Global wearable device shipments have increased 40% to 12.7 million units during the third quarter of 2014, compared with the same quarter last year, according to data from technology research firm Futuresource Consulting.
More than 52 million wearable devices are expected to ship this year, an increase of 32% compared with 2013. That number is expected to increase to 74 million units in 2015.
The report also projects smartwatches will lead the wearable device category, with 83 million units shipped by 2018.
Futuresource is as bullish on smartwatches as Juniper Research, which projected 101.7 million smartwatches to be in use by 2019.
Although Futuresource expects the Apple Watch to lead the smartwatch category as it develops, we contend the smartwatch category is led by the Pebble Steel. The watch, which features a stainless steel frame and 1.26-inch LCD face, will run you $199 (£179, about AU$228).
The Moto 360 is also a safe bet for smartwatch enthusiasts. It features a 1.65-inch circular display, stainless steel frame and premium leather band. However, the device is Android-only, so iPhone users should look elsewhere.