A smart shirt that identifies vital signs and provides health-focused data. The ability to exchange virtual business cards by just shaking hands. A brain-wave sensor that teaches users how to actively calm their mind, helping to reduce stress levels and potentially curb the need for depression or anxiety medications.
All that and more was on display at last week’s wearable tech conference, GLAZEDcon 2014 in San Francisco. From semiconductors to apparel brands to those in financial services and transportation, the companies that are driving the future of wearables met to discuss the latest and greatest technology, best ways to bring products to market, and what all of this means for the end user.
Many of the panels discussed the early adoption of wearable tech — and also the concerns. Specific questions raised:
- How to address the high drop-off rate post-purchase? One in 10 adults in the U.S. owns some sort of wearable tech, but only half use them for more than a few months.
- What comes first in designing a new product — function or fashion? Many argue that if a product is not visually appealing, no one will wear it.
- What products will truly make consumers lives easier? The products that get into the mind of the consumer and add value to their life are most likely to succeed.
Wearable tech intersects with and builds on several hot industries — connected car, connected home, healthcare-tech — and recent market projections forecast the industry will reach $30 billion in sales within the next five years. It’s clear from the attendance at the conference and all of the discussion that wearable tech is a booming space. A wealth of companies are creating unimaginably innovative products that are just waiting for the right venture capital and the right market to strike.
WE is tracking this new world of wearables closely and is leading the charge with some recent research that was presented during the GLAZEDcon keynote. Our research shows that education must be a key focus moving forward, as only 44 percent of respondents said they are aware of “wearable technology.” We also found that 53 percent said they will not buy a device in the next year. More education could inspire more willingness to purchase. For the full research results, please sign up for our newsletter at the bottom of this page.
And if you’re interested in what the most influential group — the next generation — has to say about wearable technology, please watch this insightful (not to mention entertaining) video.
What do you think about wearable tech? Where and how do you want to see it used? Most important, what would inspire you to make a purchase? Let’s keep the conversation going.