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It’s confirmed: Wearables are the “next big thing”

Wearables will become the world’s best-selling consumer electronics product after smartphones, according to new forecasts by market research firm Euromonitor.

Sales of autonomous wearables, or smart wearables, are projected to exceed 305 million units in 2020, with a compound annual growth rate (CAGR) of 55 percent during the next five years, Euromonitor said in a new report.

That’s well above other electronics like laptops and televisions but still below smartphones, which will maintain their dominance in the consumer market with sales projected to top 1.6 billion units in 2020, Euromonitor noted. Two main categories make up the wearables market: Autonomous wearables, which include smartwatches and the Google Glass, and passive wearables, also known as basic wearables.

(Source: CNBC)