Indian Wearables market expanding

India is poised to become the world's largest market for wearables in 2023. Out of the total 504.1 million units of wearables expected to be shipped worldwide this year, India is expected to account for 130-135 million units, as per IDC. It will account for 26 percent of the total units shipped around the world.

In 2022, India had shipped 100 million units of wearables, out of a total of 492 million units, placing it third behind China and North America. India's market size has now surpassed that of China and the US and will keep expanding.

A report underlines, India had already surpassed the United States and China in terms of market size and will continue to grow further. A report by Counterpoint research in May said that the Indian wearables market registered a growth of 121 percent YoY in the first quarter of 2023. Moreover, every smartphone sold in India, there was also a smartwatch sold.

The growth was largely fuelled by low-cost wearables from the likes of Fire-Boltt, Noise and Boat.

Secondly, the Indian wearables market grew by 121% year-on-year in the first quarter of 2023. Low-cost wearables from companies were the major contributors to this. Counterpoint concurred with IDC India's analysis but predicted that India would account for 27% of all units rather than 26%.

Both research firms agreed that the increase was spurred on by the number of smartphone users who also owned a smartwatch, compared to other regions in the world.

Going forward, Smartwatches are just one of many smart tech products that contribute to the Internet of . As this market continues to grow, these devices will become increasingly vulnerable to cyber-attacks. Due to IoT, plenty of activities have become easier, thanks to devices being able to "talk" to each other. However, this data exchange is valuable and will inevitably be a target for hackers.