According to the latest forecast report from International Data Corporation (IDC) Worldwide Quarterly Wearable Device Tracker, the market rate for a wearable device is on track to reach global shipment of 222.9 million units in 2019, growing to 302.3 million units in 2023 accounting a CAGR of 7.9 percent. The Wearable technology market is expected to witness a tremendous growth during the forecast period. Moreover, the market is on the verge to anticipate the propagation of smartwatches and ear-worn devices, registering for more than 70% of all wearable shipments by 2023. Application areas for wearable technology ranging from consumer durables and healthcare to enterprise, and industrial.

We are living in a world where technology has evolved permanently. A smart wristwatch is fairly a new piece of technology. This is a device that paved the way for Apple's latest gadget. Jitesh Ubrani, research manager for IDC's Mobile Device Trackers, dropped a statement that "The market is not only diversifying in terms of form factors, but it is also diversifying in terms of distribution and connectivity". "Among all watches, close to half will have the ability to connect to a cellular network by 2023 as consumers along with enterprises and healthcare look to free the watch from the phone and as telcos push forward subsidies or financing options for watches with cellular service."

"In addition to the proliferation of devices is the expansion of wearables use cases," said Ramon T. Llamas, research director for IDC's Wearables team.

Leading companies like Pebble, Apple, Huawei, etc. have invested in smartwatch technology. Now the concept of the smartwatch is not at all fresh as earlier. Due to advance technology smartwatch move deeper into health and fitness and also let connect humans with multiple systems and applications likewise an ear-worn device while being centered on providing audio, will promote into other areas like language translation, coaching, and smart assistant deployment."

The report also reveals about the significant growth is involved in the demand for ear-worn devices and smartwatch. This combination ensures to reach 70% of wearable shipments by 2023. Ear-worn devices benefits dealing with hearing to consumers whereas, smartwatch devices appeals to buyers as the best medium to stay connected with health and fitness. The demand for wristbands can be more likely witnessed in Western Europeans and North America market. The quarterly reports are predicted for the organizations competing in the wearable ecosystem, distributors and marketers, and component suppliers.