According to the projections of the IDC, the future looks bright for smartwatches and ear-wear

According to market researcher IDC, more than 300 million wearables will be shipped this year. When looking to the future, it is anticipated that ear-worn devices and smartwatches will lead the way. 

The number of people using wearable technology is expected to keep expanding every year. According to the Worldwide Quarterly Wearable Device Tracker published by IDC, the total number of shipments will reach 305.2 million units in 2017. This represents a 71 percent increase over the 178 million units delivered in 2018.Ear-ware sales accounted for around half of this total, with the remaining smartwatches and fitness band sales making up the majority of the balance.

It is anticipated that the expansion will carry on in the years to come. The total number of wearable devices shipped will reach 489.1 million units in 2023, representing a 22 percent annual growth rate.Ear-worn devices and other devices that offer functionality beyond music will be the standout performers in the market. According to IDC, the incorporation of biometric sensors and intelligent assistants will provide businesses with a significant competitive advantage.

It is anticipated that smartwatches will continue to hold a market share equivalent to 22 percent. When it comes to sales of smartwatches, Apple will be in the lead, and the company’s WatchOS will account for 27.5 percent of all such devices in the year 2023. There will also be growth in hybrid watches and children’s watches, albeit at a more modest rate.

Despite their popularity in the past, it is anticipated that yearly fitness tracker shipments will only increase from 68.2 million devices to 69.7 million during this time period. The average price of activity bands is expected to fall from $51 in 2019 to $42 in 2023, which will result in growth that is actually negative in dollar terms.

The market for connected apparel is anticipated to expand at a rapid pace, despite the fact that it is now extremely small. Counting-step shoes and other activity trackers are examples of products that are now selling well in China. This, however, is beginning to shift as well-known brands like Nike and Under Armour continue to make headway in other areas.

According to Jitesh Ubrani, research manager for IDC’s mobile device trackers, “Underpinning the increase in the wearables industry has been a substantial fall in average selling prices.” This statement was made in reference to the market’s expansion.

“While firms such as Xiaomi have concentrated on cutting costs by commoditization, market leaders like Apple are also playing an extremely important role in bringing prices down.”

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