Sales of smart wearable devices will double between now and 2022, reaching 233 million units sold, according to a new forecast by CCS Insight.
The number of smart wearable devices sold is projected to reach 117 million this year, with a market value exceeding $27 billion by 2022.
The growth in wearables is being driven by the demand for smartwatches, with 90% of owners using their smartwatch most days, according to CCS Insight.
"The combination of Apple's success with its watch and the high engagement levels among smartwatch owners reflects the value people are placing on these products,” stated George Jijiashvili, senior analyst for wearables at CCS Insight. “It's a step change from a few years ago, when we consistently saw high levels of abandonment from early smartwatch users, who quickly became disenchanted with initial products. The Apple Watch has done well because it's bought by iPhone owners. People with Android smartphones represent a far bigger market and conditions are right for the next wave of smartwatch adoption thanks to an ever-improving selection of smartwatches from fashion and consumer electronics brands.”
The forecast indicates 85 million smartwatches will be sold in 2019, growing to 137 million units in 2022.