The smartwatch industry will significantly boom by 2020, says IHS report

According to a new report from IHS, the smartwatch market will grow from 3.6 million unit shipments in 2014 to 101 million shipments in 2020.

According to a new report from IHS, the smartwatch market will grow from 3.6 million unit shipments in 2014 to 101 million shipments in 2020.

Antonios Maroulis, analyst at IHS Technology predicts that the spike will be spurred on by the popularity of the Apple Watch:

“Apple Watch success will drive the overall smartwatch market…The smartwatch will become a key accessory device offered by most leading smartphone manufacturers seeking to dominate this new profitable market. We forecast the ratio of smartwatch shipments to smartphone shipments will increase from 1:500 to 1:20 between 2014 and 2020.”

Over time, IHS forecasts Apple’s share of the market will fall to 38 percent in 2020 as other smartwatch makers refine their products and successfully serve the vast Android smartphone market, which Apple chooses not to address.

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