This study develops a research model for analyzing customers' perceived value of wearable devices. It investigates the impact of each component of perceived benefit and risk on the perceived value of wearable devices, and explores how their attributes affect customers' perceived benefit. Partial least squares was employed to test the proposed model and corresponding hypotheses on data collected from 375 survey samples #273 potential and 102 actual users#. The results show that perceived value is a clear antecedent of adoption intention. Perceived benefit including perceived usefulness, enjoyment, and social image seems to have a greater impact on perceived value than perceived risk. Specifically, a significant difference was observed between potential users and actual users. This study discusses a number of implications and contributes useful insights for researchers as well as practitioners. #C# 2015 Elsevier Ltd. All rights reserved.