Wearable Tech Market Set to Eclipse $54 Billion Next Year

The global wearable technology market is set to more than double its value from four years ago.

GlobalData expect the market to register a 19% compound annual growth rate, expanding from $22 billion in 2018 to $54.4 billion next year, driven by growing demand for multimedia devices and smartphones coupled with an increasing adoption of fitness trackers and health-based wearables, forecasts
 
GlobalData’s report, “Smartwatches – Thematic Research, reveals that smartwatches will be the largest and the fastest-growing segment in the wearable tech market over the forecast period, followed by fitness trackers.
 
Smartwatches accounted for 60% of the wearable tech market in 2018, mostly driven by demand for Apple Watches and the growth of brands such as Xiaomi, Huawei, Garmin, and Samsung. 
 
Fitness trackers accounted for 29% of the market in 2018, but this market share is expected to drop to 20% in 2023 as smartwatches become the preferred alternative.
 
“As consumers become increasingly health-conscious, the future will present as a blend of digital and physical as consumers adopt wearable technology into their daily routines,” said Cynthia Stinchcombe, a medical devices analyst at GlobalData.