Certain large consumer electronics suppliers, such as Sony, have entered into the wearable technology arena while others, such as Apple, have yet to stake a claim into what we see as a multi-billion dollar transformative industry. Wearable technology today represents an array of products including watches, wristbands, and various clothing items. There is not yet a clear winner, nor do we believe there is a need for one. However, our analysis does point towards winners in certain key battlegrounds such as smartwatch vs. smart wristband. Wearable technology represents a monumental shift of business practices and even new business models for device manufacturers, content and application providers, and service providers. The future wearable technology ecosystem will be centered around consumer use of Body Area Networks (BAN) and related technology including wristbands and watches, electronic skin/tattoo, and electronically enhanced clothing. Additional support technologies include Augmented Reality (AR), sensors and sensor networks, and a variety of short-range communications modalities. We see additional opportunities for 4G communications and beyond to utilize ambient awareness and peer-to-peer communication via LTE Direct. This research evaluates the wearable technology marketplace with emphasis on vendors, strategies, applications and development. In this report, we analyze the current wearable devices vendors and their products. We also provide market analysis for the future of the industry and anticipated direction over the course of the next five years.