Wearable devices dominate the second decade of the twenty-first century. It is proven beyond doubt that demand for devices like smartwatches and hearables has seen an upward curve. For Apple, the good news is that Apple Watch is going to lead this growth story until 2023.
As global technology leaders are discarding headphone jacks and installing smart assistants in their communication devices, people have turned to Wearables.
Global Shipments of Wearable Devices Likely to Reach 302.3 Million Units: IDC Study
According to International Data Corporation, global shipments of wearable devices are likely to reach 302.3 million units in 2023; the current market of wearables is performing excellently as global shipments to reach 222.9 million units in 2019.
If this forecast comes true, the wearable market will achieve a compound annual growth rate (CAGR) of 7.9%. Smartwatches and Ear-worn devices will dominate the number of shipments, with more than 70% of all wearable shipments in 2023.
Jitesh Ubrani, research manager for IDC’s Mobile Device Trackers, says, “Not only is the market diversifying in terms of form factors, but it is also diversifying in terms of connectivity and distribution.”
Ubrani also adds, “Among all watches, close to half will have the ability to connect to a cellular network by 2023 as consumers along with enterprises and healthcare look to free the watch from the phone and as telcos push forward subsidies or financing options for watches with cellular service.”
Another research director at Wearables team in IDC, Ramon T. Llamas, believes, “In addition to the proliferation of devices is the expansion of wearables use cases.”
Raman notes, “Smartwatches, as always, will still tell you the time, but will move deeper into health and fitness and connect with multiple applications and systems, both at work and within the home. Ear-worn devices, while still centered on providing audio, will nudge into other areas like language translation, smart assistant deployment, and coaching.”
For Apple Watch, everything in the garden is rosy. IDC forecasts that Apple is likely to lead the watch growth story with a 25.9% share of all smartwatches in 2023. The total watch shipment to grow from 91.8 million units in 2019 to 131.6 million in 2023 with a five-year CAGR of 9.4%.
That’s all folks!
It is a rise and fall situation for Apple and other renowned smartphone brands in the world. As per IDC’s predictions, other brands running different operating systems, including Android, WearOS, Tizen, etc. will also see growth in the coming years. It is believed that smartwatches are perfect fitness partners; but in the future, people will also use their watches as a controller to operate their smart home and track their kids’ location.