The fast-emerging market for wearable devices is poised to disrupt current technologies and processes across industries while creating new market opportunities and business models, according to research firm Frost & Sullivan.

The market will continue to evolve as various startups and established companies take a keen interest in product research and development, the firm says, particularly in the creation of multiple functions for individual devices.

The report, “Futuristic Outlook of Wearable Technology in Key Application, finds that the use of wearables is expanding beyond fitness tracking to include applications in consumer electronics, automotive, sports, industrial processes and homeland security.

While many options exist for distinct functions, wearables that cater to multiple applications are in short supply, the report says. Limited form factors and battery capacities limit the incorporation of diverse capabilities in a single wearable device. The use of efficient power management and energy harvesting technologies to help wearables run for longer periods will be vital to expanding the utility of the technology.

“The trend toward miniaturization will allow more features to be packed in chips and empower wearables to provide functionalities previously not possible in such small devices,” Sumit Kumar Pal, TechVision research analyst at Frost & Sullivan, said in a statement. “Advancements in processor technologies will equip wearables with high computing capabilities for demanding applications.”