Wearable device shipments will increase to 559.6 million units by 2021, up from 85 million units in 2015, according Tractica.
The market intelligence firm said the increase would represent a compound annual growth rate of 36.9%. Tractica said there was a number of key reasons for the forecast which included a stronger than anticipated growth in the popularity of fitness trackers. It also said there will be a proliferation of smart watch offerings including the incorporation of smart capabilities into more conventional traditional watchmakers, as opposed to the current high-end offerings.
Tractica added that we are experiencing rapid development in the emerging wearable category generally. This market includes body sensors, smart clothing, smart glasses and an increasing diversity of niche devices.
Aditya Kaul, research director at Tractica said: “2015 was the biggest year for wearables by far, with fitness trackers outperforming industry expectations and smart watches coming out strong. While fitness is the overwhelming driver for wearables today, there are a number of micro-segments emerging, ranging from kids’ watches to smart footwear to new healthcare devices like wearable patches that will drive this market forward.”
Tractica’s report, Wearable Device Market Forecasts, covered a range of devices from smart watches and fitness trackers to gesture control devices and wearable cameras.