For almost one year now, tech companies and clothing companies alike have been debuting their new smart watches or wristbands. These companies are betting on wrist-wear as the next big growth market in tech. At the same time, industry watchers and analysts are looking for smart watches to be the vanguard of a coming wearable electronics revolution that will change the way people interact with technology.

Plastic Logic, a manufacturer of flexible plastic display technology, is now well-positioned for a market that that looks set to take off. The company this week issued a new white paper discussing what the current state of the wearable market is, where it will be going in the next few years, and what type of products will eventually become adopted by consumers at at large.

The paper points out that current (first-generation, really) smart watches from companies like Samsung and Sony are less than compelling. The devices are small, rigid, and do not offer many unique features that make them indispensable.

Despite disappointing early models, however, Plastic Logic believes that there is a significant untapped market for wrist-mounted technology. More specifically, the company believes that the fitness and healthcare industries will be the main drivers of wearable technology over the next few years. Tech companies are already heavily investing in research for wearable devices to monitor conditions such as diabetes or heart health.

Looking further ahead, the paper predicts that charging technology will become an integral part of the wearable device landscape. Devices that charge other devices through the use of light or sound waves may seem futuristic, but are the types of technologies consumers will see in the coming decade.

Image via Samsung