First and foremost, we LOVE the term and the idea of “wearable tech.” Wall Street thinks that wearable technology will be a $50 billion industry in the next 3-5 years. It’s currently a $5 billion industry.
Let’s this start conversation by breaking down the current categories of wearable tech– activity/ fitness trackers, eyeglasses technology, smart watches, rings, connected cars and toothbrushes. Toothbrushes, say what?
Here are the big questions in our office: What does wearable technology need to solve for —Connectivity? Or productivity (i.e. fitness/ activity tracking)? Is fashion a factor? Does the technology need to be socially acceptable? It’s kind of interesting to think about.
Now, lets start taking bets on who wins big first. Who would you place bets on winning the wearable tech race? We give Nike pretty good odds. Or, maybe it will be some awesome group of college students thinking way outside the box. This would be our sentimental favorite.
We don’t have all the answers about wearable tech, but it sure will be interesting to watch. Over the years, we’ve learned that emerging technology must appeal to the masses or it will fail. It cannot come out feeling elitist. When we think wearable tech, we look to what is appealing to the masses right now. That’s who/ what will win in the wearable tech space! In the meantime, we are so excited to watch how this emerging technology unfolds before us.
Author: Katie McCormick – VP of Digital & New Business Development (More about Katie HERE)