Wearable Market Expected to Grow 173.3% This Year
The wearable space is booming according to a recent report from IDC. IDC forecasts that this year global wearable shipments will reach 72.1 million up from 26.4 million in 2014. That is a 173.3% YOY (year-over-year) growth. It attributes most of this growth to new vendors entering the race, citing Apple as one of them.
The report goes on to forecast wearables to reach 155.7 million units shipped in 2019 pacing the wearable market CAGR at 42.6% over the course of the next five years.
“The demand for basic wearables, those that do not run third party apps, has been absolutely astounding,” said Jitesh Ubrani, senior research analyst, Worldwide Mobile Device Trackers on IDC’s site. “Vendors like Fitbit and Xiaomi have helped propel the market with their sub-$100 bands, and IDC expects this momentum will continue throughout 2015.”
IDC predicts that 2016 will be led by wearables that can run third party apps such as Android Wear and Apple smartwatches and sees these smart wearables be the predominant category over basic bands by 2019.