Smart wearable devices sales is expected to reach 70 million units by 2017 compared to about 15 million units sold in 2013, which include smart glasses, health and fitness, according to a report by Juniper Research.
The report reveals that the launch of more reality glasses and similar products from Google, Microsoft and Apple combined with falling prices will lead to significant increase in use.
During the period, fitness and sports wearables, followed by healthcare devices are expected to dominate the market with a combined market share of over 80%.
About 60% of the global wearable device sales will be in the North America and Western Europe, which will make the market worth about $1.5bn by 2014, up from $800m in 2013.
Juniper Research report author Nitin Bhas said that 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, by combining mobility with an efficient method of software delivery.
"The simultaneous development of app-ecosystem and wearable devices will integrate technologies, such as augmented reality, into human life more seamlessly", Bhas added.
According to the report, the development of an app-ecosystem for wearable devices is important to create a platform for increasing the role of wearable devices.
The number of fitness and sports devices bought per year is expected to be more than the number of healthcare devices, while the retail value of the health sector is expected to be larger due to high prices.