Skip to main content

Wearable technology – Tomorrow’s dress code?

Wearable technology may be quietly engineering a revolution in our lives. The full commercialization of wearable technology may liberate people from being tied to the home or office, increasing the importance of public spaces. And the merging of electronics with apparel promises to revolutionize the apparel industry in the same way that electronics revolutionized the automotive industry – up to one third of the value of a car now resides in the electronics. From Google Glasses and Apple’s iWatch to medical tracking devices, wearable technology is now within reach. How will it transform our lives?


Market watchers have projected wearable technology to generate USD4.6 billion in revenue by the end of 2013. Approximately 10 million smart glasses are predicted to be available in the market by 2016, growing by 250 percent on average each year. Smart watches would also come into their own as a significant, high-growth market. Without a doubt, wearable tech will see massive, early-stage growth in the next five years.

10 million smart glasses are predicted to be available in the market by 2016.

There are currently more than 25 million installed mobile operating systems that support wearable technology. It is forecasted that there will be 70 million units of wearable technology in use by 2017, compared to 15 million units in 2013.

Wearable technology innovations
An era of accelerated technological development has propelled the rise of wearable technology products in many industries.

  1. Fitness and wellness
Innovations in wearable technology are injecting fun into the fitness and wellness industry. The current health and wellness market is expected to generate between USD2 and USD3 billion with the introduction of wearable technology.

For instance, Nike and Jawbone UP have stepped up efforts to produce more personalized wrist-pulse sensors for their functional armbands and wristbands. These can even monitor one’s sleeping and eating habits.

Wearable technology has also excited expectant mothers. For instance, wearable fetal visualization device PreVue consists of a big belt that wraps around the mothers’ abdomen and a screen that visualizes the fetus. Not only does this device allow parents to feel connected to the fetus, it also helps them monitor its peak activities.

The wearable fetal visualization device from PreVue consists of a big belt that wraps around the mothers' abdomen and a screen that visualizes the fetus.

  2. Healthcare
Wearable technology will play a part in educating and empowering consumers to better monitor their health. For instance, AirWaves, Frog Designs’ pollution mask, consists of a particle filter, battery and blue-tooth module. It measures air quality, collects real-time information on the severity of pollution in the area, and conveys this useful information to the consumers via a mobile application.

American telecommunications corporation AT&T has also agreed to provide the wireless network for Zephyr’s FDA-approved BioHarness – a device inserted beneath the athletes’ shirts to measure their vital signs, heart rates and temperature.
In addition to this monitoring device, the AIRO wristband keeps track of one’s food intake and heartbeat while also providing advice on body wellness. The wristband gathers information on the body’s biochemical reactions and provides recommendations for the next course of action.

Another example would be the Continuous Glucose Monitor (CGM) developed by medical technology company Medtronic. This device is widely used by diabetes patients, helping to track their glucose levels. CGMs can be easily attached to the patient using a disposable sensor beneath the skin.

  3. Military
Wearable technology undergarments can measure soldiers' performance and fatigue levels as well as determine warfare-readiness.

Protection and comfort are crucial considerations for the design of uniforms in the military. Unlike battle uniforms, an undergarment is a necessity to be worn at all times. Hence, technology built into undergarments would not be easily noticed by external parties.

Tapping on the advent of wearable technology, the U.S Army Medical Research and Material Command, working with the Telemedicine & Advanced Technology Research Center, ran tests on high-tech undergarments to monitor soldiers’ physical condition during combat. These undergarments were proven to be able to measure the soldiers’ performance and fatigue levels as well as determine warfare-readiness              

4. Mobile devices
Wearable technology has birthed a range of devices which aim to bring a smartphone’s functionality closer to the body. Both Google Glass, a head-mounted quasi-smartphone, and Apple iWatch, a wristwatch-like device, have features mirroring selected functions of a mobile phone. Consumers can use these devices to take photos, send audio messages, track their schedules and so forth. Competing smart watch Samsung Galaxy Gear also allows users to make calls and send messages as with a regular mobile phone.

Many device manufacturers are predicting exponential growth in this industry. The retail industry will also benefit from selling wearable gadgets to end-consumers; a trend that may hybridize apparel and consumer electronics retail.

Benefits of wearable technology
Wearable technology promises a range of benefits to the end-consumer:

1. Convenience
Wearable technology devices have reduced the need for multiple devices. For instance, Google Glass has replaced the need for a mobile phone when it comes to GPS navigation and taking photos. On the other hand, the AIRO wristband has integrated multiple monitoring devices into one, enabling tracking of biological reactions in real-time.

2. Information
I. As technology advances, these devices serve as a one-stop information center for consumers. For instance, MC10 - an American manufacturer for electronic sensors in military helmets - can help detect wounds to the head, ensuring that doctors attend to the afflicted soldier quickly.
II. Fitness tracking devices in the form of shoes, wristbands and even smart socks would enable consumers to keep close tabs on their fitness levels and lead a healthier lifestyle. These devices can also detect injuries. For instance, CHECKLIGHT by Reebok is able to measure the severity of a sports injury. Different colors displayed on the device represent an objective measurement of the impact force. This device is widely used in contact sports, where the risk of injury is higher.
Challenges ahead
                                              
Wearable technology seems to present many business opportunities. But is the technology mature? And is the market ready, or is what we are seeing today nothing more than a “faddish” false start?

1. Privacy and security
Could wearable technology usher in a sinister new age of zero privacy? For instance, though Google Glass’s video-recording function has made video-recording extremely user-friendly, many have raised privacy concerns because the camera could be used to record meetings without the other party’s consent. It might also be used for surveillance on the wearer herself.

US medical practitioners need to comply with the Health Insurance Portability and Accountability Act (HIPAA) under Federal Law. When using devices that require wireless connections, there is a risk of information leakage. On top of that, the easy access to information from such a device might generate opportunities for hackers, thus compromising consumer and/or business data. Therefore, the HIPAA compliance initiative acts to keep all information and records confidential at all times.

2. Safety
Smart watches have similar features compared to mobile devices. This has raised debate as to whether smart watches could in fact distract those who wear them and make accidents more likely for instance amongst motorists and pedestrians.

3. Regulatory issues
Wearable technology also requires regulatory clearance. In the UK, all medical devices (e.g. CGMs) have to be approved and certified by The Medicine and Healthcare products Regulatory Agency (MHRA) prior to commercial use. Similar regulatory agencies around the world tend to look to the US for advice on regulatory regimes. Such regulatory approvals take time and would add to the cost of new product launches.

Will wearable technology become the dress code of the future?
Undoubtedly, wearable technology has the power to enhance our lives. It is also poised to change the economics of the retail, apparel and consumer electronics industries.

In the future, major fashion labels may compete not only on design, material quality and retail experience but also technology and functionality. Apparel and electronics manufacturers will be forced to either compete or collaborate. Apparel and consumer electronics retail will become hybridized.

The one segment which will take well to wearable technology would be older consumers, or what is sometimes termed the Silver market – a segment that is growing with aging populations world-wide. Tracking and monitoring of the wearer’s condition is an invaluable tool for home-based elder-care. Such devices are expected to find a lucrative market in countries with old and aging populations, such as Japan, Korea and, in the mid-term, China.

Lastly, wearable technology may allow consumers to untie themselves from their home or office desktops and spend more time working in open, public areas, using wearable devices that run on the Cloud. This may lay the foundations for a renaissance in urban design that puts common spaces, like parks and playgrounds, on a par with residential and commercial zones. Enough to make many of us wear a smile on our faces.



Comments

Popular posts from this blog

Spire Client Entertainment Night December 2019

Spire Singapore hosted its third client entertainment event of the year. Business associates, partners and clients joined the Spire team for the dinner reception followed by the movie screening of “Star Wars: The Rise of Skywalker (Episode IX)”- the much awaited last movie in the Star Wars saga. The final installment in the Star Wars saga revolved around the epic battle between Jedi and Sith. The movie featured most of the key characters from the earlier Episodes 4 to 6. The highly awaited Star Wars final chapter, delectable food and even better company made for a great evening. Read more:  https://www.spireresearch.com/newsroom/events/spire-client-entertainment-night-december-2019/

Digital technology set to boost corporate productivity

The demand for digital technology is on the rise. How are industry players catering to changing technology needs? Jeffrey Bahar, Deputy Chief Executive Officer of Spire Research and Consulting, shared his insights in Kompas – Mega Bazaar – a leading newspaper in Indonesia. Digital technology enhances the way we work. In the digital realm, productivity takes precedence – especially in the corporate segment. Technology and features that accompany a device are always changing, encouraging innovations along the way. Bahar opined that IT spending worldwide is about 2-3% of the total revenue of all of the companies in the world. The banking and financial industry in Indonesia has a higher level of IT spending when compared to the average in other industries. This is where Lenovo – the number one PC manufacturer globally – seems to understand the changing demands from society. It constantly innovates – with its latest edition in the multimode devices under the business segment. ...

Spire addresses sustainable project financing at 4th SEA Port Expansion Summit 2017

Spire Research and Consulting’s Director Yap Far Loon was honored to be appointed as moderator at the 4th South-East Asia Port Expansion Summit 2017 organized by the Noppen Group. The summit was held on 26 October 2017 in Kuala Lumpur. It discussed challenges and opportunities in obtaining sustainable project financing. Yap Far Loon, Business Development Director, Public Sector, Financial Services and ICT for Spire Research and Consulting, moderated the discussion panel on financing for port expansion projects. He focused the discussion on challenges and innovative business models for Public Private Partnerships (PPPs). For successful PPPs, the roles and responsibilities need to be defined clearly to all stakeholders. Local partners should also be given concessionaire flexibility to add intangible business value. Yap also shared his insights on practical business models for PPPs and how exit-based PPP models can dilute private sector investment through the listing of PP...

Will more countries follow the growing trend of free public transport?

Germany and France have decreased or removed public transport fares. In Dunkirk, France, public transport was made free for all from September 2018 – even for tourists. Registered residents in Tallinn, Estonia can now access fare-free services on buses, trams, and trolley. To decrease the number of private cars on the road, Luxembourg’s new government has made public transport free for all. Will free public transport help to lower the number of cars on the road? Read more :  https://www.spireresearch.com/newsroom/spirethoughts/will-more-countries-follow-the-growing-trend-of-free-public-transport/  

India Is Well-Poised to Lead the Global API Industry

Despite the uncertain global economic climate, the growth momentum for generic drug spending will continue says Catherine Tang, Biomedical industry practice leader for the Spire Research and Consulting. Its share of total drug spending is set to increase. Demand growth, primarily from emerging markets, is being accelerated by healthcare reforms in the major developed markets of USA and Europe; as well as impending patent cliffs, where some USD 75 billion worth of drugs go off patent between 2012 and 2015. This presents new potential for manufacturers of API and drug intermediates (active pharmaceutical ingredients and excipient components used in generic formulations) in India.  India is well-poised in the global API industry, but headwinds from higher export barriers and increased pharma co-vigilance are major threats that will inevitably raise production costs and erode margins. To retain its pole position in the competitive generic market and claim blue sky space, API ma...