The wearable consumer electronics market is still in its infancy, but the projected growth figures are staggering: over 100% growth in market size for 2014 ($1.4 billion), 45 million fitness bands by 2017, corporate acquisitions ranging from $100 million (Basis Science) to $2 billion (Oculus VR).
Still relatively dominated by early stage companies such as Pebble and Fitbit, the larger companies are beginning to take action: Samsung was the first major player to begin testing a smartwatch offering (Gear, Gear 2) directly in the market, and Google has its Glass project as well as its most recent Android Wear announcement. All eyes are still of course on Apple, and what it will do if it enters the space.
The “must have” product that could catapult wearables into larger-than-tablets figures has yet to be seen, but given the wide range of available products options (bands, watches, headsets, rings, etc.), the possible form and function of this device are still anyone’s guess.