The global wearables market could attain up to US$22 billion by 2025
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The wearables sector than encompasses smartwatches, smart bands and fitness bands is likely to grow into the mid-2020s. This is the main message of a new report on this market, conducted by Allied Market Research (AMR). Currently, this market is estimated to be worth US$9.26 billion. AMR, however, projects that it will be worth $31 billion by the year 2025.
Of the devices represented in this report, smartwatches were found to have the greatest share of this market (based on data from 2017). It is associated with a potential compound rate of annual growth (or CAGR) of 18.6% until 2025. Apple had a firm lead in this sub-sector, accounting for approximately 40% of it with its Watch series. However, AMR predicts that alternative platforms willl also exhibit strong growth into the next decade. The market analysis group concluded that this is due to improved smartwatch functionality, in that many of their features will intersect with those of smartphones. In addition, improved battery life may also help smartwatch uptake over the next 6 years.
The wearables market as a whole could experience a CAGR of 16.2% until 2025. This may be driven by factors such as the increasing sophistication of health-tracking on the part of these devices. For example, smartwatches besides the Apple Watch 4 that incorporate industry regulator-approved electrocardiography may be available soon. The use of wearables in other emerging areas such as e-learning is also projected to grow as the 2020s progress.