Euromonitor's head of consumer electronics Loo Wee Teck expects sales of smart wearables to be worth more than five times as much as activity wearables in the next five years.
You're likely to shell out more cash for consumer electronics over the next five years as connected hardware grows in popularity, according to Euromonitor.
"Consumers are much more sophisticated and thus, their expectations have risen too," explained Loo Wee Teck, Euromonitor's head of consumer electronics.
For example, consumers made do with General Packet Radio Service GPRS and third generation 3G internet data speeds in the past but they are now demanding for Long-Term Evolution LTE services for high speed access, he noted.
Retail value of this sector is projected to hit US$45 billion in 2021, versus the estimated US$18.7 billion for 2016, Euromonitor found.
"The appeal of wearables extends beyond the niche demographics of techies and fitness enthusiasts.