Market forecast for wearables dropped by more than half

In the fall of 2015, research firm eMarketer predicted the wearables market among U.S. adults to increase by over 60 percent in 2016. In the most recent report from the organization, that figure fell sharply, down to 24.7 percent.

Early adopters aside, the wristband technology has not taken off the way many had anticipated. Though initial hype for the wearable devices from companies such as Apple and Fitbit was high, intent to purchase has since dropped.

Nearly 25 million fewer adults than originally predicted will use a wearable device this year, according to eMarketer. The company pointed to two reasons: no clear usage and high prices.

"They also reported high price-sensitivity," said eMarketer analyst Cathy Boyle. "Without a clear use case for smart watches - which have more features than fitness trackers, but significant overlap with smartphone functionality - the more sophisticated, expensive devices have not caught on as quickly as expected."

PC Magazine reported that wearables are most marketable among the younger consumer audience. While only 17 percent of all people wear and use a smart watch or fitness tracker, 30 percent of people between the ages of 18 and 34 do.

The wearable devices market is performing worse than anticipated.