The global wearable devices market is expected to grow by over 15 per cent this year to 198.5 million units, as the technology pushes further into the healthcare market.
According to the latest data from the International Data Corporation’s (IDC) Worldwide Quarterly Wearable Device Tracker, the market is expected to grow at a compound annual growth rate of 8.9 per cent, hitting 279 million units by 2023.
This growth will reportedly be affected by a number of factors including the integration of smart assistants like Alexa or Siri and the adoption of devices by the healthcare market.
“Two major drivers for the wearables market are healthcare and enterprise adoption,” director for IDC’s Wearables team Ramon T. Llamas said.
“Wearables stand to play an important role in digital health, constantly collecting important patient data while also giving patients the ability to self-monitor.
IDC’s research manager for mobile device trackers Jitesh Ubrani added: “The rise of smart assistants on wearables, both wrist-worn and ear-worn, is a trend worth watching.
“Though still in its infancy, the integration of these assistants with wearables opens up new use cases, from allowing these devices to tie into the smart home to making the devices more proactive at urging users to live healthier or more productive lives.”
By category, smart watches accounted for 44.2 per cent of the wearables market last year, and this is expected to rise to 47.1 per cent by 2023, with Apple’s devices expected to account for 27.5 million per cent of the market.
This is followed closely by headphones which are expected represent 31 per cent of the market in the same time frame, driven by the inclusion of biometric sensors and smart assistants.
Meanwhile connected clothing, such as shoes which count your steps, is expected to begin growing in popularity in the west as brands like Nike and Under Armour start to adopt the technology.