The wearable device market was one of the sectors that was not at all affected by the economic crisis caused by the pandemic. Indeed, there is more: according to the latest forecasts offered by GlobalData, the entire industry will grow to a value of $ 64 billion by 2024, more than double that of 2019.
The merit, if we can define it in this way, is precisely of the virus, which has pushed more and more users to use this type of device thanks to the numerous features dedicated to health.
The pandemic has dramatically increased awareness of wearables as use cases increased. This has led to improved device innovation as more and more companies compete to develop new ways to make money and help limit the spread of the virus.
Smartwatches will once again go against the trend, as already seen in the IDC report on the data of the first quarter of 2020: the world of smart watches will in fact be the one that will be most affected by the effects related to the coronavirus. According to estimates by GlobalData, to show a negative sign will not only be the number of shipments (-9% compared to 2019), but also that of revenues, which in 2020 will be -10% lower.
Most consumers don't currently see considerable value in smartwatches, especially since most of the features available on smartwatches are already found on smartphones. However, the current low penetration rate shows that there is ample room for growth in the coming years.