Smart wearable devices market will be worth USD 1.5bln by 2014
The next-generation wearable devices market, which include smart glasses, will double year-on-year to some 1.5 billion dollars by 2014.
A new report by Juniper Research has predicted that North America and Western Europe will dominate the market to represent over 60 percent of global sales.
In terms of volume, sales are expected to reach 70 million devices by 2017, more than four times the 15 million forecast for 2013, Enterprise Innovation reports.
Juniper said the launch of augmented reality glasses and similar products from Google, Microsoft and Apple will significantly push adoption towards 2017, the report said.
In terms of product type, Juniper expects fitness and sports wearables and healthcare devices to account for 80 percent of the market by the end of the forecast period, it added.
Further, the report finds that the development of an app-ecosystem for wearable devices is essential to create a platform for further broadening the role of wearable devices similar to the smartphone app ecosystem, it report said.