According to research firm Juniper, premium wearable devices will push wearable revenues to $53.2bn by the year 2019.
The study found that the sale of smartwatches and smart glasses will treble by the year 2016, due to an increase in well-known brands entering the wearable market.
The research found that consumers are unsure how wearables will be of any use to them, especially if they already own a smartphone.
Many wearables however have been released to provide customers with other services. Barclaycard, for example, trialled data collection capabilities of its contactless payment band bPay last month.
There has also been a significant increase in wearables in the health sector, with actor Michael J Fox's charity for Parkinson's disease launching a project to improve the treatment for the condition; through the use of wearable technologies, big data analytics and public cloud computing.
Juniper predicts that more advanced wearable technology will be produced over the year - aimed at sectors such as the medical industry and enterprises.
Recent findings by Beecham Research criticised technology companies for this predicted trend, claiming they were not developing wearables that appealed enough to consumers.
Saverio Romero, principal analyst for Beecham Research said: "Wearable devices are not the next evolution of smartphone.
"We see wearable tech as playing a critical role in the drive to greater connectivity and the internet of things, where we will interact with intelligent spaces through wearable devices."
Return to internet news headlines
View Internet News Archive