Wearable technology entails body worn electronics that can easily perform a variety of functionalities such as computing, communicating, sensing etc. For some time now, there has been so much hype around wearable devices. With time, it has managed to reach market maturity with both the introduction and ensuing adoption by consumers of wristbands and smartwatches. Just like it was witnessed with tablets and smartphones, wearables have the potential to have a big impact in the business world.
Wearable technology in the financial services industry
The implications of wearable technology in the financial services industry are huge. According to McKinsey, wearable technology boasts a potential economic impact of close to $6.2 trillion annually by 2025. Currently, a number of banks such as Spain's Banco Sabadell (building a Google Glass prototype) are participating in wearable tech trials.
The most obvious use for wearable tech within the consumer financial services space are smartwatches. As the financial services field becomes increasingly digitized, high street banks utilize devices such as augmented reality enabled eyewear gadgets, wristbands and smartwatches to offer a range of basic services such as receiving alerts or checking account balances. In future, their use could be extended to much more complex services.
Wearable technology in the health and fitness industry
Undeniably, wearable technology impacts the lives of zillions of people that adopt this technology to improve their lifestyles by observing their health and fitness. Today's range of wearable technology can measure an incredible number of parameters. These include:
- Stride length, speed, cadence, step count etc
- Respiration rate, heart rate recovery, heart rate variability, heart rate, skin moisture levels, breathing volume, skin temperature etc
- Sleep patterns, sleep quality
- Distance travelled, calories burned
- Back posture: chest, shoulders and sitting position
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Wearable technology in the education industry
Wearable technology can help increase a child's ability to interact with his or her environment more naturally. This technology can also come in handy in helping students be more innovative and creative. Learners can access information without any obstructions more easily. Muse, Keyglove and Autographer are some examples of wearable technology in the education industry.
Wearable technology in the fashion industry
Can wearable technology and fashion work together? Often before they do, the fashion industry knows exactly what consumers want to wear. For instance, fashion houses have constantly been predicting that soonest, consumers will use clothes to not only look good, but also communicate as well as learn from behaviors. Incorporating wearable technology in to a wave of brand new designs provides daily consumers the chance to interact with fashion. Wearable technology and smart textiles are widely becoming recognized and utilized in the fashion industry.
Consumer electronics are becoming fashion accessories in their own right. This and many other advances in the field will highly encourage the fashion industry to employ their creative flair in to apps for wearable technology. This is as technology becomes increasingly comfortable and conformable.
Checkout our accompanying posts:
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Wearable technology in the entertainment and sports industry
Wearable technology is changing how people make and experience entertainment and sports. Professional athletes are utilizing this technology to enhance their performance. Gadgets such as Google Glass give their fans a totally new angle/perspective of the game. Technology such as virtual reality, haptics, and sensors are redefining music and movies. Wearable technology continues to be applied in countless areas in the entertainment industry.
As more user-friendly and practical wearable device applications continue to be developed, consumer adoption shall increase. This new technology is already offering countless cost benefits and efficiencies to consumers and/or retailers. As each new wearable gadget update appears, there will be closer and closer movement towards mass-market adoption.