Wearable technologies are moving to the leading edge of innovation and market potential. Some of that potential was demonstrated last week in Phoenix, AZ, during the Wearable Robotics Association’s WearRAcon 16 Conference
The wearable technology market is nascent and will be primarily funded through smaller Research & Development funding programs between now and 2020. After 2020, these programs will mature and the market will begin to see a larger procurement activity as militaries begin to seek fielded options for units.
There is a strong push from the United States and NATO to move toward open-architecture frameworks, common interoperability standards, and plug-n-play capabilities for all of its robotics and wearable systems.
All this activity, coupled with similar projects around the world, is projected to result in the world’s wearable technologies market growing at a cumulative CAGR of nearly 40% over the coming decade, producing a total global market of nearly $8 billion annually.
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