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The fast emerging field of wearables is poised to disrupt current technologies and processes across industries while creating new market opportunities and business models. The market will continue to evolve as various start-ups and established companies take a keen interest in product research and development, particularly in the creation of multiple functions for individual devices.
While a plethora of options exists for distinct functions, wearables that cater to multiple applications are in short supply. Limited form factors and battery capacities curb the incorporation of diverse capabilities in a single wearable device. The implementation of efficient power management and energy harvesting technologies that will help wearables run for longer periods will be critical to widen the utility of the technology.
“The trend toward miniaturization will allow more features to be packed in chips and empower wearables to provide functionalities previously not possible in such small devices,” said TechVision Research Analyst Sumit Kumar Pal. “Advancements in processor technologies will equip wearables with high computing capabilities for demanding applications.”
Advancements in cellular connectivity, low-power Bluetooth and wireless communication standards such as ZigBee and Wi-Fi will expedite the evolution of wearables. Innovations in material technologies such as smart fabrics will also enable next-generation wearable devices.
Expectedly, the success of wearables will depend on innovations from the entire ecosystem of app developers, service providers, technology providers and original equipment manufacturers.
Stakeholders should also explore untapped technology and industry convergence scenarios, which can give rise to new dynamics such as convergence between wearables and insurance or wearables and jewelry.
“Such integration will give shape to the connected living trend throughout the world and add momentum to the adoption of wearable technology,” noted Pal. “Companies that substitute brick-and-mortar business models with online channels to breach geographical boundaries will be able to fully tap the market potential and bring wearables to a global audience.”
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