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Smart wearable devices market to hit US$19 billion in 2018

by Stuart Wilson, Wednesday 16 October 2013

The numbercrunchers at Juniper Research reckon that the global market for mobile smart wearable devices will be worth US$19 billion per annum by 2018. Rapid growth in retail sales will be driven by high price points and strong demand for multifunctional smartwatches and smartglasses, according to the research house. Juniper estimates that the market for these devices in 2013 will be worth US$1.4 billion.

Nitin Bhas, author of the latest Juniper report on the sector, said: “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 smartwatch segment.”

Juniper reckons that changes in the app model might make subscription revenues a possibility in some market sectors. Companies such as Fitbit and Filip are already seeking to develop recurring revenues through premium services - facilitated via the smart wearable device or through commission for a service offered with the device.

For example, Filip is an app-based communication watch for children which combines GPS, WiFi and cellular capabilities to keep parents and kids connected via two-way voice calling, messaging and location functionalities. The company’s service model is expected to include an up-front device price and an ongoing monthly plan.

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