Wearables hype has peaked, says analyst

But market still expected to more than quintuple to $160bn in next decade, according to IDTechEx

The wearable technology market is set to increase five-fold over the next 10 years, according to a market analyst.

A report from IDTechEx claims that the market will swell from $30bn (£23.1bn) in 2016 to $160bn in 2026.

Despite this, hype around wearables peaked in 2014/15 and is now starting to fall, the report found.

James Hayward, the primary author of the report, said: "Fuelled by a frenzy of hype, funding and global interest, wearable technology was catapulted to the top of the agenda for companies spanning the entire value chain and world.

"This investment manifested in hundreds of new products and extensive tailored R&D investigating relevant technology areas.

"However, the fickle nature of hype is beginning to show, and many companies are now progressing beyond discussing wearables to focus on the detailed and varied sub-sectors."

The report says that as the hype around wearables fades, the focus will shift to sub-sectors such as virtual reality and mixed reality.

It also claims that over the next 10 years the average price of wearable devices will climb from $10 to $30.

Earlier this year CCS Insight claimed wearables were starting to make an impact in the mainstream, while also projecting that the number of wearable devices in the UK will hit 33 million by 2020, up from 10 million this year.