A new report has come out showing that the worldwide wearable tech market could explode in not only popularity but price only the course of the next few years. By 2021, the report expects the wearable industry to ship as many as 149.5 million products. This data was done by the leading industry analyst known as the International Data Corporation. They have stated that more vendors are beginning to add cellular connectivity to their devices rather than just market them as individual devices.
This figure of almost 150 million would be more than double the current 61.5 million shipments. The report stated that “Although activity and fitness trackers – like the Fitbit Alta HR and the Garmin Vivofit 3 – are currently leading the way with a forecasted 45 million shipments in 2017 (39.8 percent market share), IDC forecasts only single digit year on year growth for this genre and states that smartwatches, such as the Android Wear range and the Apple Watch series, will hit 71.5 million shipments by 2021.”
The report went on to state that “hybrid smart watches – as we’ve seen with the likes of the Nokia Steel HR and the Mondaine Smart Helvetica No.1 – will have the largest slice of the wearable tech pie by 2021, with a staggering 78 million shipments; more than a 35 percent market share. The move from wristbands to watches introduces additional revenue opportunities for vendors and distributors as average selling prices are expected to rise,” said Jitesh Ubrani senior research analyst for IDC Mobile Device Trackers.
Ubrani stated further that “However, the struggle to move beyond health and fitness persists and convincing consumers to spend more for utility that may not be immediately obvious will be a challenge. This is where fashion-forward brands have a chance to shine as their customer base doesn’t tend to prioritize features.” Hopefully, the report will help to broaden the already large market on wearable tech.