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IDC: Global wearables market to hit 198.5M units by the end of 2019

The market is expected to reach 279 million units by the end of 2023 with a compound annual growth rate (CAGR) of 8.9%.

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IDC: Global wearables market to hit 198.5M units by the end of 2019

The worldwide market for wearable devices, now inclusive of wireless headphones with smart assistants, is forecast to grow 15.3% over the previous year to 198.5 million units by the end of 2019, according to the International Data Corporation (IDC) Worldwide Quarterly Wearable Device Tracker.

Among the factors driving that growth are factors such as the continued proliferation of watches, ear-worn devices, and wristbands — as well as further adoption in the healthcare segment. Looking ahead, the market is expected to reach 279 million units by the end of 2023 with a compound annual growth rate (CAGR) of 8.9%.

“The rise of smart assistants on wearables, both wrist-worn and ear-worn, is a trend worth watching,” Jitesh Ubrani, research manager for IDC’s Mobile Device Trackers, said in a statement. “Though still in its infancy, the integration of these assistants with wearables opens up new use cases, from allowing these devices to tie into the smart home to making the devices more proactive at urging users to live healthier or more productive lives.”

Ramon T. Llamas, research director for IDC’s Wearables team, has added that the two major drivers for the wearables market are healthcare and enterprise adoption.

When it comes to product categories, watches are leading the way with 44.2% of the entire wearables market in 2018; their share is anticipated to grow throughout the forecast, reaching 47.1% in 2023. Smartwatches from Apple will undoubtedly lead the way, with WatchOS accounting for 27.5% of all watches in 2023. Other than smartwatches, hybrid watches and simpler kids’ watches will also continue to grow albeit at a much slower pace.

Earwear, also referred to as hearables and ear-worn devices, will be the second largest category of wearables in 2023 with 31% share. The inclusion of biometric sensors and the adoption of smart assistants will help drive this category forward throughout the forecast.

Wristbands, once the most popular form factor, will experience flat growth with a CAGR of 0.7%. Meanwhile, growth in terms of dollar value is expected to decline with a -4.1% CAGR during the same period as average selling prices drop from $51 in 2019 to $42 in 2023. The market is already dominated by Chinese brands such as Huawei and Xiaomi, and IDC expects this to continue.

Connected Clothing will be largely comprised of step-counting shoes and similar devices. To date these types of products have mainly been popular in China but that is slowly changing as brands such as Nike and Under Armour make headway in other markets. In the later years of the forecast, IDC expects to see more enterprise applications introduced as companies aim to monitor employees in hazardous situations.

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