Report: Wearable Tech will dominate consumer IoT with $97.5 billion revenues in 2022

According to GlobalData, a prominent data and analytics organization, wearable technology will account for 46 percent of the consumer Internet of Things (IoT) market in 2022, followed by automated home (37 percent) and linked automotive (17 percent).

According to GlobalData’s study, ‘Tech, Media, & Telecom (TMT) Predictions 2022 – Thematic Research,’ wearable technology will earn $97.5 billion in sales in 2022, making it both the largest and fastest-growing revenue sector in consumer IoT by 2022.

Rachel Foster Jones, Analyst on GlobalData’s Thematic Team, provides her thoughts on consumer IoT in 2022:

In 2022, wearable technology will produce $97.5 billion in sales.

“In 2022, wearables will dominate wearable tech revenues, but smartwatches will remain popular.” The surge in demand for health and fitness monitoring shows no signs of abating, and suppliers are continuing to invest in improving the capabilities of their devices in order to stay ahead of the competition.

“Competition is also heating up in the smart glasses and augmented reality (AR) space.” After acquiring North in 2020, Google will make a comeback in the space in 2022. Meta will also show off its AR-capable headset, while Apple will compete by releasing its own AR headset later this year. Despite being a niche market, the big tech will be a major growth driver for the market.”

Big tech and automakers will work together on a linked car.

“The automobile landscape is changing, and carmakers are concerned.” Mergers and acquisitions (M&A) activity is increasing as automakers create strategic alliances with big tech to stay competitive. Increased 5G connectivity will strengthen vehicle-to-infrastructure (V2I) services in 2022, increasing the capability of the connected automobile.”

The automated home will be led by smart security.

“Smart security will continue to lead the automated home sector in 2022, producing $78.7 billion in revenue.” However, as ESG concerns grow, income from smart thermostats will climb by 31% starting in 2021. Consumers are growing more environmentally conscious and want to consume energy more effectively. Smart thermostats will undoubtedly be the fastest expanding automated home segment in 2022.”