According to new report from ABI Research, the market for wearable data and analytics services is forecast to exceed hit $838mn in 2022.
Currently valued at $247mn, the market is expected to more than triple in size in the next five years with a forecast compound annual growth (CAGR) rate of 27% between now and 2022.
“Wearable devices have long been finding their way into the lives of consumers and enterprises, offering various features such as activity tracking, communication, access to information, and vital healthcare monitoring,” says Stephanie Lawrence, Research Analyst at ABI Research.
“Data analytics adds a further benefit to the technology, giving users and companies actionable information based on the data that the devices collect, with deep integration through an increasingly connected market.”
Such technology is expected to thrive within the healthcare and sporting spheres, allowing insight into both personal fitness and medical information.
Further, ABI Research predicts that this information can then be used by law firms through an analysis of claimant activity levels after an injury – capabilities that companies including Catapult Sports, Emu Analytics and others are already providing.
“Raw data from wearable devices can often be overwhelming, providing the user, healthcare professional, or company with far too much information that doesn't have any real meaning,” concludes Lawrence.
“With access to data analytics, this information becomes much more meaningful, allowing the user, healthcare professional, or company to take action. In the wider IoT market view, wearables provide a human-centric data source—a valuable asset for efficiency and safety improvements in the workforce.”