Samsung's Galaxy Gear is noted for being the first major smartwatch to be released and was initially introduced exactly a year ago. Sony, Asus and Motorola are just some of the other brands that have entered a wearables technology market which has been described as "chaotic and immature" by Ben Wood, the chief of research at CCS Insight, who believes it is a space characterized by "significant levels of hype."
Despite the hype, Ciitbank's Chen predicts the market for smartwatches alone will reach $10 billion by 2018 from a figure of around 1.6 billion today. The wider wearables market, which includes sport fitness bands, watches, and apparel could be worth $30 billion by that point, he added. Previous estimates by the International Data Corporation (IDC), said that the global market for wearables will swell to 111.9 million units by 2018 with a growth rate of 78 percent per year.
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Meanwhile, analysts at research firm Canalys released a report at the end of August showing that the wearable band market had already grown 684 percent on a worldwide basis in the first half of 2014, compared with the same period last year.
"Most technology companies are waiting to see what Apple will do first. The market will see dramatic change in the coming months and vendors with early-mover advantages will come under pressure," the company said in a press release at the time.