According to a new report from Juniper Research, the next-gen wearable devices market, including smart glasses, to be worth more than $1.5 billion by 2014, which is up from $800 million this year.
It is estimated that the consumer spending on fitness, multi-functional devices, and healthcare will drive large revenue for this year. This report, ‘Smart Wearable Devices: Fitness, Healthcare, Entertainment & Enterprise 2012-2017’ identifies 2014 to be the watershed year for wearable devices in terms of roll outs and market traction. In addition, the influential players such as Google and Apple have already made key strategic moves in this sector.
Classified as a ‘future form factor’ wearables are the next smart thing for the computing devices, next generation wearables, including smart glasses and other head-mounted displays, will provide a multitude of functions either independently or in conjunction with a third party platform.
In last two years, with applications such as Nike+ and Fitbit Tracker allowing data from training sessions to be uploaded and analysed the use of wearable devices connected to the smartphone in the fitness and sports environment has grown rapidly.
Report author Nitin Bhas added: “With consumers embracing new technologies and form factors, wearable devices ranging from fitness accessories to heads-up displays will be more prevalent in the consumer market. While fitness and entertainment will have the greatest demand from consumers, within an enterprise environment, the demand for wearable devices will be greatest from the aviation and warehouse sectors”.
Other key finding of the report includes prediction of the market to be dominated by North America and Western Europe, representing over 60% of the global wearable device sales. In addition, the number of fitness and sports devices bought per year is higher than the number of healthcare devices sold, the health sector will be slightly larger in terms of retail value.
The report can be read at