The Australian wearables market is set to boom, with a whopping compound annual growth rate of 78 per cent between 2014 and 2018 and reaching revenues of $1 billion, according to a report from industry analysts Frost & Sullivan.
The report says Australia’s love affair with sport will make consumer wearables like Fitbit, Jawbone and other health and fitness trackers immensely popular here. In 2014, consumer wearables accounted for 99 per cent of total wearables revenues.
Audrey William, the head of ICT Research at Frost & Sullivan, said that so far there had been minimal take-up of wearable technology in the business.
But she expected that would change from 2017 with companies especially in the mining and oil & gas industries trialling wearable products.
“For instance, new wearable technology sensors embedded within smart shirt/vests can enhance worker safety and safer working environments for field technicians in mines by recording and analysing data on temperature, air quality and gaseous leaks,’’ William said. “Ultimately, wearable technologies has the potential to impact every industry in Australia, including Mining, Oil & Gas, Engineering, Healthcare, Education, Manufacturing, Logistics and Leisure & Entertainment.”