In a recent report, IDC has predicted that global shipments of wearable devices will reach 132.9 million units this year. Among these, smartwatches are expected to make up one-third of the total, while consumer spending on wearables continues to grow rapidly, with about two-thirds of the market being driven by end-user demand. Let’s dive deeper into what’s shaping this fast-evolving industry.
According to IDC analyst Jitesh Ubrani, the rising popularity of smartwatches is largely attributed to their advanced health and fitness tracking capabilities. These features have become essential for many users who are increasingly focused on personal well-being.
Ubrani also noted that consumers are gradually embracing smartwatches as more than just fashion accessories. Beyond health monitoring, they are now looking for features like mobile payments, messaging, and even cellular connectivity. "Users are starting to see smartwatches as an extension of their smartphones, and with the introduction of new features such as music streaming, the appeal is only growing," he added.
Looking ahead, IDC has also made projections for the future of the smartwatch market. It estimates that by 2022, smartwatches will hold 38.8% of the wearable device market, up from 32.8% this year. Meanwhile, smart bracelets are expected to lose some ground, dropping from 36% to 22% of the market share during the same period.
The global wearable market is expected to maintain a strong compound annual growth rate of 13.4% over the next five years. In fact, IDC predicts that shipments will hit 219.4 million units in 2020 alone.
For years, smartwatches and smartbands have dominated the wearable landscape, but with the rise of eSIM technology and more advanced health features, the industry is evolving quickly. This development means that in the future, users will be able to use their smartwatches independently of their phones, enhancing convenience and user experience significantly. As more people adopt these devices, the wearable market is set to continue its rapid expansion.
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