Thanks
all for your awe-inspiring response on my previous blog IoTbyAshutosh and now going with your irresistible
input , enquiries on IoT connection with Wearable Devices... yes you all are
right IoT and wearable devices (WD) both are strongly interlinked however IoT
has a much wider universe and WD is emerging as one of the centric galaxy of
it.
So lets get
started on the wearable devices ..And as a Marketing Head having spent years in
the same field , Now a days WD innovation discussion we do at our office as a
daily ritual ......
Let Users go hand free "
There was a time when landlines
were fixated to the wall and we used to crack jokes about people having the
handset stitched to an ear. Eventually, wearables will overpower the
smartphones than they are now. According to Gartner Research, by 2017 mobile apps
will be downloaded 268bn times, generating revenue of $77bn. That year, 50% of
all applications interactions will come not from smartphones, but from wearable
devices.
Lets organise and carry our discussion further five sections:
- Introduction
- Wearable Technology Overview
- Smartphone v/s Wearable Devices
- Conclusion
- Resources
Anything which is
making customer’s life easy is a success in this dynamic market. Nobody has
imagined that there will be a device through which they can talk to a person
sitting miles away. Eventually, need for such device arouse which can be used
to communicate while traveling and then mobile phones came into picture.
Gradually, smartphones became ubiquitous and penetrated deeper into our life.
Now, wearable devices are gaining popularity over the time due their ability to
integrate with our lifestyle. Over the next few years, we are going to
experience evolution in the field of wearables.
Today, these smart wearable devices enable the users to
enjoy the integrated experience which they expect from desktops, smartphones
and tablets. So, why are these devices gaining so much limelight? The real
power of wearables lies not in wearing bands on wrist but it’s the data. It’s
absolutely amazing to imagine the amount of data these devices will generate.
New data means more insights; new insights means further innovations.
Wearable technology is in its
nascent stage and is spurring at a staggering rate. The global wearables technology
ecosystem (i.e., the entire wearables device market and its providers) was
estimated at US$4 billion-plus in 2012, and is expected to cross US$14
billion by 2018 (CAGR more than 18% from 2013).
|
The quintessential difference is that you
are not holding any device. It’s just on your body and you have spare hands to
do other things. The power of wearables lies in the fact you are integrating a
lot of technology into a very small space making it very compact.
Wearable technology is a miss market. It’s
totally an uncontested space. It’s a blue ocean where a new market is hidden. It
holds its own potential customers. The scope of this technology is limitless.
But it has some issues such as form factor (battery backup) and sometimes you
need to own a smartphone to make the device work. If these issues are solved in
future then this technology can become hit in the market in no time.
Here we talk about whether wearable
technology would be able to cannibalize smartphones after 5 years?
We also paper also talks about how
wearable market is evolving rapidly, examining some examples in market today.
The real buzz has already been created around
wearable technology by the tech savvy people with some catchy headlines in news
about some device which can be worn on body and can penetrate deeper into our
lives more than what smartphone is today.
So why are wearable devices seeking a lot
of attention these days especially in data mining? It took around 20 years for
desktop to reach every corner of the earth. Smartphones took about 10 years to
become omnipresent. Will wearable spread even faster?
All questions have only
one answer. Just imagine your day without a smartphone. You will lose contact
with your family and friends. Your business will suffer. Companies like Google or Facebook will not be able to locate you. In other words, they will not be
able to generate data which means indirectly their business will also suffer.
In short, you are living in Mars on that day. So, here comes in picture
wearable devices. You don’t need to carry them in your pocket. Rather they are
living on us, acting as a third eye on what we experience, our taste, interest
and everything.
We human beings are gluttons for data. We
like to record where are we going, what do we eat, when do we land on airport,
pulse etc. And we are all sucking this data in for active people who have
fitted camera in our body to note down everything. So, the question is whether
this technology would replace the smartphone acting as an interface where
smartphone acts as a link with other devices?
How did the wristwatch kill the pocket
watch?
·
More convenient
·
More necessary
·
More fashionable
Wearable technology is in its nascent
stage and there are just a few small challenges such as:
·
Redundancy
·
Fragility
·
Poor batteries
·
Expensive
Industry needs to work out on these
factors.
Wearable Technology Overview
Marketers use to say one thing that don’t be
like a shark who fights for
Marketers use to say one thing that don’t
be like a shark who fights for survival in Red Ocean. Explore the uncontested
space ie. Blue Ocean and make your own market. That’s what Wearable technology
is all about.
Broadly speaking, there are 3 categories
which are most likely to become a fashion statement among youth as of now:
·
Sunglass & Camera – Glass utilized as an AR (Augmented
Reality) smartphone providing a second screen and wearable camera
·
Wrist Watch – Connect your mobile with wrist watch
through Bluetooth and it will act as a second screen to display smartphone
notifications.
· Fitness tracker – Devices worn around our wrist and track
activities like running, Heart beats, pulses, walking, sleeping pattern and
many more.
Applications
As the wearable technology is going to integrate
with our lifestyle, applications in daily life are infinite.
Broadly speaking, there will be four
categories of wearable technology which will play a vital role and are defined
as follows:
The concept of wearable devices is very
much inclined with vision of 100 smart cities to be built in India. Just
imagine, you want to go to your workplace and there are two separate roads
which lead to your destination. You are wearing a wearable device let say
sun-glass which provides you update that one road is blocked. So, you will
choose another way to reach to your destination which ultimately saves your
time.
Wearable Growth
The global wearables technology ecosystem (i.e.,
the entire wearables device market and its providers) was estimated at US$4
billion-plus in 2012, and is expected to cross US$14 billion by 2018 (CAGR more
than 18% from 2013). Forecasts predict that the
penetration rate of wearable technology is
predicted to accelerate over the next five years, reaching roughly 46% of the total addressable
market (TAM) by 2018.
Smartphone v/s Wearable Devices
If any old technology is replaced by the
new technology, it means there are some shortcomings in the old technology
which is taken care off in upgraded one. An important question is whether this
new technology will make customer’s life easy?
The need of handset arouse because people
needed a device to talk while travelling. Then smartphone came into picture due
their ability to penetrate deeper into our lives. But wearables differ from
smartphones in number of significant ways:
·
Size – The most differentiating factor is the
size of its display screen which can even fit on our wrist.
·
Functionality – Starting from activity monitor,
emotional intelligence, Blood pressure monitor, ECG monitor to Head-up Display,
functionality of wearables is unlimited.
·
Platform – Till now, most of the applications which
are made for smartphones doesn’t work for wearable devices. Applications which
are built for wearables are only to transmit and receive data.
According to Gartner Research Director Angela
Mclntyre “smartphone is going to be alive and well for the foreseeable future.
I don’t see the smartwatch replacing the smartphone.” Even from the past trend,
we can see that though the smartphones have occupied the whole market but still
landline users exist. Similarly, wearables in near future will definitely
cannibalize the smartphone business.
Just imagine, you are a CEO of a company.
What you are going to do when someone emails you a file and you need to quickly
go through it? If you get any display technology which can take you directly to
email on just one hit then smartphone is out of the business.
Right now, there is no such technology
available which can completely replace smartphones.
Conclusion
The technology is changing at very rapid
rate. Wearable technology is the next big thing to talk about. Something which
is making people’s life easy is always accepted in this dynamic market. And
that’s what wearable technology is doing. Wearable technology is gaining lot of
importance because of its wide applications and user friendly interface which
is creating a buzz in the market. As every coin has two sides, the technology
is also facing many shortcomings such as low battery life, expensive (as it is
in its nascent stage) and sometimes you need a smartphone to use that device.
Industry needs to solve these issues for
the long term success of wearable devices.
If industry is able to solve these issues
then in the next 10 years, wearable devices will work as the smartphones are
working nowadays.
Thanks a ton for being with me till here and now like always its your turn to put forward your comments and critics and input in-order to co-create and discover a rich content on wearable devices for the world.
you can check my below blogs as well :
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