Worldwide wearable device shipments are estimated to grow 14.5 percent to 396 million units this year from 345.9 million units last year, as demand remained steady in the first half of the year, despite the COVID-19 outbreak and the launch of new products in the second half, International Data Corp (IDC) said on Friday.
The global market for wearable devices, such as hearable items, smartwatches and wristbands, is forecast to grow by a compound annual growth rate (CAGR) of 12.4 percent in the five years from this year, with total shipments likely reaching 637.1 million units in 2024, thanks to the emergence of services to complement wearable devices, IDC said in a report.
The demand for wearable devices would also increase as more enterprises use them to keep their employees physically distant and detect early signs of potential illness in the post-COVID-19 era, the research firm added.
“Wearable devices and services will evolve together in the coming quarters,” Ramon Llamas, research director for mobile devices and augmented and virtual reality at IDC, said in a news release.
IDC forecast that hearable items would account for the majority of wearable shipments in the next five years, while posting a CAGR of 14.1 percent through 2024.
Shipments of smartwatches and wristbands are estimated to grow at a CAGR of 14.3 percent and 2.4 percent respectively over the five-year period, it added.
Wearable device makers are laying the groundwork for consumers using multiple wearable devices in conjunction with each other, IDC said.
“Imagine tying positional and audio input from hearables with health metrics from the wrist to gauge a user’s level of attention or excitement in the surrounding environment. That’s a powerful new experience that can bring added utility to consumers and vendors alike,” said Jitesh Ubrani, research manager for mobile device trackers at IDC.
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