Now that the latest rev of the iPad nano isn't suitable for wearing as a watch, perhaps Apple will release an iWatch. It might be profitable.

A new report from Juniper Research (www.juniperresearch.com) has valued the next-gen wearable devices market to be worth more than US$1.5 billion by 2014, up from $800 million this year. These revenues will be largely driven by consumer spending on fitness, multi-functional devices, and healthcare, according to the research group.

Classified as a "future form factor" for computing devices, next generation wearables, including smart glasses and other head-mounted displays, will provide a multitude of functions either independently or in conjunction with a third party platform. Influential players such as Apple and Google have already made key strategic moves in this sector, notes Juniper Research.

The use of wearable devices connected to the smartphone in the fitness and sports environment has grown rapidly in the last two years with applications such as Nike+ and Fitbit Tracker allowing data from training sessions to be uploaded and analyzed.

"With consumers embracing new technologies and form factors, wearable devices ranging from fitness accessories to heads-up displays will be more prevalent in the consumer market," says Report author Nitin Bhas, author of the Juniper Research report. " While fitness and entertainment will have the greatest demand from consumers, within an enterprise environment, the demand for wearable devices will be greatest from the aviation and warehouse sectors."

-- Dennis Sellers