Retail revenue generated by mobile smart wearable devices, including smart watches and glasses, is anticipated to reach $19bn by 2018 compared to $1.4bn generated during 2013, a new Juniper Research report reveals.
Mainly driven by multi-functional smart watches & glasses, retail revenues will also be boosted by high price points for such devices linked to their expected strong market demand.
Juniper Research senior analyst Nitin Bhas said: "It is worth observing that this change in adoption levels can also be attributable to heightened consumer awareness of wearable technology and a better visibility of product adoption, especially in the smart watch segment."
Further, the report anticipates that there would be several alterations in the smart wearable device market, partially due to the developments in the app model, and to some extent as a result of rising use of embedded cellular connectivity within devices.
It is also projected that the subscription revenues would be potential for some of the sectors within the market.
Juniper Research report also argues that vendors have to deal with major obstacles and critical issues from a social and technological perspective in a bid to achieve mass adoption.
Significant opportunities for app developers are reported to come up across the health, fitness, sports and communication segments.
Currently, several tech firms have launched their smart wearable devices including Samsung's Galaxy Gear smartwatch, Nissan's Nismo watch and Qualcomm's TOQ , and other firms including Apple, Microsoft are working on them, while Google has also launched its wearable Google Glass device.