The $4 billion wearables market could increase from 20 million devices last year between 200 and 500 million devices by 2020, to reach $130 billion, according to a report.

Several industry forecasts have pointed out that more than 1.2 billion smartphones were shipped globally, according to research firm International Data Corporation, said the Gulf News report.

“As wearables are becoming more useful and integral to people’s lives, they will likely lead to significant change in behaviour, addressing a potential $1.6 trillion market, which centres on fitness, health, insurance, fashion, payments, entertainment, home automation and advertising,” Fabiano Vallesi, next generation analyst at Swiss private banking group Julius Baer, was quoted as saying.

“People will be able to quantify their lives, and companies will tailor their products and services based on that data,” he said.

Wearables not only need technical capabilities but must also remain fashionable. By the time they fulfil both conditions the market penetration could potentially accelerate, the report added.