Shipments of wearable devices globally are projected to grow 15% this year from a year ago, reaching 199 million units by the end of this year, according to the latest forecast by the International Data Corporation (IDC).
Growth is being driven by the proliferation of smartwatches, ear-worn devices and wristbands. By the end of 2023, 279 million wearable devices are projected to be shipped, growing annually at 9%, according to IDC.
Watches accounted for 44% of the entire wearables market in 2018 and are projected to reach 47% in 2023. Apple’s WatchOS is expected to account for 28% of all watches in 2023.’
The second largest category is earwear, accounting for 31% of the market by 2023, followed by wristbands at 18%.
"Two major drivers for the wearables market are healthcare and enterprise adoption," stated Ramon T. Llamas, research director for IDC's wearables team. "Wearables stand to play an important role in digital health, constantly collecting important patient data while also giving patients the ability to self-monitor.”