A new report from Juniper Research has predicted a value of more than US$1.5 billion for the wearable device market in 2014, up from US$800 million in 2012.
Next-generation wearable devices, which include smart glasses and other head-mounted displays, will provide a range of functions either independently or through a third-party platform, says Juniper.
In terms of deployment and market traction, 2014 will be a watershed year for the technology, it says. Healthcare is one of the major markets for such technology.
The report expects Google and Apple to be significant players in this market. The search giant has its Project Glass while the latter is rumoured to be developing a similar product.
The use of wearable technology in the fitness market has grown in the last two years with applications such as Nike + and Fitbit Tracker which allow users to upload their personal performance data.
The number of fitness and sport devices offering wearable technology bought per year is higher than the number of healthcare devices but the latter market will be a bit larger in terms of retail value.
Fitness is the major consumer market for such technology, says Juniper, but enterprizes will be attracted too, particularly the aviation and warehouse sectors.