After massive consumer interest in wearables and smartwatches gave the industry a huge boost in 2015, adoption has tailed off, with many disappointed the technology hasn’t met expectations. However, although growth will be slower than the initial jump last year, sales and shipments of wearables will continue to steadily rise over the next few years.
This comes from research published by BI Intelligence, where it’s stated that thanks to more features and new functions, shipments of wearable devices will grow at an average rate of 18% each year. By 2021, shipments will top 70 million.
Wearables will continue to gain popularity
The report goes on to say that health and fitness will “remain a dominant segment of the smartwatch market,” and that as app and device technology improves, the benefits in this space will become more evident. The Apple Watch is expected to be the most popular device for a while, but Android Wear should catch up in the near future, thanks to potential adoption in developing markets.
It’s going to take some work to bring attention to smartwatches and other wearables to those other than early adopters, including offering cheaper devices, with more functionality. However, because not everyone owns a wearable device already, there’s an excellent opportunity for new players to steal attention and market share.
“There is profound opportunity for businesses and developers to begin exploring the nascent smartwatch market,” the report says. The complete report can be purchased here.