So maybe you’ve seen or read in the news lately about the “wearable technology” craze that’s going to be sweeping across the U.S. – and possibly even the world – in the very near future.

Sleep and fitness gadgets are a large part of the overall wearable technology industry and they’re already becoming quite the craze these days, and this industry is only going to be getting more and more competitive as technology continues to advance.

Not to mention the human population is constantly demanding smaller gadgets, smarter gadgets and more convenient gadgets to carry around, and even wear.

The two big future possibilities right now in the wearable technology industry include Apple’s rumored “iWatch” smart watch and Google’s high-tech, work in progress glasses project called “Google Glass”.

Apple’s Tim Cook has already stated publicly that Apple is “profoundly interested” in wearable technology, which for those who know how secretive Apple is about the new products in development, this could mean they’re in the early stages of exploring options within this space, or this could mean they may already be near an actual introduction and launch of a new wearable, smart watch technology gadget. Many analysts are predicting Apple with be showing us their hand (or wrist) very soon, possibly by Fall 2013. Time will tell.

As far as Google Glass is concerned, this project seems to be moving forward, and already out in public in some places, as a few thousand developers have already been able to see and test the product, for an estimated $1,500 per pair. Ouch. Now those are some expensive glasses.

Just as the two big tech giants of Apple and Google have expressed extreme interest in this futuristic category, there are also many other companies (some large, some medium-sized, and some small) that are also jumping in on the action as well.

And that’s exactly where we are today with a wide variety of high-tech, wearable gadgets currently entering the market. Some of these gadgets and products have been around for a few months, and others are just hitting the market as I write this article. This industry is new, and it’s growing very rapidly.

The first big entrant into the wearable technology industry came in 2006 when Nike introduced a tiny sensor called "Nike Plus" that runners placed into their shoes to track how many miles they ran. Remember that one?

Since then, Nike has made big strides (pun intended) in the wearable technology market with the Nike “FuelBand” bracelet that wraps conveniently around your wrist. The FuelBand allows users to track the number of steps they take or even the estimated amount of calories burned per day, and all can be viewed on a small yet colorful LED display. Oh yeah, and it can also function like a watch if you need to know what time it is.

Although the Nike FuelBand is interesting, and very functional, it lacks the ability to track your sleep at night though, and this is where I believe the general market for these gadgets and devices is headed. I strongly believe people are more interested in full-time, 24/7 type of monitoring devices, and what I would refer to as sleep and fitness gadgets, as opposed to just a fitness-only gadget.

People already seem connected to their mobile phones and devices all day. Now imagine being able to wear a gadget that provided you critical information at a moments notice on your sleeping, eating, exercise habits, and maybe even your heart rate or blood pressure. Now that’s pretty interesting, huh?

And nowadays, there are plenty of tech companies that have already been introducing their own versions of wearable sleep and fitness gadgets including, Fitbit, UP by Jawbone, Lark, Withings, and a Pittsburgh, PA company called BodyMedia who develops the sleep and fitness gadgets you see contestants sometimes wearing on the popular TV show, The Biggest Loser.

Ranging from everything including tiny monitors you wear around your arm at night to measure and report your sleep quality, all the way up to gadgets that you strap around your wrist to count your daily steps and calories burned, and one that does all of this, plus it functions as a heart monitor too. Now that’s pretty amazing stuff.

And most of these sleep and fitness gadgets work directly through free custom Apps you download to your smartphone, tablet and/or computer, so you can always stay on top of your progress throughout the day and night – and even compete with friends online via their own social networks if you choose.

A French company by the name of Withings who sells their products in the U.S. also offers a high-tech “smart body analyzer” scale that not only measures your weight, body composition and heart rate, it even reports the information back to your mobile device so you can keep a daily record of your progress. The possibilities are literally endless.

So where is the wearable technology market going? Only time will tell exactly, but one thing is for sure, wearable technology and sleep and fitness gadgets are here to stay, and things are getting a lot more exciting each and every day. So stay tuned, and check your wrist for hourly updates.