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December 3, 2013

Wearable device market to hit 130 million users by 2018

The wearable device market will be driven by new product launches and consumer awareness.

By Vinod

About 130 million consumers will have smart watches, smart glasses and other wearable devices by 2018, new research has suggested.

The study, conducted by analyst firm Juniper Research, said the wearable device market would be driven by increasing consumer awareness and new product launches as competition between major players intensifies.

However, the report said wearable devices today represent a ‘nice to have’ and not a ‘must have’ for consumers.

Author of the report and analyst, Nitin Bhas, said: "Even though wearables are relatively new in terms of market maturity, it is clear that the market, for example the smart watch in particular, will be – as per smartphones – a somewhat crowded affair."

The report said privacy and data protection issues will be among some of the legal barriers associated with the deployment of wearable devices as more products are rolled out.

Juniper added it expects governments will develop regulatory frameworks to legislate their use.

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