Abstract
The current century has brought an unimaginable growth in information and communications technology (ICT) and needs of enormous computing. The advancements in computer hardware and software particularly helped fuel the requirements of human beings, and revolutionized the smart products as an outcome. The advent of wearable devices from their development till successful materialisation has only taken less than a quarter of a century. The huge benefits of these smart wearable technologies cannot be fully enjoyed until and unless the reliability of a complete system is ensured. The reliability can be increased by the consistent advancements in hardware and software in parallel. User expectations actually are the challenges that keep the advancements alive while improving at an unmatchable pace. The future of wearable and other smart devices depends on whether they can provide a timely solution that is reliable, richer in resources, smaller in size, and cheaper in price. This paper addresses the threats and opportunities in the development and the acceptance of immersive and wearable technologies. The hardware and software challenges for the purpose of development are discussed to demonstrate the bottlenecks of the current technologies and the limitations that impose those bottlenecks. For the purpose of adoption, social and commercial challenges related to innovation and acceptability are discussed. The paper proposes guidelines that are expected to be applicable in several considerable applications of wearable technologies, for example, social networks, healthcare, and banking.