On Tuesday, Apple made its long awaited plunge into the wearables market.
And the timing couldn’t possibly be better.
According to analysts at Juniper Research, the global retail revenue from smart wearable devices will “treble by 2016, before reaching $53.2 billion by 2019.”
The market, we’re told, will be driven by an increase in sales of premium smart watches and smart glasses over the next five years.
The new report asserts that the recent entry of key industry players within the wearables sector has helped fuel an explosion of new devices in this increasingly crowded market.
“However,” the authors argue that vendors “still need to get over the ‘technology first’ attitude and think in terms of consumer benefits for an increased product adoption.”
Juniper says smartwatches will replace fitness wearables as the most purchased wearables category by 2017.