Wearable technology market worth more than $2.5 bn

According to Transparency Market Research, the wearable technology market was worth more than $2.5 billion in 2012.

It is expected to grow with a CAGR of 17.7 percent to over $8 billion by 2018.

Wearable technologies are becoming more prominent and useful every day. Start-ups and big companies alike are jumping on the wearable technologies bandwagon by announcing or releasing wearable devices. Who hasn't heard about Google Glass, Apple's plans to "explore" the wearable tech market, or seen the smart watches from Pebble? The potential for wearable computers and small electronic devices is huge, and business leaders are considering it to have at least as much impact as the Internet had.

For the fifth time, since June 1, 2013, the WT Innovation World Cup is looking for the best and most innovative new wearable solutions. Contestants can submit their product or solution until November 30, 2013 in categories like: sports & fitness, healthcare & wellness, security & prevention, and gaming & lifestyle.

Through the integration of Bluetooth smart and NFC interfaces in smartphones, tablets and notebooks the next generation of app is made possible. Standalone products become product systems, entirely new solutions are possible. blukii is an open hardware platform for the development of new App 2.0 solutions. Developers are invited to create their solutions based on this platform. To support developers, blukii offers a development kit, all contestants who sign up for the special category blukii App 2.0 will receive the blukii kit at a 50 percent discount.

In addition to title sponsor STMicroelectronics, the WT Innovation World Cup is supported by preferred technology partner Texas Instruments (TI), sponsor VARTA Microbattery, as well as an international network of innovative technology regions, alliances, and trade shows including Wearable Technologies AG, Continua Health Alliance, Cluster 55, Medica, ISPO Munich, Taitra, and the development agency Team Côte d'Azur.

All innovative solutions will be assessed and judged by an international panel of industry experts according to predetermined criteria, including, but not only, level of innovation, marketability, and usability. The overall winner, the WT Innovator of the Year, will receive a cash prize of $5,000.

All finalists and special category winners will also have the opportunity to present their solutions at the awards ceremony during the WT Conference at ISPO Munich in January 2014. The WT Innovation World Cup will be promoted during the Smart World Events as well as through marketing channels of Wearable Technologies, sponsors and partners. Besides bringing finalists together with potential business partners and provide them with valuable contacts, these activities will increase media awareness for wearable technologies.