The Business in Wearable Tech
This is an article ‘The Business in Wearable Tech’ by Marc Primo
Technology, particularly wearable gadgets, makes both kids and adults out of us. Kids for how they instantly excite us to have them– making our McGyver dreams come true, and adults for how they can make us immediately criticize them for their functionality, give a one-star rating, and move on to being kids again in the hopes of finding the true holy grail.
From smartwatches to airpods to virtual glasses– fashion and technology now go hand in hand in taking us to heavenly heights.
The reign of wearable tech
First, let's talk figures. This year's projections tell us that wearable tech is poised to be the most significant and fastest-growing industry in terms of revenue, with a market size of $126 million.
Perhaps, you can quickly test the figure's integrity by how many wearables you own.
Wireless earphones, smartwatches, VR headsets, anyone?
Whether you're simply a science fiction buff or a responsible health and wellness enthusiast, tech wearables have become a necessity in this day and age. Not surprisingly, post-pandemic figures reveal that sales have soared due to how many people are more health-conscious nowadays.
With a staggering record of 527 million units sold in 2020 compared to only 384 million in the past year, selling tech wearables is absolutely a thriving business that's here to stay for a long– or better yet, more extended time.
Not new at all
Wearable tech has a fascinating history that stretches back centuries. And while James Bond can be our prime example, a more factual account can be traced back to 1961 when a particular couple named Edward Thorp and Claud Shannon invented a small device that could fit into a shoe. It was a timed device to anticipate where the ball would land and was made to assist them in cheating at a roulette game.
We agree– it wasn't the noblest of ideas. Still, fortunately for us today, most wearable tech intends to help us with our daily life, particularly smartwatches that are health-centric. In one instance, an Apple smartwatch user was alerted via an alarm regarding his erratic heartbeats and high heart rates at night. He was admitted to the ER, where they discovered that all four of his heart's arteries were obstructed, necessitating emergency surgery to save his life. He lived.
VR headsets, such as the Oculus Quest, have been found to help individuals with mental health issues through Virtual Reality Exposure Therapy. While they cannot cure disorders, these wearables provide therapeutic benefits to those with PTSD, anxiety, and major depressive disorder.
Modern wearables are here to stay
Wearable tech has come a long way since eyeglasses were invented in the 13th century. Initially seen as a mere novelty, fashion piece, or gadget, it has become an indispensable companion for many individuals. Fitness enthusiasts track their daily activity and monitor vital signs using smartwatches. At the same time, professionals rely on smart glasses for augmented reality (AR) overlays during complex tasks. The perception of wearables has shifted from being a mere fashion statement to a tool that enhances productivity, convenience, and overall well-being.
One of the critical areas where wearable tech has made a significant impact is fitness and health monitoring. Wearable fitness trackers provide real-time insights into physical activity, heart rate, and sleep patterns. These devices act as personal trainers, encouraging users to lead healthier lifestyles by setting goals, providing feedback, and offering personalized coaching. The ability to monitor and optimize health metrics has proven to be a game-changer for many individuals striving to achieve their wellness goals.
Such gadgets have also evolved into the productivity sphere, allowing users to receive notifications, check emails, and manage appointments on the go, reducing the need for constant smartphone interactions. This seamless integration of technology into everyday life enables individuals to stay connected and organized without being burdened by excessive screen time.
Additionally, specialized wearables designed for industries like logistics and manufacturing enhance productivity by providing workers with hands-free access to crucial information and step-by-step instructions.
Minding How Wearable Tech Business Thrives
Perhaps, the most essential function of wearable tech is how it helps the mind.
With a growing focus on mental health, wearable tech is expected to expand its capabilities. Devices that can monitor stress levels, track emotional well-being, and provide personalized mindfulness exercises are already emerging. Wearable technology will eventually aid individuals in managing and improving their mental health further by providing timely interventions, stress reduction techniques, and cognitive support.
Advancements in sensor technology and data analysis algorithms can now enable wearable devices to provide even more accurate and comprehensive overall health insights. Wearables may soon be capable of detecting important mental health indicators, aside from simply analyzing blood sugar levels, sleep routines, or body density. In other words, the potential for wearables to revolutionize preventive healthcare is immense and is highly possible.
Integrating wearable tech with the Internet of Things (IoT) can lead to a more connected and intelligent ecosystem. Wearable devices will seamlessly interact with other smart devices in our environment, such as smart home appliances, vehicles, and medical equipment. This interconnectedness will enhance automation, personalization, and efficiency in our daily lives, making all scenarios a win-win.
All Wear, No Tear
Wearable gadgets have captured everyone's imagination to the point that they have become an integral part of our lives. The numbers speak for themselves, with the wearable tech industry projected to be the most significant and fastest-growing sector in terms of revenue.
Looking ahead, the future of wearable tech holds tremendous promise. As sensor technology and data analysis algorithms advance faster, wearables will become even more accurate and comprehensive in monitoring our health and well-being. They will seamlessly integrate into our daily lives, becoming sleeker, more fashionable, and increasingly connected to other smart devices through IoT.
One thing is for sure. If wearable tech can push preventive healthcare at the forefront, it certainly is a business worth investing in for the long term for both sellers and consumers. With how most people are intimidated by the prevalence of AI in modern times, wearable tech proceeds to do more good than bad as it should.