Shipments of connected wearables are projected to reach 239 million units in 2023, according to a new forecast by Berg Insight.
Shipments are estimated to grow 15% annually from 117 million wearables shipped in 2018.
A total of 68 million of the wearables sold in 2023 are expected to incorporate embedded cellular connectivity, primarily in the smartwatch and medical device categories, according to Berg.
Xiaomi in China leads the connected fitness and activity tracker segment. Other leading vendors include Fitbit, Huawei and Garmin.
“Apple continues to hold a firm grip on the smartwatch market and is at the forefront of innovation in the industry,” states Martin Backman, IoT analyst at Berg Insight. “Technology advancements, increased consumer awareness and wide availability of devices in different price segments will enable smartwatches to reach shipments of 117.7 million units in 2023.”