Wearable devices represent a major opportunity for the technology industry, but the makers of these devices still have some work to do.
8 Wearable Tech Devices To Watch
(Click the image for a larger view.)
Wearable computing is the future, but we will have to wait a few years before it's meaningful as a market for consumers and technology companies. "We believe this is the next big wave that will come out of the high-tech industry," Thomas Stuermer, a senior executive in Accenture's electronics and high-tech group, told us.
He's not alone in that assessment. Forrester analyst Sarah Rotman Epps wrote in a report last year that sensor-laden devices -- wearable computers and embedded devices -- "will drive the next phase of growth in personal computing and have the potential to transform how we live and work." Before that happens, however, consumer skepticism needs to be overcome, and device makers need to articulate the value proposition of their wearable hardware clearly.
Google Glass, perhaps the highest-profile attempt to launch a mass-market wearable device, may be intriguing, provocative, and promising, but it's not yet necessary, particularly to anyone already in possession of a smartphone. Stuermer argues that consumers and the technology industry need to confront some of the myths that have arisen around wearable devices.
Myth No. 1: Wearable devices are just another form factor for smartphones Stuermer says the market is much broader than smartphones and watches. It includes eyeglasses, cameras, clothing, healthcare, and activity tracking. And therein lies a problem. It's not one market; it's many markets, not all of which will thrive equally. That said, the smartphone is likely to be the most convenient way to interface with and configure wearable devices over the next few years. It makes very little sense to ask potential consumers to buy and carry wearable devices that contain the same electronics found in their smartphones.
Myth No. 2: Consumers will quickly embrace wearable technology Technology vendors should temper their expectations. Wearable devices will not experience the kind of rapid growth seen in the smartphone and tablet markets. "Consumers will warm up gradually, and they'll be methodical about it." And it remains to be seen how broadly consumers will accept the technology if it's discretionary. After someone has a device offering mobile communication and web access, what else is necessary?
Myth No. 3: Wearable devices are standalone products No device is an island. At least, that's Stuermer's thinking for wearable technology. These devices need to be part of larger networks. Manufacturers should focus on building ecosystems and services. Successful business models will allow users to connect their wearable devices to other services and will have some degree of interoperability.
Myth No. 4: The wearable market is new Wearable devices may now be getting lots of attention, but they're not new. We've had wearable computers of a sort since the first digital watches appeared in the 1970s, and medical devices like pacemakers can be considered wearable. What's new is the ease of networking and modes of interaction that don't ask too much of the user. If you've ever struggled to set a digital watch without knowing the required button combinations, you already understand why touch and voice commands change everything.
Myth No. 5: The wearable market will remain a niche In fact, it's more likely to be a lot of niches that add up. Stuermer expects the market for wearable devices to grow from about $3 billion to $5 billion this year to $50 billion by 2017. With PC sales stagnant and tablet demand peaking, he expects hardware makers to see wearables as the next frontier.
Building A Mobile Business MindsetAmong 688 respondents, 46% have deployed mobile apps, with an additional 24% planning to in the next year. Soon all apps will look like mobile apps – and it's past time for those with no plans to get cracking.
Top IT Trends to Watch in Financial ServicesIT pros at banks, investment houses, insurance companies, and other financial services organizations are focused on a range of issues, from peer-to-peer lending to cybersecurity to performance, agility, and compliance. It all matters.
Join us for a roundup of the top stories on InformationWeek.com for the week of September 18, 2016. We'll be talking with the InformationWeek.com editors and correspondents who brought you the top stories of the week to get the "story behind the story."