Forrester’s new research on the state of wearable devices predicts that the US wearables market will grow from $4.8 billion in 2016 to $9 billion in 2022, representing a compound annual growth rate of 9% from 2017 to 2022. According to Forrester data, this will translate to annual market revenue of $9.1 billion in 2022.
Here are some additional key findings from the research:
- Smartwatches will become the most popular wearable device among consumers, increasing from 21% of all wearables sold in 2016 to 51% in 2022.
- Health and fitness are the leading drivers of wearable interest, with 30% of consumers reporting they would use a wearable to capture or store personal health-related information and 17% saying they are already using a wearable for this.
- Wearable device usage is also driven by consumer desire for convenience (35% of US online adults who use wearables do so to simplify their lives) and information (44% of US online adults like that wearable devices can deliver important notifications instantly).
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