Wearable Tech World Feature Article
September 30, 2013

Market for Smartwatches Expected to Reach 373M Units Shipped by 2020

NextMarket Insights recently released a report stating that the smartwatch market will jump from 15 million watches shipped in 2014 to more than 373 million by 2020. The industry growth will see this boost mainly due to the increased adoption of smartwatch software and wireless technologies by traditional watchmakers. Advancements in both screen and mobile technology and the growing trend of smartwatches for children will also add to the growth. 

NextMarket Insights’ report indicates that the watch industry ships over one billion watches a year, and that there are nearly seven billion mobile subscribers worldwide today.

The report shows that the growing smartwatch market is expected to generate a fast maturing market ecosystem, across the hardware, services and software layers. Today's smartwatch manufacturers utilize existing smartphone OS's such as Android and new software frameworks on top of lightweight operating systems. 

Image via Shutterstock

Smartwatches are computerized wristwatches with functionality that is enhanced beyond timekeeping. Early models performed basic tasks, such as calculations, translations, and game-playing, but modern smartwatches are like wearable computers. Many smartwatches run mobile apps, while a smaller number of models run a mobile operating system and function as portable media players, offering playback of FM radio, audio, and video files to the user via a Bluetooth headset. There are some smartwatch models that feature full mobile phone capability. They can both make and answer calls.

Smartwatches can include features such as a camera, accelerometer, thermometer, altimeter, barometer, compass, chronograph, calculator, cell phone, touchscreen, GPS navigation, map display, graphical display, speaker scheduler and more. Many models communicate with a wireless headset, heads-up display, insulin pump, microphone, modem, or other devices.

Most of the growth of smartwatches will be driven by Asia. It is expected that new segments of the watch market like fitness/active lifestyle and youth will fuel the industries growth.

Edited by Alisen Downey

Comments powered by Disqus

Featured Video

Dedicated to Wearable Tech: Mobile, Sports, Fitness, Audio, Fashion, Design

Featured Podcasts

The Business of Wearable Computing: An Interview with Brand Finance An interview with Edgar Baum, Managing Director North America with Brand Finance, the world’s leading brand valuation and strategy consultancy. Mr. Baum specializes in marketing ROI and financially quantified brand strategy.
Getting Attention for Your Wearables Joe Daniels of Loeb & Loeb discusses how wearable tech entrepreneurs can gain exposure for their ideas and what to do once they've won attention from potential investors.
Wearable Success Rides on Actionable Intelligence Lux Capital's Adam Goulburn focuses on the traits sought by investors as they consider wearable startups, such as how well their software turns collected data into actionable intelligence.
Wearable Tech Startup Strategy CRV's George Zachary talks wearable startups and how they can secure the attention of the right investors as the seek to become the next great thing in wearables.
How to Win the Wearable Tech Funding Game Donatella Giacometti speaks with Canary Ventures' Alex Goldberg about what the investment community looks for in startups, such as the many new wearable tech companies that are emerging.

Wearable Tech World Media Sponsors