Juniper Research is forecasting in a new report that retail revenue from smart wearable devices, including smartwatches and glasses, will touch $19 billion within five years – of not sooner.
It’s a huge revenue leap to make by 2018, considering that this sector is expected to rake in $1.4 billion this year.
Juniper says revenues will be driven by high price points for these devices allied to their anticipated strong market demand.
In its latest report, Juniper Research has revised upwards the adoption of devices in the two key segments of consumer electronics ‘Multimedia & Entertainment’, and ‘Multi-functional’ devices. Revisions such as these are common in the early years of a new technology category, and reflect the latest announcements from vendors across the sector.
“It is worth observing that this change in adoption levels can also be attributable to heightened consumer awareness of wearable technology and a better visibility of product adoption, especially in the smart watch segment,” observes report author Nitin Bhas.
The report anticipates that over time several changes will occur in the smart wearable device market, partly as a result of developments in the app model, and partly due to the increasing use of embedded cellular connectivity within devices.
