The global wearable tech industry is forecast to hit US$54 billion by 2023 – up from US$23 billion in 2018, at a compound annual growth rate of 19%.

GlobalData analysts expect smartwatches to drive wearable growth, gaining LTE connectivity, contactless payment and increased health monitoring.

By contrast, fitness tracker demand is slipping, citing a waning value proposition versus cheaper smartwatches.

Other wearable market devices include smart glasses, smart clothes and hearables.

GlobalData claims the Apple Watch is still the smartwatch market leader, with Apple’s AirPods leading the hearables segment too.

The iPhone manufacturer reportedly claims its wearables business is now the size of a Fortune 200 firm, despite the Apple Watch’s launch in just 2015.

Other prominent wearable manufacturers include Huawei and Samsung (smartwatches and earbuds), Google, Garmin and Xiaomi.