Worldwide shipments of wearable devices are expected to reach 110 million by the end of 2016, up 38.2% on year, according to IDC.

An expanding lineup of vendors combined with fast-growing consumer awareness and demand will generate double-digit growth throughout the 2015-2020 forecast period, pushing wearable shipments to 237.1 million units in 2020, IDC said.

The market will also be driven forward by the proliferation of new and different wearable products. Watch and wristband shipments will reach a combined total of 100 million units in 2016, up from 72.2 million in 2015.

Other form factors, such as clothing, eyewear, and hearables, are expected to reach 9.8 million units in 2016 and will more than double their share by 2020.

Meanwhile, smartwatches with an app ecosystem, like Apple's watchOS and Google's Android Wear, are expected to gain further salience in the market as both products and experiences evolve.

Apple's watchOS is likely to see some slowdown in the early part of 2016 as anticipation builds for the second generation device. However, with newer hardware and an evolving ecosystem, Apple will remain the smartwatch leader through the majority of the forecast.

Android Wear remains in second place as its list of partners grows and the platform further integrates into Google's larger ecosystem.

Real-Time Operating System (RTOS), primarily used as a proprietary operating system but capable of running third-party apps, will become the third-largest smartwatch OS, largely driven by gains in emerging markets and its use by China-based ODMs.

Tizen's limited app ecosystem makes it a tough sell as a smartwatch, though this underdog has the potential to pose a serious threat to Android Wear if Samsung is able to provide some synergy between its lineup of Gear S watches and the rest of its consumer electronics portfolio, IDC commented.

Linux-based smartwatches will have similar appeal as RTOS-based devices. The focus will be low cost and adoption will be mainly in the Asia/Pacific region, excluding Japan, IDC said.