The wearable technology market which includes smartwatches and wireless headphones is predicted to grow 15% in 2019 to almost 200 million units, according to data from the International Data Corporation (IDC).
Annual growth is projected at 9% which means that the wearables market could hit 279 million devices by 2023.
The findings are a clear indication that adoption of wearable technologies is on the rise, which could provide new opportunities for marketers.
Smartwatches will represent 47%. Of the market in 2023, up from 44% in 2018. Apple’s WatchOS is now powering 28% of smartwatches in 2023.
Meanwhile, earwear will be the second largest category at 31% of market share by 2023.
However, if marketers are to make use of wearable technologies to they will have to adapt to even smaller screens. For now, ads on wearables are still rare. It remains to be seen if increased adoption can drive new and innovative digital ad formats.