Much of this market’s growth can be attributed to the high adoption of the (Internet-of-Things) IoT technology across various markets. IoT connects billions of devices and sensors to develop innovative applications. IoT communication primarily connects various devices, such as smartphones, laptops, and tablets, with people and systems. This helps send data to the centralised server through networks like wireless local area network (WLAN), radio frequency identification (RFID), and Bluetooth. Furthermore, with the help of IoT, every device or asset of an organisation can be interconnected with other assets. In addition, enterprises are also witnessing significant improvements in business processes with the adoption of IoT.

Additionally, the analysts have also noted that factors such as the augmented use of ultra-high-capacity optical networks will also play a key role in spurring this market’s growth over the next few years. At present, the world is virtually interconnected; thus, enabling efficient and easy communication that delivers better economic growth. Optical networks help achieve higher power savings by allowing the efficient use of data transmissions over long distances. Additionally, they also provide the advantage of having high reliability, protection, speed, and convergence. Core networks that transmit signals over long distances utilise low-loss wavelength range to attain the maximum transmission capacity of 100 Tbps per fibre.

While analysing the growth prospects for this market, it was found by the researchers that all the key vendors have a strong presence in the global market as they own patent rights for the wearable technology in devices such as smart glass, smart clothing, and smart helmet. Additionally, it was also noted that software companies such as Microsoft have entered the market with secure software and applications that coordinate with these devices. Similarly, companies such as Honeywell Industrial Safety have also started collaborated with Intel to develop connected worker product range. Such collaborations will help enhance IoT connectivity and data integration.

Key vendors in this market were found to be Apple, Google, Fitbit and Samsung, with other prominent vendors in this space being named as Amulyte, Beartek, Carré Technologies, Coolshirtsystems, Electricfoxy, Emotiv Systems, Epson America, Everfind, Eyetap, Fashionteq, Fatigue Science, Fin Robotics, Finis, Fujitsu, Garmin, Geak, Geo Group, Geopalz, Intel, Interaxon, Laster Technologies, LG, Lumafit, Lumo Bodytech, McLear, Melon, Memi, Microsoft, Mondevices, Narrative, Neurosky, Nod, Omsignal, Optinvent, Orcam Technologies, Orion (Onbeep), Owlet, Pebble, PFO Tech, Playtabase, Polar Electro, Preventice Solutions, Proteus Digital Health, Qardio, Qualcomm Connected Experience, Sensible Baby, Sigmo, Sony, and Vuzix.

The report segments the market by application and analysis of the wearable security devices market including military, emergency services, tracking and biometric recognition.  By the end of the forecast period, it is predicted that the biometric recognition application segment will account for the largest market share and generate the maximum revenues. Much of this growth can be attributed to the extensive use of biometric technologies that utilise wearable technology for military, emergency services, tracking, and biometric recognition.

In terms of geography, analysts noted that the Americas dominate the market space and will generate the maximum revenues until the end of 2020. In this region, Technavio also points out that the high adoption of IoT technology will boost the smart wearable market’s revenue during the forecast period.