Almost 70 million smart wearable devices will be sold in 2017, including smart glasses, enterprise gadgets and health and fitness devices, according to technology analyst Juniper Research.
This market size will increase from the almost 15 million sales in 2013, according to Juniper, with the big growth coming from the launch of augmented reality glasses and similar products from Google, Microsoft and Apple.
The analyst reckons the wearable device market will be worth more than $1.5 billion (£935 million) by 2014, up from just $800 million (£499 million) this year.
Juniper said the market will be dominated by North America and Western Europe, representing over 60 percent of global wearable device sales.
Juniper's "Smart Wearable Devices: Fitness, Healthcare, Entertainment & Enterprise 2012-2017" report says fitness and sports wearables, followed by healthcare devices, are forecast to dominate the market, with a combined market share of over 80 per cent by 2017.
Juniper says that as the retail price for smart glasses declines towards the end of the forecast period, the adoption level amongst consumers will increase.
Juniper adds that the development of an app-ecosystem for wearable devices is essential to create a platform for further broadening the role of wearable gadgets, matched to the smartphone app ecosystem.
“The development of the smartphone/app store model has opened up new avenues for other segments within the market, such as the wearable device market and augmented reality," said Juniper analyst Nitin Bhas.