Over the last few years I started making wearable technologies to enhance the function of sport clothing, it’s an industry with lots of attention and going through tremendous growth.
As I love business, I am touching on the wearable technology industries, as it has my attention, I am interested in the application, optimization, monetization, and efficiency of wearable tech in everyday life and products.
For me it’s a wearable and technology future, made up of an “Internet of Things” (IoT). At night and in the morning, I think of the unlimited possibilities if I was working with an A team of experts to help predict the future. Applying PI (process intelligence), Kaizen and Lean to daily activities.
What is wearable technology? A look at some of the products available today and the future.
The what if’s of wearable technology:
- You walked into a room and knew who everyone was
- You knew who wanted to hear about what you are working on or how you are feeling
- You could find like minded people to connect with instantly
- Diagnose and provide preventive care for medical issues
- Provide military intelligence, to track terrorist movements
- Communicate in every language with every person instantly with 99% accuracy
What is an “Internet of Things” (IoT):
Basically it covers everyday things for everyday living, connecting them eventually so we can improve the quality of our lives.
Now it’s about creating products beyond everyday:
- Catering to our senses: touch, smell, sight, hearing, and taste
- Anything and everything to help us live for today and provide for the future
- What takes us further, faster with accuracy and pleasure
- Embedded technology
- The world is our oyster
How big is the market and how big will it be in the future. I find that this statistic varies based on who is publishing the information as the industry is semi-new and growing.
Some industries that are being explored in wearable technology are:
- Sports science
- Health management
- Medical diagnosis
- Sports management
- Behaviour control & monitoring
- Product maintenance
- Process optimization
- Situational awareness
- Military intelligence
- Security and safety
- Identification & tracking
- Wearable fashions
The future goes beyond actual products and systems to bio possibilities:
Let’s look at the future of the health and wellbeing market:
What about military with all the security and safety needed for todays world:
The USA spends more money than every other country in the world, but that could be changing, and every country may not be reporting transparency of what they are doing.
A quick overview of the industry:
- 2014, 19.2 – 28.9 million wearables were sold
- 2015, it is expected the market will sell around 76 million units
- 2018, the predictions are in excess of 118 million
- 2019, predictions in excess of 170 million
If the market timing is right, with the right products, and the right people everything is possible.
Going beyond wearables to emerging technologies:
Human relationships, defined:
- Predictive technology
- What are our needs?
- Where will we find it/them?
- When do we need it/them?
- Who will provide for us?
- Why do we need this product/service?
- How will we provide for the future?
- A 21st century SWOT analysis
In the world of the IoT, the figures are staggering:
The world will be connected, now it’s about speed to market, better, faster, with more accuracy and dependability.
The industry is enormous as the world continues to grow, evolve, and demand change. But as we can see by the above two illustrations, there has to be room for variables. As the population will be around 7.6 Billion by 2020, with 4 billion people connected using 6.6 devices per person is only 26.4 Billion, dont know how Cisco gets 50 million connected devices, even if babies and toddlers are connected.
I am looking to meet more manufacturers, industry leaders and entrepreneurs, great to hear what everyone is touching, seeing, feeling, smelling, moving and shaking in this beautifully big world of ours.