Industry experts agree that wearable devices are the next big thing in the world of mobile technology. (Photo : Reuters)
Wearables are taking the world by storm as more and more tech heavyweights are coming up with innovative ways to make smart devices more accessible. The Apple Watch, which was released on April 24 this year, is the latest among wearables to hit the market.
It's a lucrative industry. In China alone, the market for wearables is estimated to dramatically increase from 2.2 billion yuan ($355 million) in 2014 to 23 billion yuan ($3.7 billion) in 2016.
Business prospects are looking bright for smart wearable devices in the country, and Chinese tech heavyweights are looking to take a piece of that success.
Local tech companies such as Xiaomi, Baidu, ZTE and Huawei have all recently invested in the development of their own smart wearable devices.
The wearables market is relatively new and small, but has shown great potential for growth. This places Chinese tech companies in an enviable position. Although the country is at the same starting point as many other foreign countries in terms of developing wearable technology, China has certain technological advances.
Yun Mengsun from the Chinese Academy of Engineering predicts that "in the coming industrial transformation, wearables manufacturing is expected to emerge as a healthy, important industry in China."
Of course, wearable technology isn't developed overnight. It is estimated to take tech companies roughly three to five years to address problems such as commercial production. This does not hinder Chinese tech firms, however, to green-light development on smart wearable devices. Some companies have even shifted their focus to develop their own wearables.
Ultimately, it's an expensive race due to high research and development costs. Still, investors are highly interested in the wearables market, with wearables-concept shares selling for as much as 60 percent in the first quarter of 2015 alone.
