearable devices set to surge: report
April 15, 2014, 12:01 am TWN
TAIPEI, Taiwan -- The global market for wearable devices will grow substantially over the next four years, as technology development is now focused on such devices, according to a report by the Institute for Information Industry (III).
This year, the worldwide wearable device market is expected to reach US$6 billion and by 2018, will climb to US$20.6 billion, the government-backed institute said in a research note Monday.
It said local companies should tap into the smart device market at an early stage in light of Taiwan's strong information and communication technology sector, which would give the country an advantage.
The wearable device market is still in a nascent stage in terms of functions and services, the III said.
It is "a new market extremely suitable for investment," it said.
Market researcher International Data Corp. made a similar prediction, saying that global shipments of wearable computing devices are expected to triple in 2014 to over 19 million units.
The growth will continue over the next few years at a compound annual rate of 78.4 percent to reach about 112 million units in 2018, the company said in a research report dated April 10.
Taiwan's Industrial Technology Research Institute (ITRI) also said there was great potential in this market, especially for devices with healthcare functions and services, as Taiwan is becoming an aging society.