Worldwide wearable computing market to grow at CAGR of 78.4%, says IDC

The worldwide wearable computing market has grown substantially over the past year, and the trend is likely to continue with shipments likely to reach 19.2 million in 2014 and nearly 112 million in 2018—a CAGR of 78.4 percent, IDC said.

Wearable computing device market is driven by complex accessories like Nike+ FuelBand, Jawbone UP, and Fitbit devices. Users will continue to embrace their simplicity and low price points. These devices are designed to operate partially independent of any other device but fully operate when connected with IP-capable devices such as a smartphone, tablet, or a PC.

nike+ fuelband SportWatch

The category of smart accessories is another segment that gains momentum through the forecast period and will surpass complex accessory shipments by 2018. Smart accessories allow users to add third-party applications that boost features and functions for a more robust experience.

According to the research, the smart accessory market will continue to mature as users better understand and accept the value proposition and vendors refine their offerings.

Smart wearables such as Google Glass form the third major component of the wearable computing market. To succeed, smart wearable vendors must convince users to shift to a new user experience while offering them a robust selection of third party applications, the research said.

According to the latest IDC ConsumerScape 360° survey of more than 50,000 consumers in 26 countries, Samsung was identified as the most trusted brand for wearables, ahead of Apple, Sony and Google.

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