The Wearable Tech Industry Will Be Worth More Than $71 Billion In 5 Years

The wearable technology industry is set to explode in growth over the next five years.

According to a new market research report by Scalar Market Research, the industry is expected to grow over 138 percent by 2021, making it a $71 billion market. North America and Europe are expected to be the regions likely to take the greatest market share.

Key Findings Of The Report

• The rise of smartphone devices along with the explosion of Internet of Things (IoT) is expected to drive the wearable technology market.
• Growing venture capital funding for emerging market players is also responsible for the rapid growth rates this industry will experience.
• Technological advances, high acceptance level of consumers and the innovative range of available devices are also some key driving factors highlighted in the wearable technology market report.

Related Link: Apple's Nike Watch Arrives This Friday

Key Players In The Industry

• Alphabet Inc GOOG GOOGL.
• adidas AG (ADR) ADDYY.
• Apple Inc. AAPL.
• Fitbit Inc FIT.
• Garmin Ltd. GRMN.
• Microsoft Corporation MSFT.
• Nike Inc NKE.
• Sony Corp (ADR) SNE.
• Xiaomi, Inc.

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