Is Wearable Technology Part of Your Business’s connected Strategy?

  • Posted on: 4 May 2015
  • By: Patrick Oliphant

With the explosion of wearable technology over the last two years the race is on to see who will bring the next big thing to market.  Already Google and Samsung are seen as the big players but with a possible global retail revenue of up to $19 billion by 2018, said Juniper Research; now is not too late for your business to enter the wearable technology market.

smart watch

So far we have seen the likes of Google smart glasses, which retailed for US $1,500. Smart watches are now the big craze from the likes of Samsung, Apple, Guess and many others. Samsung is emerging as the clear leader - shipping 500,000 of the 700,000 smart watches ordered worldwide, said Business Insider.

Research published by Strategy Analytics in May 2014 highlights a 250 per cent growth in global shipments of smart watches in the first quarter of 2014.

According to Business Insider, current estimates predict that 91.6 million smart watch units will sell globally in 2018. With the average smart watch selling for in the region of US $100, that’s a $9.2 billion market.

Consumer acceptance of wearable technology is growing  according to Endeavour Partners 1 in 10 American adults own a fitness tracker, they expects these devices to grow in numbers over the next decade to support or complement other connected solutions.

Despite wearable technology sometime pass off as a phase and while still generally viewed as something of a luxury item.  However, researchers believe that this is view is changing due to the combination of constantly improving functionality and ease of use as well as greater consumer awareness.

So whether your business’ specialism is health, sports or entertainment there is wearable technology market waiting for you to tap into. Also, if Google, Samsung and many others are investing heavily in this product, that’s an indication, that wearable technology is here to stay.