The wearable device market shows no signs of slowing down, according to Gartner, a global market research and analysis company. In its latest worldwide wearable devices forecast, Gartner predicts spending will increase by 27% from $41 billion in 2019 to $52 billion in 2020.
Most of the spending in 2020 will be for smartwatches and smart clothing, according to Gartner. Sales growth at lower prices from brands such as Xiaomi and Huawei will reduce the median smartwatch price worldwide by 4.5% when averaged with the premium-priced units from companies such as Apple and Samsung.
Gartner forecasts 86 million smartwatch shipments in 2020 and 70 million ear-worn wearables. The ear-worn market continues to heat up as i’ts joined by companies such as Microsoft and Amazon and by hearing enhancement and sound augmentation products from Nuheara and Starkey.
As manufacturers capitalize on smaller and smarter sensors, Gartner reports, new users in the wearable markets will be one of the most significant influences.
Gartner’s predictions don’t end with 2020, but continue to 2021 with a forecast $63 billion in spending, an additional 22% increase.
