Steady growth of the world’s market size for wearable devices

https://korean-electronics.com//inquiryThe world market for wearable devices is expected to grow from 30 billion dollars in 2015 to 150 billion dollars in 2026.
Wearable devices are smart devices that are attached to the body in order to input, output and process information, such as smart watches, smart glasses and smart bands. It is a fusion technology industry that combines materials and parts such as semiconductors, sensors and displays with IoT, virtual/augmented reality and artificial intelligence.

Currently, the wearable device market is formed around accessories like smart watches, but in the future, experts predict that the devices will be attached to the body or implanted along with growth of VR/AR and health medical devices.

The Fusion device industry such as wearable devices is an industry that requires cooperation among departments more so than in any other field. So far, the Ministry of Science Technology Information and Communication and the Ministry of Industry have made efforts through cooperation for the development of the wearable devices industry. They have come up with ‘Future Growth Power – Industry Engine Comprehensive Implementation Plan’, ‘Manufacturing Industry Innovation 3.0 Strategy Implementation Policy’, ‘K-ICT Smart Device Promotion Measures’.

From the last year, they are working together for ‘Wearable Smart Device Core Parts and Element Technology Development Project’.

In relation to this, the Ministry of Science Technology Information and Communication and the Ministry of Industry Commerce and Resources will host ‘Wearable Device Technology Development Workshop’ at Yangjae L Tower on the 13th to examine and explain the current status of research and development in the wearable device industry and to strengthen cooperation between the two ministries.

At the workshop, recent wearable device trends and market forecasts will be shared. Technology development projects under the two ministries are divided into three sections, health medical, biometric data, and terminal, so that experts from these related fields may get together for in-depth discussions for future technology development cooperation measures.

During the discussions by sections, a total of five projects including ‘Development of Multiple Wearable Software Fusion Module and Application Platform to Support Integrated Management of Body Activities’ from the Ministry of Science, Technology, Information and Communication and a total of twelve projects including ‘Development of Core Technologies for Open Type Wearable Development Kit Applicable to Various Services’ from the Ministry of Industry and Commerce will be shared among staffs for technology development status to discuss future commercialization and technology cooperation.

These two ministries have declared their common interest for the need to strengthen cooperation for the vitalization of wearable device industry through these workshops.

A government official declared that, “Even in the future, the two ministries plan to make efforts together not only for technology development, but also for personnel training and corporate support, to commonly utilize development results and promote commercialization continuously.”

korean-electronics.com | Blog Magazine of korean electronics, brands and Goods

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