Wearables on a tear
The global wearables market will reach 45.7 million units in 2015, with growth driven by an increased focus on smart devices, or those capable of running third-party apps, such as Apple Watch, Motorola's Moto 360and Samsung's Gear watches, according to IDC forecasts. Total shipment volumes are set to reach 126 million units in 2019, equivalent to a five-year compound annual growth rate of 45.1%.
Wrist-worn wearables, including bands, bracelets and watches, will account for more than 80% of all wearable device shipments throughout the forecast period, ahead of modular kit and clothing with computing power.
“The market is quickly shifting toward higher-priced devices that offer greater functionality,” says Ryan Reith, programme director with IDC. “While Apple's entry into the market is symbolic, the key to success will be to create compelling use cases for the average consumer. Many users will need a good reason to replace a traditional watch or accessory with a wrist-worn device or some other form of wearable that will likely require daily charging and occasional software upgrades.”