Is This Futuristic Industry Growing Rapidly?

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For years, science fiction used images of technologies that would seamlessly integrate into daily life; tech that would fuse with the very things people wear.

Tom Cruise used his gloves to control an augmented projection in “Minority Report.” Arnold Schwarzenegger scanned his surroundings with his retna in “Terminator.” “Star Wars” character Boba Fett was outfitted with all sorts of cool tech integrated into his armor.

And as has been the case with so many advances in real technology, life has imitated art.

The wearable technology industry was valued at more than $40 billion in 2020 according to Grand View Research, and that is expected to grow with a compound annual growth rate (CAGR) of 13.8% over the next six years. The market is dominated by Apple Inc. AAPL, with almost 30% of the market, according to research by IDC, followed by Samsung Electronics Co. Ltd. (KRX: 005930) and Xiaomi Corp. XIACF.

Wearables have arguably transformed the way people interact with the world around them. People can read an email on their wrist with a smartwatch, see an augmented reality (AR) map of a ski resort through their ski goggles or perfect their sleep schedule with a WHOOP, a personal digital fitness and health coach.

An exciting and rapidly growing industry under the umbrella of wearables is virtual reality (VR). According to Statista.com, VR was valued at just under $5 billion in 2021 and is expected to hit $12 billion by 2024.

According to research firm Omdia, by 2024, U.S. consumers will use 45 million VR headsets on a regular basis.

Hoping to capitalize on this growth, Chicken Waffle Inc, a VR-focused gaming and experiences company, is developing content across every major VR platform. The company has already developed the wildly popular Baby Hands game that has more than 1 billion gameplay views on YouTube.

“We have launched content on all the leading gaming platforms, and we are laser-focused on helping to advance the XR (extended reality) industry,” CEO Finn Staber said. “We are developing for next-gen VR headsets, and have built several award-winning AR experiences. We are dedicated to advancing the industry with quality content for the latest wearable tech, and we are expanding our publishing pipeline to support partnerships with innovative XR developers. We have some big upcoming announcements with some popular IP (intellectual property).” 

Growth in the industry may continue, but individual players like Chicken Waffle hope to create products and services that transcend the overall rate and take off on their own. 

The company is also currently undergoing a round of funding. If you are interested in learning more about Chicken Waffle, check out https://www.startengine.com/chickenwafflevr.

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This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investing advice.