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IMS: Wearable technology market to exceed $6billion by 2016

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Increasing demand for actionable, real time data in a range of applications is driving demand for wearable technology, according to a report by IMS Research.

The report states that 14million wearable devices were shipped in 2011 and by 2016, the market is expected to exceed $6billion. Current devices tend to be concentrated around healthcare and fitness products, but by 2016 the penetration of wearable technology in a number of categories is projected to rapidly increase as new devices are developed. New product areas where wearable technology is predicted to have a strong impact include smart watches, smart glasses and sleep sensors. "A $6bn market in 2016 is our most conservative forecast which assumes that the adoption of wearable technology will be limited by factors including lack of suitable technology, poor user compliance and lack of an overall enhanced experience from devices that are wearable as compared to non wearable products," commented senior IMS analyst Theo Ahadome. "In our mid range and upside projections, product introductions such as Google's Smart Glasses and the rumoured Apple Smart Watch come to fruition and are successful."