Wearable Device Shipments to Reach 430 Million Units Annually by 2022
August 16, 2017 | Business WireEstimated reading time: 1 minute
The wearables market continues to generate a lot of attention, both positive and negative. Fitness trackers and smart watches remain the flag bearers of the wearable market, seeing growth but at a slower pace than estimated earlier, according to a new report from Tractica. Meanwhile, other wearable device categories such as body sensors continue to show strong promise, driven largely by wearable patches used in healthcare applications, which more broadly are expected to drive much of the momentum in the overall wearables market.
Tractica forecasts that annual wearable device shipments will increase from 118 million units in 2016 to 430 million units by 2022, representing a compound annual growth rate (CAGR) of 24.1%. The market intelligence firm forecasts that, by the end of that period, smart watches will have become the largest wearable device category, followed closely by fitness trackers and body sensors. Other devices will also play a role in the growth of the market, including smart clothing, wearable cameras, smart glasses, smart headphones, and other wearables.
“Healthcare and health-focused applications in general will be a major driver for the next phase of growth in wearables,” says research director Aditya Kaul. “Wearable device companies that pivot beyond fitness and activity tracking, toward preventing and managing chronic health conditions like diabetes and heart problems will succeed in the long run. Tractica believes that chronic health management, both in a professional healthcare setting, as well as a general consumer setting, will help wearables break into the mainstream.”
Tractica’s report, “Wearable Device Market Forecasts”, quantifies the market size and growth opportunity for wearable devices, including smart watches, smart glasses, fitness trackers, smart clothing, body sensors, wearable cameras, smart headphones, and other wearables. The market data includes device shipments and revenue segmented by world region, application market, and connectivity technology. The application markets covered in this study include consumer, enterprise, industrial, public safety, healthcare, sports, and others. The forecast period extends from 2016 through 2022.
About Tractica
Tractica is a market intelligence firm that focuses on human interaction with technology. Tractica’s global market research and consulting services combine qualitative and quantitative research methodologies to provide a comprehensive view of the emerging market opportunities surrounding Artificial Intelligence, Robotics, User Interface Technologies, Wearable Devices, and Digital Health.
Suggested Items
Amphenol Reports Q1 2024 Results, Announces New Stock Repurchase Program
04/26/2024 | BUSINESS WIREAmphenol Corporation reported first quarter 2024 results. In addition, the Company is announcing a new three-year, $2 billion stock repurchase program.
Chinese Smartphone Market Maintains its Recovery Momentum at 6.5% Growth in 1Q24,
04/26/2024 | IDCAccording to preliminary data from the International Data Corporation (IDC) Worldwide Quarterly Mobile Phone Tracker, China smartphone shipments grew 6.5% year over year (YoY) to 69.3 million units in 1Q24.
Nanotechnology Market to Surpass $53.51 Billion by 2031
04/25/2024 | PRNewswireSkyQuest projects that the nanotechnology market will attain a value of USD 53.51 billion by 2031, with a CAGR of 36.4% over the forecast period (2024-2031).
Technica USA Presents Inaugural Supplier Alliance Award at IPC APEX EXPO 2024
04/24/2024 | Technica USADuring IPC APEX EXPO 2024, Technica USA took the opportunity to thank all of their supply partners that made the effort to join them for the exhibition in their booth, as well to all of our SMT partners that had their own booths, with the latest in automation and process technology.
IDTechEx Report Unveils 3D Electronics Status and Opportunities
04/22/2024 | PRNewswire3D electronics is an emerging manufacturing approach that enables electronics to be integrated within or onto the surface of objects. 3D electronic manufacturing techniques empower new features, including mass customizability, greater integration, and improved sustainability in the electronics industry.