Wearable Technology: The Next Big Thing?

WEARABLE TECHNOLOGY: THE NEXT BIG THING?. Definition Wearable technology refers to miniature electronic devices that are worn under or on top of clothing or are somehow attached to the body. They can even be part of clothing. Industry Worth A research predicts that the wearables 2:00 PM market is set to reach $18 billion in the next 5 years. Wearable technology is a $700 million industry in the form of sports and activity trackers. Current Usage One in six (15 percent) consumers currently use wearable tech, such as smartwatches and fitness bands, in their daily lives. Growing market for Wearables Global wearables market will grow at a compound annual rate of 35% over the next five years, reaching 148 million units shipped annually in 2019, up from 33 million units shipped this year. Health Devices Fitness and medical wearables accounted for 60% of the wearables market in 2013 100 million health and fitness related devices to be in use by 2016 Wearable Technology in Insurance 22% insurers are developing 63% of respondents believe that wearable technologies will be adopted broadly by the insurance industry within a strategy to use them > 3% of insurers already use the next two years, while 31% said they wearable devices are already using wearables to engage customers, employees or partners. A leading insurer recently announced that it will provide new policyholders with a free fitness band to track their health progress - and then reward their healthy living with a reduction in life insurance premiums Nearly 2/3d of insurers expect wearable technologies to have a significant impact on their industry within the next three to five years. The Next Big Thing Global spending on wearable technology will rise from $14 billion in 2014 to $70 billion in 2024. According to a recently conducted survey, more than 80% of the respondents in Indian urban areas expressed the desire to buy wearable tech, particularly for health and wellness. Obstacles to Combat Large volume of data generated will need sophisticated platforms and products for analysis. > Data Security and Privacy concerns will have to be addressed since devices will generate location specific transaction data at all times. Contact Us: AUREUS www.aureusanalytics.com [email protected] ANALYTICS y /aureusanalytics in /company/aureus-analytics f /aureusanalytics O /aureusanalytics Sources: > www.businessinsider.in > www.livemint.com > www.cmo.com > www.cnbc.com > newsroom.accenture.com ... ...