Although wearable technology has become more popular over the last few years, it has still struggled
to become part of the mass market. Until now. With the debut of the Apple Watch
earlier this month, it seems that wearable tech has finally gone mainstream. Between
consumer interest and investor attention, there is no doubt that wearable tech
has been one of the hottest trends of 2014.
So what can we expect for the
wearable tech space going forward? Can wearable technology actually cross over
from being just a fashion accessory to being a functioning part of our everyday
lives?
ABI Research’s
latest “Wearable Computing Technologies” report states that wearable computing
devices are expected to explode in popularity over the next year and that these
gadgets could soon become the norm for most people within five years. ABI
Research forecasts the wearable computing device market will grow to 485
million annual device shipments by 2018. Research firm, CCS Insight predicts
that 22.3 million wearables (including fitness trackers and smartwatches) will
be sold worldwide in 2014, up from 9.7 million in 2013.
Experts say
that the Apple Watch will be a key growth driver in the market. "The
arrival of Apple is so significant," said Jason Jenkins, director of
content at tech news site CNet. "The company essentially defined what the
modern MP3 player, smartphone and tablet computer looks like and what their
functions are. Everyone is looking to Apple to repeat the same trick with smartwatches."
"The fact that Apple are making [a smartwatch] will generate sales which
will in turn lead to smartwatches and wearables in general looking normal and
desirable," said Matt Egan, editor in chief at UK tech magazine
TechAdvisor.
Apple is
acutely aware of the many issues that have plagued wearable devices in the past
– ugly designs, lack of functionality, cumbersome user-interface, battery
issues – and has tried to distance themselves from the crowd. Unlike predecessors,
the Apple Watch is smooth and fashionable (with a variety of different screen
and band combinations), and has a highly usable interface with unique control
mechanisms. It is a device that embraces apps and features beyond
notifications, but in a way that makes sense for a small-screened device. However,
TechCrunch’s Darrell Etherington still has questions about, “how much time
people will actually spend navigating on-watch interfaces, vs. using it more as
a passive monitoring and notification device,” but thinks that, “Apple has done
a lot of work providing genuine innovation for how users might think about
exploring wearables that others to date haven’t seemed to put much thought
into.”
In addition
to Apple’s entry into the market, other factors such as key enabling technologies
including low cost sensors and wireless connectivity; the ability to interconnect
with modern fitness and social trends; and smaller devices have also converged
to make wearable technology mainstream.
So what does
this all mean? If research data is any indication, it means that interest in
the wearable space and high and will continue to grow. SNS Research estimates
that by 2015, wearable device shipments will surpass 90 million, and will
account for nearly $20 billion in revenue. SNS Research also predicts that the
market is further expected to grow at a CAGR of nearly 40% over the next six
years. Personally, I believe there is huge potential for the wearable device
market. I think that we’ve only barely scratched the surface and that there are
tons of possibilities for both consumer and enterprise wearable products. The
wearable era has finally arrived.
Sources: CNet, Forbes, Mashable, TechCrunch, The Guardian
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