Wearable market to grow 173.3 per cent in 2015

The wearable market maintained its upward trajectory in the first quarter of 2015 as new vendors, including Apple, prepared to enter the market. A new forecast from the International Data Corporation (IDC) Worldwide Quarterly Wearable Device Tracker estimates that 72.1 million wearable devices will be shipped in 2015, up a strong 173.3 per cent from the 26.4 million units shipped in 2014. Shipment volumes are expected to experience a compound annual growth rate (CAGR) of 42.6 per cent over the five-year forecast period, reaching 155.7 million units shipped in 2019.

So far the demand for basic wearables, those that do not run third party apps has been huge. However, IDC expects smart wearables, those capable of running third party apps, to take the lead in 2016. Vendors like Fitbit and Xiaomi will further propel the market with their sub-$100 bands, and IDC expects this momentum will continue throughout 2015.

"Growth in the smart wearables market points to an emerging battleground among competing platforms," said Ramon Llamas, research manager, wearables. Android Wear, Tizen, and WatchOS are moving ahead with improved user interfaces, user experiences and applications. "These will raise the expectations of what a smart wearable can do, and each platform is vying for best-in-class status." says Llamas.