Premium wearable devices will push wearable revenues to $53.2bn by the year 2019, according to research firm Juniper.
A study found that sales of smartwatches and smart glasses will treble by the year 2016 due to the number of well-known brands entering the space.
Juniper’s research found consumers are unsure how wearables will be useful, with many claiming they were more reluctant to adopt wearables where they had similar functionality to smartphones.
But a number of wearable devices have been released to provide customers with other services. For example, Barclaycard trailled data collection capabilities of its contactless payment band bPay last month.
There has also been a significant increase in wearables in the healthcare sector, with actor Michael J. Fox's charity for Parkinson's disease launching a project to improve the treatment for Parkinson's using wearable technologies, big data analytics and public cloud computing.
Juniper predicts that more advanced wearable technology will be produced, aimed at sectors such as the medical industry and enterprises, before fully entering the consumer space.
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Recent findings by Beecham Research criticised technology companies for this trend, claiming they were not developing wearables that appealed enough to consumers.
“Wearable devices are not the next evolution of smartphone,” said Saverio Romero, principal analyst for Beecham Research.
“We see wearable tech as playing a critical role in the drive to greater connectivity and the internet of things, where we will interact with intelligent spaces through wearable devices.”