Wearable device manufacturers have something to cheer about. A recent report by International Data Corporation (IDC) has predicted that the wearable market will sustain its impetus and witnesses a strong growth exceeding 173 percent during the 2015 fiscal year.

Quoting the IDC report, Tech Radar says that as many as 72.1 million wearable devices are likely to be shipped in 2015, up from the 26.4 million units shipped in 2014. This indicates a growth of a strong 173.3 percent.

According to the report, event the shipment volumes are likely to witness a compound annual growth rate (CAGR) of 42.6 percent over the five-year forecast period. Shipment of wearable devices is predicted to reach about 155.7 million units in 2019.

Senior research analyst (worldwide mobile devices trackers) Jitesh Ubrani said, "The demand for basic wearables, those that do not run third-party apps, has been absolutely astounding." Ubrani added, "Vendors like Fitbit and Xiaomi have helped propel the market with their sub-$100 brands, and IDC expects this momentum will continue throughout 2015."

The report further says that while basic wearables will experience 76 percent growth year-on-year basis in the fiscal year 2015, the smart wearables market will witness a whopping growth of 683 percent.

Tech Radar quotes Ubrani saying, "We expect smart wearables, those capable of running third party apps, to take the lead in 2016."

The research analyst further stated, "Smart wearables like the Apple Watch and Microsoft's Hololens are indicative of an upcoming change in computing, and the transition from basic to smart wearables opens up a slew of opportunities for vendors, app developers, and accessory makers."

In recent times, the wearable market has witness plenty of activities, as it gears up to face the impacts of the launch of the Apple Watch.

IDC research manager (Wearables) Ramon Llamas said, "Growth in the smart wearables market points to an emerging battleground among competing platforms."

Llamas went on to add, "Android Wear, Tizen, and WatchOS are moving ahead with improved user interfaces, user experiences, and applications. These will raise the expectations of what a smart wearable can do, and each platform is vying for best-in-class status. We're not there yet, but we're seeing the building blocks of what is to come."