I think hype on wearables is over done and it wants be as simple as smartphones. Also, people don't like to wear extra devices and usability of these devices across applications is still miles away. For example, there are fitness wearables and health wearable but there isn't a device which has multiple purposes and cross platform comparability.
Also, these devices require one to create lot of usability in order to increase consumer adoption.
There are a lot of researches done actually about weareables. Here you'll find some mentions: http://www.businessinsider.com/wearable-devices-create-a-new-market-2013-10
I think, there is still a killer wearables gadget/tool to be found, but it seems clearly that sooner or later all our smartphones will be enhanced by wearables.
You may be right but what i feel is we have phone revolution first than smartphones revolution which led us to abandon lot of equipment's which use to carry or wear like camera, watch, etc. it may be premature to say but i feel wearable won't much excite people rather a device which can be mounted on multiple wearables will be big key thing.
Maybe you find this interesting:
https://www.researchgate.net/publication/271196268_Who_will_buy_smart_glasses_Empirical_Results_of_two_Pre-Market-Entry_Studies_on_the_Role_of_Personality_in_Individual_Awareness_and_Intended_Adoption_of_Google_Glass_Wearables#share
Article Who will buy smart glasses? Empirical Results of two Pre-Mar...
To me, the huge advantage of wearables in comparison to other devices such as smartphones - (which i like to see as part time wearables in our pockets even though they are handheld devices in the end) - is that you can monitor data almost gapless. Furthermore, you are able to measure data such as heart rate etc. in an unobtrusive and implicit manner. Which leads me to the conclusion, that in the end the value of wearable devices depends on the specific use cases. Personally, I can see promising ones in areas such as AAL or health applications in general.
I did some more research to dig around adoption of wearables in Australia, to check whether its a hype or reality
End result is astonishing - consumers adoption continues to rise at a fast pace.
- One in five Australians already owned wearable technology, but more than one in four or 26% of the adult population, intended to buy into the trend by 2016
- Smartwatches, fitness trackers and sports watches would attract a very large audience in Australia over the next year, fuelled by Apple’s move into the market
- Fitness is the biggest motivator for wearable device purchases, and 70% of owners claimed wearing technology had helped them to improve their fitness
- Wearables appeals to all generations