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Worldwide shipment of wearable devices are expected to reach 101.9 million units by the end of 2016, representing 29.0 percent growth over 2015, according to IDC.
The market for wearable devices will experience a compound annual growth rate (CAGR) of 20.3 percent, culminating in 213.6 million units shipped in 2020.
“Unlike the smartphone, which consolidated multiple technologies into one device, the wearables market is a collection of disparate devices,” said Jitesh Ubrani, Senior Research Analyst of IDC Mobile Device Trackers.
A wrist accessory with a silicon strap has become the latest fashion statement and a must-have for the sporty. We’re talking about the fitness band, which helps to keep track of distance covered, calories burnt and sleep among other things.
According to Canalys, the global wearable band market grew an astonishing 684 percent in the first half of this year compared with the same period of 2013.
“Fitbit and Jawbone have very successfully grown and strengthened their relationships with channel partners internationally to grow global shipment volumes. They took first and second place respectively in the basic wearable band market in the first half 2014,’ said Chris Jones, Vice President and Principal Analyst of Canalys.
Google Glass and Samsung Gear are two of the most talked about developments in wearable devices. And many more are set to follow in their footsteps.
Canalys believes that consumerisation of IT is paving the way for even bigger transitions that will rock the IT industry. Smaller app-enabled devices (‘appcessories’) enable customers and employees to do more on the move. Adoption of wearables, such as wristbands, eyewear and sensors in clothing, will lead to a new era in which location, movement, fitness, health and potentially visual focus and interest points are tracked. The data generated by these devices creates possibilities for brands to understand, segment, target and service customers. Through functional apps, buyers and sellers are also finding new ways to interact.
‘Apps have emerged as the accelerator of current industry transitions. In place of large code bases and years of development, we now have the possibility of turning out multi-platform apps in weeks, or even days,’ said Tim Shepherd, Senior Analyst of Canalys. ‘By focusing on user experience, app developers have revolutionized how new functionality is brought to market and how behavior and activity are measured. Enterprise customers have started to exploit this capability across several disciplines, including product design, marketing, customer services and operations, and buying points are changing as a result.’