However, it will be sensor platforms that include hardware and software, rather than components that will be key enablers for wearable equipment, the firm has said. The sensor market will be shaken up by the entry by such giants as Google, Apple, Samsung and Intel, F&S asserts.
F&S (Mountain View, Calif.) reckons the market for sensors for wearable electronics was worth $108 million in 2014 and estimates this will increase to about $800 million in 2020. This represents a compound annual growth rate over the period of about 40 percent.
If one accepts that each sensor is about a dollar these numbers would more or less tally with those of IHS Technology, which forecast that 85 million sensors for use in wearables shipped in 2014 and that the market would double to 175 million units in 2015.
"In addition to clinical healthcare, medical, fitness and wellness applications the wearables market is witnessing a series of new product launches, such as heads-up displays, smart watches, smart fabrics, wrist bands, and glasses that are used across various consumer, industrial and other verticals," said F&S analyst Sankara Narayanan, in a statement. "As the need to collect various physiological data and quantified self-movement surges, wearables will incorporate more complex electronics and sensors."
Sensor platform companies, with expertise in sensors, low-power processing, and wireless connectivity, can design solutions with the desired number of sensors while ensuring robust battery life and reduced power consumption, said Frost & Sullivan.
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