Note: The following is an excerpt of “Morgan Stanley: Wearable Technology A Potential $1.6 Trillion Business” written by Jayson Derrick at Bezinga.com.
Wearable technology refers to mobile electronic devices that are worn on a user’s body or attached to their clothes. While the technology is in its infancy stage, analysts at Morgan Stanley believe it will become a $1.6 trillion business in the near-future.
“Wearable devices will far surpass market expectations, and become the fastest ramping consumer technology device to date, in our view,” a group of Morgan Stanley analysts wrote in a note on Thursday. The analysts add that wearable devices will have “far-reaching” impacts by creating a new category and disrupting or even accelerating change within industries outside of technology.