Wearable wireless devices revenue is expected to cross $6bn in 2018 driven by growth in sports, fitness, and wellness segment,according to a report from ABI Research.
According to the report, the wellness devices are expected to account for over 50% of all device shipments during the forecast period followed by sports and fitness segments.
The report expects activity trackers to grow at a 40% CAGR and surpass the current lead of heart rate monitors in 2017.
ABI Research senior analyst Adarsh Krishnan said that fitness activity trackers are quickly gaining popularity in the market.
"Different from other more single-use or event-centric devices, activity trackers monitor multiple characteristics of the human body including movement, calories burned, body temperature, and sleep tracking," Krishnan added.
The home monitoring devices currently represents second largest market and is expected to experience strong growth during the next five years with overall device revenue increasing at CAGR of over 39%.
The home monitoring device segment is also anticipated to surpass the shipments of cross-over devices including personal emergency response devices incorporated with activity tracker features.