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.
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.
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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.