Claims of a wearables 'surge' are a little overblownClaims of a wearables 'surge' are a little overblown

ABI Research predicts that wearables shipments will surge from 375 million in 2023 to 591 million in 2029, which represents a compound annual growth rate (CAGR) of 7.7 percent.

That's not to be sniffed at, but back in August 2023, ABI was predicting that global wearables shipments would reach 689 million by 2028, up from a projected 400 million in 2023, equal to a CAGR of 11.3 percent.

Either that means shipments are going to plunge by more than 100 million units between 2028 and 2029, or someone's just revised their forecast down. We suspect the latter, and it's unclear whether this is due to a change in market dynamics or general visibility/predictability. Telecoms.com has reached out to ABI Research for an explanation and will update this story if it gets one.

Whatever the actual numbers might be, they are expected to grow thanks to continued strong consumer interest in healthcare technology. Smartwatches and now smart rings are increasingly being used for tracking health and fitness metrics, and for keeping tabs on chronic conditions.

"Health and fitness tracking remain the driving forces behind wearables post-pandemic, with advancements in connectivity and integrated sensors offering consumers more features at lower prices," said David McQueen, research director at ABI Research.

Smartwatches accounted for 40 percent of wearables shipments in 2023, and it is expected they will continue to be the biggest single segment going forward. Apple leads the way, with shipments of Huawei and Honor devices expected to grow.

Smart rings are also growing in popularity due to their simplicity and comfort, claims ABI. Oura and McLear are currently the big guns in this category, but it is the familiar name of Samsung – which introduced its first smart ring last summer – that is expected to drive awareness.

Apple – which usually shows up fashionably late to the party – looks set to give this one a miss. The prevailing rumour is that it doesn't want to cannibalise Apple Watch sales.

Nonetheless, smart rings appear here to stay, with ABI predicting that shipments will reach 70.5 million by 2029, good enough for a modest 6 percent share of the wearables market.

Looking further ahead, "the next phase of growth will likely come from enhanced functionality – better battery life, improved fitness metrics, and more affordable designs," said McQueen. "Gesture control and advancements in blood glucose measurement could also be game changers for the sector."

Or – given the tendency towards revising forecasts without telling anyone about it, much less explaining why – they might not.