Forecast market value wearable devices worldwide 2012-2018

The global wearable devices market value was projected to reach 5.8 billion U.S. dollars in 2018. As a relative newcomer to the competitive consumer electronics landscape, wearable devices have carved out a large space for itself, with worldwide shipments forecast to amount to 279 million units by 2023.

Wearable devices

As the name suggests, wearables are gadgets that can be worn. Such devices usually have smart sensors and are connected to the internet for data exchange. With a forecast shipment figure of more than a hundred million units in 2022, the smartwatch is the largest category within the wearable market. Apple is the leader in the smartwatch market, with its Apple Watch selling millions of units each quarter. Other major wearable devices are ear-worn devices (hearables), which include wireless earbuds such as the Samsung IconX, and health and fitness trackers, such as the Fitbit wristbands.

Internet of Things (IoT)

The IoT describes the network of devices that are connected via the internet. Such devices are able to share data among each other, providing benefits such as better quality of life and greater insight into business. Together with the gradual penetration of smart home devices, autonomous vehicles, etc., wearable devices help to deliver IoT’s promise of an ever-connected society.