There are plenty of wearable technology skeptics out there -- and with good reason. Some wearable products on the market have failed to live up to the hype, and many are too expensive for the average consumer.

But the statistics and predictions in the video below show that the wearable tech market cannot be ignored. Apple (NASDAQ: AAPL) entered the space earlier this year, and the Apple Watch has already taken the No. 2 spot in wearable shipments, behind FitBit (NYSE: FIT). With both large and small tech companies aggressively pursuing wearable tech, this new market is poised for much more growth. 

Click on the video below to find out how wearable tech is growing and how much this burgeoning market will be worth.