According to Allied Market Research, the global smartwatch market will reach $32.9 billion by the end of the decade. The compound annual growth (CAGR) is estimated at 67.6% from 2014 through 2020.

“The global market is witnessing a huge inflow in the number of companies and is expected to grow manifold from the existing number of 40 companies at present,” the research firm said.

While the report looks encouraging, it should be noted that smartwatch sales in 2014 were abysmal. It’s estimated that Android Wear sales in 2014 amounted to just 720,000 units. On the other hand, the most compelling Android Wear devices launched in the latter part of the year.

Analysts have high hopes for the upcoming Apple Watch, which is due to launch in April. Analysts expect sales of up to ten million units by the end of the year.