Wearables to gain market share by 2020

Monday 20 June 2016 10:34 CET | News

International Data Corporation (IDC) has released a report that forecasts smart wearable shipments to increase 29% in 2016, reaching 101.9 million units.

Furthermore, the report goes on to predict that the market for such devices will grow at a CAGR (Compounded Annual Growth Rate) of 20.3% over the next few years, with 213.6 million units expected to be shipped globally in 2020. 

While fitness trackers dominate the smart wearables sector, currently, IDC expects smartwatches to take the lead by the end of this decade, accounting for 52% of the market worldwide. If this happens, it would represent a significant growth for the product category that is expected to account for 41% of all smart wearables shipped in 2016.

Smart eyewear of all descriptions are expected to account for 18.8% of the overall market and smart clothing will have a 15.6% market share globally, driven by faster cellular networks and the availability of a wider array of applications. 

According to IDC’s wearables program representatives, super-fast wireless data networks will extend the functionality of smart wearables way beyond making and receiving phone calls or checking e-mails, states.

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Keywords: Wearables, mobile payments, contactless, fitness trackers, smartwatches, smart eyewear
Categories: Payments & Commerce | Mobile Payments
Countries: World
This article is part of category

Payments & Commerce