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Wearable technology is marked as one of the most growing sectors, where brands and businesses world wide are putting their money. Latest trends indicate that costumers are gradually gravitating towards the booming wearable technology. Due to recent technological advancements, Wearable devices are coming in all the shapes and sizes. Be it smart glasses, smart watches or accessories that that are increasing rapidly as fitness trackers to smart accessories, smart clothing, smart shoes,smart jewelry, smart gadget gloves and Augmented reality and virtual reality headsets – wearable technology trends are on the verge.

So, What Are The Key Drivers Of Wearable Apps Market?

This is one of the most popular and asked questions for all the industry geeks who keep a close eye on the trends; the wearable industry is growing at a fast rate and how one can leverage this growing technology in doing business and staying ahead of the competition. It has become important to know where the trend is moving, what opportunities does it is offering to entrepreneurs in the years to come and most importantly, what are the factors that drive the wearable market. According to ABI Research, wearable technology is expected to mark $50 billion market by 2017. One of the key reasons that contribute towards easy access to latest technologies and a wide range of wearable applications is – increased demand for wearable devices on the market. So, in order to understand what most wearable applications users are looking for, can actually help investors know where to invest their money for getting the maximum ROI.

What Are The Most Popular Wearable App Segments? Let’s take a look on the most popular wearable app segments:

Healthcare Apps: Healthcare apps are one of the most popular wearable app segments because it helps in enabling the functionalities of health care centers, thus allowing users to keep close tabs onkey metrics like how many steps walked, the total calories burned and monitoring heart rate, apart from monitoring the treatments and side­ effects.

Travel Apps: Travel apps by using Wearable technology facilitate locating places of interest(POI), helps in find the nearest restaurants and food; and many other crucial information.

Banking Apps: Wearable apps developed for banking allow users to check balance flawlessly and seamlessly without even taking out their Phones or Tablets; or it even helps in finding the nearest cash machine.

Fashion Apps: Fashion industry is one of the early adopters of Wearable technology. And, that’s why it is gradually catching up with the wearable technology. Right from smart clothing, smart shoes to accessories like smart jewelry, gadget gloves and smart jackets.

Media & Advertising Apps: Today brands and business are adopting Wearable technology with open arms and brands are actively pursuing new interfaces to connect with users. And, Wearable apps for media or advertising works best to have user’s attention glued.

Apart from the above mentioned verticals, wearable utilities application that include reminder app, stock price app, news feed app and many others are helping business of different niche in growing their business visibility.

What Wearable Technology Will Bring in Future?

As we approach 2016, we are expecting and looking for more enhanced and user­ centric market.Now, it’s high time for wearable app market to just being confined to developing apps that serve asa ‘smart’ health tracker or ‘smart’ fitness gadget. Wearable app market is required to move on tocater to a wider audience base. However, that’s not as easy as it seems – especially, when people are actually not very sure how wearable devices can help them in their business or day­to­day life for deriving maximum ROI. According to GSMA reports, by 2017, smartphone penetration will soon hit 2.89 billion globally, and consumers will look at their mobile screens for nearly 220 times a day. Cisco has predicted that – by 2019, wearable device connections will reach to 578 million globally, compared with 170 million in 2015. Undoubtedly, that’s encouraging news especially for wearable app developers. And, that’s an opportunity that brands cannot afford to miss out.However, at the same time, industry gurus are saying that wearable devices are still at a very nascent stage.

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Anisha is a Blogger at Parangat Technologies. She just focuses on key technology and topics which can help people succeed in business.