The wearable tech industry is on fire.

Some stats that will blow your mind:

1. According to a report by IDC, global shipments of wearable devices are forecasted to reach 527.9 million units by the end of 2023, up from 337.9 million units in 2020.

2. Market research firm Grand View Research estimates that the global market for wearable tech will hit $104.39 billion by 2025, representing a compounded annual growth rate (CAGR) of 15.9% from 2020 to 2025.

3. The healthcare sector is a significant contributor to this growth, with estimates suggesting that by 2023, wearables could cut down healthcare costs by $200 billion as they can monitor vital signs and detect anomalies in patients without the need for regular hospital visits.

4. A recent Gartner report predicts that by 2024, 10% of people will be using smart glasses to augment their daily lives, taking wearable tech into new dimensions.

5. Fitness trackers, a popular segment of the wearable tech industry, are also witnessing exponential growth. According to Statista, the number of fitness tracker users worldwide will surpass 353 million by the end of 2024.

6. A study by PwC shows that approximately 49% of the population in the US own at least one piece of wearable tech, indicating a significant increase in consumer adoption.

7. Not only are consumers buying more wearable tech, but they are also using these devices more regularly. A 2022 report from eMarketer found that daily wearable device usage increased by 16.3% from the previous year.

But it’s not until you break each of these down that you realize how quickly the wearable tech industry is really growing:

Final Prediction

My guess is that the wearable tech industry is going to eventually overtake the smartphone industry, the same way wearable tech overtook traditional timepieces (like wristwatches). And at this rate, that will probably happen by 2030.

What do you think? Do you agree? Disagree?

Let me know in the comments.