Wearable tech market to be worth £40bn by 2020

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The wearable device market is due to be worth $52 billion (£40.2 billion) in 2020 as the popularity of smartwatches and headphones skyrockets.

Smartwatches and smart clothing are set to see the most spending growth over the next year, rising 34 per cent and 52 per cent respectively by 2020, according to the latest forecasts from Gartner.

Device Type 2018 2019 2020 2021
Smartwatch 12,412 17,047 22,803 27,388
Head-mounted display

Ear-worn

Sports watch

Wristband

Smart-clothing

Total

5,354

6,780

3,647

3,405

848

32,446

7,183

7,885

4,121

3,194

1,151

40,581

10,609

8,716

4,555

3,115

1,746

51,545

15,501

9,927

4,912

3,055

2,202

62,985

Worldwide Wearable Devices End-User Spending by Type, 2018-2021 (Millions of Dollars)

This year alone, spend on wearable smart devices is on track to hit $41 billion (£31.7 billion) worldwide, thanks to the rising popularity of lower cost devices from brands like Xiaomi and Huawei.

“While brand leaders, Apple Watch and Samsung Galaxy Watch command premium pricing in the smartwatch segment, lower-priced players such as Xiaomi and Huawei will counterbalance high-priced smartwatches with lower cost smartwatches,” Gartner’s senior research director Ranjit Atwal said.

READ MORE: Wearables market to grow over 15% this year

By next year this is set to grow 27 per cent to $52 billion (£40.2 billion) while average selling prices will drop 4.5 per cent by 2021.

This growth is set to be driven by advances in miniaturisation, allowing for smaller and smarter sensors to be added to more ergonomic devices.

By 2023 Gartner predicts 10 per cent of all wearables will be “discrete and nearly invisible”, increasing acceptance among reluctant end users.

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