Report: Wearables Market Could Hit $53B by 2019

Global retail revenue from smart wearable devices will triple in volume by 2016 before eventually reaching $53.2 billion in sales by 2019, according to Juniper Research. The findings were published in a new report, EUSmart Wearable Devices: Fitness, Glasses, Watches, Multimedia, Clothing, Jewelry, Healthcare & Enterprise 2014-2019.EU

The report maintains that the recent entry of key industry players within the wearables sector -- such as Apple, which introduced its Apple Watch on Tuesday -- is part of a process that will lead to an explosion of new devices in an already crowded market, which will see an increase in sales of premium smart watches and smart glasses over the next five years.

Design, Functionality Key

When we reached James Moar, the Juniper research analyst who wrote the report, he said leaps in both design and capability will play major roles in what could become a dominant market segment.

"We have seen smart watches getting increasingly more fashion-conscious as well as technologically advanced -- such as the Withings Activité (Swiss-made watch) and HPEUs upcoming smart watch," Moar said. "We expect future releases to develop both these elements further into devices that consumers will find appealing."

However, Moar said that in order to reach that threshold, vendors might need to shift their thinking by focusing more on consumer benefits and less on glitzy technological advancements.

To that end, consumers want something unique out of their wearables, and are hesitant to buy devices whose functionalities are too similar to that of their smartphones, according to Juniper's report.

Small Companies Play a Role

Some of the sectorEUs most significant recent developments and hardware have come from smaller companies, the report noted. That has led key players to focus on platform promotions, including GoogleEUs Android Wear, SamsungEUs SAMI data architecture and IntelEUs Edison design platform. This enables larger companies to respond easily to...

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