Demand for wearable technology is moving at lightening speed. Futuresource Consulting revealed that third quarter global shipments of wearables grew 40 percent to 12.7 million units, up from 9 million units in Q3 2013. And thanks to new smartwatches, like the Apple Watch, hitting the market in 2015, that demand is expected to ramp up.
The consulting group estimates the wearable technology market to grow 44 percent in 2015, bringing the total units shipped to 74 million worldwide.
Oliver Rowntree, a market analyst at Futuresource Consulting, said, “The wearables market is definitely one to watch, with our forecasts predicting sales of 52 million units across all wearable categories this year, up 32 percent from 2013.”
The sector also expecting to see the most sales this year during Q4, brought on by pre-holiday season purchases. “We’re expecting 39 percent of this year’s activity to drop into Q4, as wearable tech provides an appealing gifting option for consumers,” Rowntree added.
Although Futuresource predicts significant growth in the overall wearables category in 2015, it also warned that this may not be the case with every product.
Rowntree said, “Longer-term growth is dependent upon how compelling a use case emerges for existing wearable products. While we have an optimistic view of the wearable market, there remain some uncertainties around the usage models for wearables, and whether a compelling raison d’étre for the category will develop.”