Fancy a new accessory? How about a smart watch? It looks like smart watches are going to be the next “must have” item. According to Canalys, the worldwide smart watch market will exceed five million units in 2014.

Canalys estimates that over 330,000 smart watches were shipped in 2012, led by Sony and Motorola. Kickstarter-backed Pebble Technology has joined Sony as a market leader in 2013. More than half a million units will be shipped this year. Smart watches are then set to explode by the end of 2014, growing tenfold as a new generation of devices from Apple, Google, Microsoft, Samsung, and others are launched.

Unlike earlier products, these smart watches will provide more sophisticated software and more elegant hardware. Glanceable information, integration across sensors and hooks into web services will be key features. These companion devices will not replace smart phones, but rather complement them as ‘appcessories’.