According to data from the International Data Corporation, the wearables technology market is set to grow 15% to 198.5 million units in 2019.
Wearables, which include smartwatches as well as wireless headphones, are set to grow at a yearly rate of 9% until 2023, reaching 279 million units.
The increase is due to a growing adoption and better functionality of wearable technologies. However, creating ads and engagement for even smaller screens will continue to be a challenge.
Broken down further, smartwatches will make up 47% of the wearables market in 2023, up from estimates of 44% in 2018. This is led primarily by the popularity of the Apple Watch and Android-based devices.
“Two major drivers for the wearables market are healthcare and enterprise adoption,” said Ramon T. Llamas, research director for IDC’s Wearables team. “Wearables stand to play an important role in digital health, constantly collecting important patient data while also giving patients the ability to self-monitor. Within the enterprise, wearables can help to accelerate companies’ digital transformation by transmitting information back and forth while allowing workers to complete their tasks faster. This is where both vendors and companies can streamline processes to achieve faster results.”
Apple’s WatchOS mobile operation system will run across 28% of all smartwatches in 2023.
Meanwhile, headphones and other earwear will make up 31% of the market in 2023, establishing itself as the second largest category within wearables, driven by Amazon’s Alexa, Siri and smart-speaker technology makers.