The European market could grow to $2.5bn by 2019.
The wearable technology market in the UK is expected grow 41.8% year-on-year between 2014- 2019, with new products hitting the market boosting its success.
According to the report from Transparency Market Research, the market is set for growth with innovations helping its progress.
A UK based textile firm Intelligent Textiles is a prime example of this. The company has already developed electrically-active woven fabrics for commercial products ranging from body armour to heated bedding and garments connected to iPods.
The European market could also see similar growth with the market set to grow from $308.69m in 2013 to $2.5bn in 2019, rising at a compound annual growth rate (CAGR) of 42.1% during the period.
Wearable technology, which now has applications in sectors such as fitness and wellbeing, infotainment, healthcare and medical and industrial and military, is currently a niche segment with few companies dominating the market.
The application of wearable technology is expected to expand further into other sectors in the near future, analysts predicted.
Germany was a dominant market in Europe with a share of 32% in 2012.