Parks Associates' Wang said smartwatches will eventually compete against luxury watch makers such as Rolex, not other tech companies.

Entering into the already established watch market would have companies making fewer sales but higher profit margins, he said. Wang's forecast for the sale of 120 million devices assumes that wearables would act more as a luxury watch, rather than a smartphone or tablet.

Wang cited several factors that could boost the smartwatch market, including technological advances that could make the devices more attractive to consumers. An app developer or innovative start-up, for instance, might come up with a new feature or sexier selling point for wearables that could brighten their prospects.

From the article "Is wearable tech already wearing thin?"

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