End of role as primary interface?
With the rise of wearable devices – from smartwatches to smartglasses – there's a debate going on about whether the smartphone will continue to be the primary interface for most people.
Independent technology consultant Tom Cheesewright says the smartphone will spend an increasing amount of time inside the pocket, acting as a central hub for wearable devices.
"I think we're already seeing the first signs - if you can see who's calling or answer it from your wrist via [a smartwatch] then why pull your phone out?" Today, mobile phone users unlock their phone an average of 110 times a day, according to data from the app company Locket.
While analysts say the current range of wearable technology may not be sophisticated enough for the mass market, there is little doubt the industry will take off over the coming years. The sector is projected to grow to over $42 billion in the next three to five years from $3 billion- $5 billion in 2013, according to Credit Suisse.
(Read more: Phones for outsmarting snoopers get pitched to mass market)
"We will also start seeing smartwatches and smart glasses potentially displacing smartphones. There are already standalone smartwatches with the same capabilities as mobile phones. Smart glasses will be a little bit further down the line," said Josh Flood, senior analyst, Mobile Devices, Applications & Content at ABI Research.
Fogg of IHS shared a similar view, adding, "Smartglasses have the potential to be quite a disruptive market if they gain consumer acceptance and culture issues are overcome."
Kiranjeet Kaur, of IDC, on the other hand, is less convinced the smartphone will get displaced by wearable devices.
She said, "Wearable products have their limitations. With watches, there is only so much you can view. If you want to read an email, you still need a bigger screen. Google glasses are a nice concept, but how much can you really use them on the go?"
"At the end of the day, smartphones can still be a private a device," she added.
—By CNBC's Ansuya Harjani. Follow her on Twitter