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2020 Wearables Up 49.3% In Revenue And 83.1% In Shipments
The two largest categories, smartwatches and ear-born devices were up 17.6% and 124.4% in terms of revenue respectively. Smartwatch end-user spending increased 17.6% to reach $21.8 billion in 2020. Smartwatch growth, which was driven in part by new users entering the market, will continue through 2021 as new processor technologies and improvements to solid-state batteries increase battery life and shorten charging times.
Table 1: Worldwide Wearable Devices End-User Spending by Type, 2019-202
The two largest categories, smartwatches and ear-born devices were up 17.6% and 124.4% in terms of revenue respectively. Smartwatch end-user spending increased 17.6% to reach $21.8 billion in 2020. Smartwatch growth, which was driven in part by new users entering the market, will continue through 2021 as new processor technologies and improvements to solid-state batteries increase battery life and shorten charging times.
Table 1: Worldwide Wearable Devices End-User Spending by Type, 2019-202
Sensor Innovations and Miniaturization Driving Market Growth
As device makers focus on improving sensor accuracy, the performance gap between medical- and nonmedical-grade wearables is closing, driving growth in multiple wearable devices categories.
“The capability of embedded sensors is often a determining factor in the reliability and usefulness of a wearable product,” said Mr. Atwal. “Given the sensor improvement trend seen over the last several years, sensors built into wearable devices will be increasingly capable of more accurate readings, driving market growth over the next 3-5 years.”
Advances in miniaturization have also been an influencing factor in the wearables market by enabling device makers to integrate sensors into wearables that are nearly invisible to the end user, such as in the Oura Ring, Spire Health Tag or Proteus Discover. Gartner predicts that by 2024, miniaturizing capabilities will advance to the point that 10% of all wearable technologies will become unobtrusive to the user. “Continued advances in miniaturization and integration will enable further use cases and benefit adoption of smart garments, printed wearables, ingestibles and smart patches. These discrete and nearly invisible wearables will be particularly relevant and accepted by traditionally reluctant end-users, such as elderly patients who require medical applications but don’t want to call attention to the device or their ailment,” said Mr. Atwal.In terms of unit shipments in 2020, smart watches are ear-worn devices were up 23.8% and 136.2% respectively. The growth in both categories is forecast to continue in the 20+% range thru 2021 and 2022.
Table 2: Worldwide Wearable Devices Shipments by Type, 2019-2022
As device makers focus on improving sensor accuracy, the performance gap between medical- and nonmedical-grade wearables is closing, driving growth in multiple wearable devices categories.
“The capability of embedded sensors is often a determining factor in the reliability and usefulness of a wearable product,” said Mr. Atwal. “Given the sensor improvement trend seen over the last several years, sensors built into wearable devices will be increasingly capable of more accurate readings, driving market growth over the next 3-5 years.”
Advances in miniaturization have also been an influencing factor in the wearables market by enabling device makers to integrate sensors into wearables that are nearly invisible to the end user, such as in the Oura Ring, Spire Health Tag or Proteus Discover. Gartner predicts that by 2024, miniaturizing capabilities will advance to the point that 10% of all wearable technologies will become unobtrusive to the user. “Continued advances in miniaturization and integration will enable further use cases and benefit adoption of smart garments, printed wearables, ingestibles and smart patches. These discrete and nearly invisible wearables will be particularly relevant and accepted by traditionally reluctant end-users, such as elderly patients who require medical applications but don’t want to call attention to the device or their ailment,” said Mr. Atwal.In terms of unit shipments in 2020, smart watches are ear-worn devices were up 23.8% and 136.2% respectively. The growth in both categories is forecast to continue in the 20+% range thru 2021 and 2022.
Table 2: Worldwide Wearable Devices Shipments by Type, 2019-2022
Sensor Innovations and Miniaturization Driving Market Growth
As device makers focus on improving sensor accuracy, the performance gap between medical- and nonmedical-grade wearables is closing, driving growth in multiple wearable devices categories.
“The capability of embedded sensors is often a determining factor in the reliability and usefulness of a wearable product,” said Mr. Atwal. “Given the sensor improvement trend seen over the last several years, sensors built into wearable devices will be increasingly capable of more accurate readings, driving market growth over the next 3-5 years.”
Advances in miniaturization have also been an influencing factor in the wearables market by enabling device makers to integrate sensors into wearables that are nearly invisible to the end user, such as in the Oura Ring, Spire Health Tag or Proteus Discover. Gartner predicts that by 2024, miniaturizing capabilities will advance to the point that 10% of all wearable technologies will become unobtrusive to the user. “Continued advances in miniaturization and integration will enable further use cases and benefit adoption of smart garments, printed wearables, ingestibles and smart patches. These discrete and nearly invisible wearables will be particularly relevant and accepted by traditionally reluctant end-users, such as elderly patients who require medical applications but don’t want to call attention to the device or their ailment,” said Mr. Atwal.
As device makers focus on improving sensor accuracy, the performance gap between medical- and nonmedical-grade wearables is closing, driving growth in multiple wearable devices categories.
“The capability of embedded sensors is often a determining factor in the reliability and usefulness of a wearable product,” said Mr. Atwal. “Given the sensor improvement trend seen over the last several years, sensors built into wearable devices will be increasingly capable of more accurate readings, driving market growth over the next 3-5 years.”
Advances in miniaturization have also been an influencing factor in the wearables market by enabling device makers to integrate sensors into wearables that are nearly invisible to the end user, such as in the Oura Ring, Spire Health Tag or Proteus Discover. Gartner predicts that by 2024, miniaturizing capabilities will advance to the point that 10% of all wearable technologies will become unobtrusive to the user. “Continued advances in miniaturization and integration will enable further use cases and benefit adoption of smart garments, printed wearables, ingestibles and smart patches. These discrete and nearly invisible wearables will be particularly relevant and accepted by traditionally reluctant end-users, such as elderly patients who require medical applications but don’t want to call attention to the device or their ailment,” said Mr. Atwal.