The Apple Watch will help drive wearable technology shipments to 45.7 million in 2015 and as high as 126 million by 2019 as the market grows rapidly.
Analyst house IDC's Worldwide Quarterly Wearable Device Tracker report forecasts that a combination of new devices, more vendors and greater end-user awareness will result in 133 percent shipment growth over the 19.6 million units shipped in 2014.
Ramon Llamas, research manager with IDC's wearables team, highlighted that the Apple Watch's imminent release will raise awareness of wearable technology and boost its adoption.
"The Apple Watch raises the profile of wearables in general and there are many vendors and devices that are eager to share the spotlight," he said.
IDC also forecasts a healthy 30 percent growth in more basic wearable devices such as fitness bands.
"Basic wearables, meanwhile, will not disappear. In fact, we anticipate continued growth here as many segments of the market seek out simple, single-use wearable devices," said Llamas.
Wrist-worn wearables will dominate the market, accounting for more than 90 percent of all wearables shipped in 2015 according to IDC.
Other wearable technology, including eyewear, clothing and modular devices that can be attached to parts of the body, will see a general increase in shipments in the next four years, but will continue to lose market share to wrist-worn devices.
Smart eyewear may have dropped off the radar since Google ceased shipments of Google Glass, but IDC predicts that the enterprise will see increased use of smart glasses.
Ryan Reith, programme director at IDC, noted how the wearables market has shifted in the two years since its mainstream inception.
"The explosion of wearable devices was clearly led by fitness bands which, until recently, commanded prices that provided comfortable margins. But those days are changing," said Reith.
"The price of these fitness bands has come down so significantly in some markets that smartphone OEMs are now bundling them with smartphones at little cost. Meanwhile, the market is quickly shifting toward higher-priced devices that offer greater functionality.
"Many users will need a good reason to replace a traditional watch or accessory with a wrist-worn device or some other form of wearable that is likely to require daily charging and occasional software upgrades."
With the likes of Intel investing $24.8m in wearables technology firm Vuzix, the proliferation of wearables is only likely to increase.
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