The lackluster reception to Samsung's Galaxy Gear left many wondering if the smartwatch phenomenon was over before it started, but products from Google and Apple could get the industry to tick, analysts say.
According to Digitimes Research, the introduction of an Apple iWatch could be a major driver for the smartwatch industry given that the iPhone and iPad have been among the most disruptive forces in the smartphone and tablet markets in recent years.
"Apple's strong marketing is expected to help stimulate overall demand for smartwatches, while the U.S. vendor's brand power, which allows the company to price its products higher than the average, will help reduce the rate of decline of smart watch [average selling prices]," it wrote in a report.
(Read more: Why an iWatch may not be as big as an iPhone)
If Apple were to introduce the iWatch in the second half of 2014 it would boost Digitimes' 2014 and 2015 shipment forecasts by 225 percent and 268 percent respectively, it said.
However, mum's the word; while Apple patented the "iWatch" name there has been nothing but deafening silence on when it plans to launch a rival to the Galaxy Gear.
Google, too, may unveil a smartwatch according to recent reports. As the company pushes into the wearable technology space with Google Glass – due to hit retail stores in 2014 – there is talk that Google plans to launch a smartwatch.