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Global wearables market may grow by 14.5% in 2020, claims IDC

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Worldwide shipments of wearable devices is said to hit 396 million in the year 2020, as per a new report by IDC Worldwide Quarterly Wearable Device Tracker. The report predicts that the market is expected to attain 14.5% increase from the 345.9 million units shipped in 2019 and go on to have a five-year compound annual growth rate (CAGR) of 12.4% and total 637.1 million units in 2024.
As per the report, there has been a positive first half of 2020 despite the impact of Covid-19 and scaling down by vendors demand for wearables remained steady as the slightly lower demand for watches and wristbands was offset by near-record demand for hearables.
The report also lays emphasis on the emergence of services to complement wearables such as Apple’s Fitness+, Amazon’s new Halo, and Fitbit’s Fitbit Premium for a rise in the demand for wearables.
“Device makers are also laying the groundwork that will allow consumers to use multiple wearables in conjunction with each other,” said Jitesh Ubrani, research manager for IDC Mobile Device Trackers. “Imagine tying positional and audio input from hearables with health metrics from the wrist to gauge a user’s level of attention or excitement in the surrounding environment. That’s a powerful new experience that can bring added utility to consumers and vendors alike.”

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