New Delhi, June 25 2015: The global wearables market continues to grow even as new vendors, including Apple, enter the market,finds a study by the International Data Corporation.
IDC's Worldwide Quarterly Wearable Device Tracker estimates that 72.1 million wearable devices will be shipped in 2015, up a strong 173.3% from the 26.4 million units shipped in 2014. Shipment volumes are expected to experience a compound annual growth rate (CAGR) of 42.6% over the five-year forecast period, reaching 155.7 million units shipped in 2019.
"The demand for basic wearables, those that do not run third party apps, has been absolutely astounding," says Jitesh Ubrani, senior research analyst, Worldwide Mobile Device Trackers. "Vendors like Fitbit and Xiaomi have helped propel the market with their sub-$100 bands, and IDC expects this momentum will continue throughout 2015."
He adds: "Smart wearables like the Apple Watch and Micosoft's Hololens are indicative of an upcoming change in computing, and the transition from basic to smart wearables opens up a slew of opportunities for vendors, app developers, and accessory makers."
Ramon Llamas, research manager, Wearables says: "Android Wear, Tizen, and WatchOS are moving ahead with improved user interfaces, user experiences, and applications. These will raise the expectations of what a smart wearable can do, and each platform is vying for best-in-class status. We're not there yet, but we're seeing the building blocks of what is to come.
$ 37 billion market
Also today, TechSci Research has released its own study entitled "Global Smart Wearable Market Forecast & Opportunities, 2020". According to this report "the global market for smart wearables is projected to generate a revenue worth $37 billion by 2020. Consumer electronics and healthcare segments have emerged as the major growth areas on account of significantly higher adoption of smart wearables in these sectors. Presently, smartwatches and smart wristbands cumulatively account for a lion's share in the global smart wearables market. Moreover, in response to robustly growing demand for smartwatches, luxury watch manufacturers are also foraying in the segment and launching luxury smartwatches to lure the high income customers. Introduction of innovative products is expected to significantly influence the consumer interest in smart wearables in the coming years."
"The global smart wearable market is still in its nascent stage, with major market traction being predominantly witnessed in North America andEurope. However, growing health concerns and rising number of smartphone users are driving demand for smart wearables in countries such as China, Japan, Korea, etc. Consequently, major smart wearable players are focusing on offering technologically advanced products at low price points to increase their foothold, globally."