According to Berg Insight, by the end of 2023, the annual shipments of connected wearables are projected to reach 239 million units. Wearable activity trackers and connected fitness devices currently dominate the market, with decreasing prices and expanded capabilities expected to drive shipments to 88.9 million units in 2023. Smartwatches, led by Apple, are also gaining significant traction and are forecasted to become the largest wearables category, with shipments of 117.7 million devices in 2023, thanks to the incorporation of activity tracking features and advanced medical sensors. The sales of smart glasses and head-mounted displays are on the rise, reaching an estimated 1.5 million devices in 2018, mainly used for gaming, entertainment, and enterprise purposes. This category is expected to reach annual shipments of 11.9 million by the end of 2023. Additionally, medical and mobile telecare/mPERS devices are set to grow from 1.8 million units in 2018 to 6.9 million units.
The reasons for such growth are obvious. The IoT wearable devices form factor offers hands-free functionality, enabling users to multitask and gain immediate access to information. It also facilitates the continuous collection of valuable data, including body metrics, location information, and environmental data. North America currently holds the largest share of the connected wearables market, accounting for approximately 44.4 million shipments in 2018. Europe and Asia-Pacific follow as the second and third largest markets with 38.5 million and 26.9 million devices shipped, respectively. 1NCE anticipates a gradual increase of Connected Wearables in the years to come while tracking higher demand for IoT solutions within customers’ requests and success stories.
Wearable IoT devices are represented by both well-established companies and startups:
Vendor | Location | Website |
|---|---|---|
Apple | Cupertino, CA, USA | |
Samsung | Suwon, South Korea | |
Fitbit (Google) | San Francisco, CA, USA | |
Garmin | Olathe, KS, USA | |
Xiaomi | Beijing, China | |
Huawei | Shenzhen, China | |
Fossil | Richardson, TX, USA | |
Withings | Issy-les-Moulineaux, France | |
Oura Ring | Oulu, Finland | |
Whoop | Boston, MA, USA | |
Amazfit | Mountain View, CA, USA | |
Polar | Kempele, Finland | |
Suunto | Vantaa, Finland | |
Empatica | Cambridge, MA, USA | |
Epson | Suwa, Nagano, Japan |
IoT in wearables implies multiple applications:
| Applications | Description |
|---|---|
| Health Monitoring | Continuous tracking of vital signs, activity, and health data for personalized insights and healthcare management. |
| Location Tracking | GPS and geolocation services for real-time location tracking, family safety, and navigation. |
| Fitness & Activity Tracking | Monitoring physical activities, workouts, and performance metrics to promote a healthy lifestyle. |
| Smart Notifications | Receiving real-time alerts and notifications, such as messages, calls, and app updates, on the wearable device. |
| Augmented Reality (AR) | Overlaying digital information, graphics, and visuals onto the user's real-world view through smart glasses or displays. |
| Virtual Reality (VR) | Creating immersive, computer-generated environments for gaming, entertainment, training, and simulations. |
| Connected Clothing | Integrating technology into garments for functions like temperature control, activity tracking, and more. |
| Data Logging | Continuous recording and storage of data, including body metrics, location information, and environmental data. |
| Gesture Control | Interacting with devices through hand and body gestures, enabling touchless control and command execution. |
| Personal Navigation | Using wearable devices for GPS-based navigation, route guidance, and location-specific information. |
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