The Wearable Business

Published: Aug 13, 2015
Last Updated: May 12, 2016

The Apple Watch and Google Glass are making headlines and wearable technology sales are just skyrocketing. There are even conferences dedicated to this fast growing trend and Canada is seen as one of the global leaders for wearable technology. At first glance, wearables might be something just for the big companies to create and sell but that is not true. Many of the wearables that are gaining recognition are from start-ups around the countrySo how do you get started on your research if you are interested in the wearable business? What are the ideas behind these products that make consumers buy them? Read on to find out:

The Wearables Market

Wearable gadgets, as defined by Webopedia, are a “category of technology devices that can be worn by a consumer and often include tracking information related to health and fitness.” Measurements can range from tracking sleep, brain fitness, assessing skin health and many others. While the most popular form of wearable technologies are watches or wristbands, there is the concept of e-textiles or simply smart apparel. We can observe that these products are made from a synergy of ideas from people with different backgrounds and specialties.

As illustrated by a report on The Market for Smart Wearables, there are five segments in wearable technology to think about:

  1. Sports and Fitness
  2. Hearables
  3. Personal Medical and Assisted Living
  4. Kids and Pets
  5. Fashion

The Wearable Consumer Infographic

Here's an infographic that will give you an idea what this market's digital consumer is like. The penetration for this market is still low and with optimum factors such as affordability, there is no question of the potential growth for this industry.

Be in the Technology Loop

Being in the loop is important in the technology industry-here are some notable sites to check out if the wearables market is your cup of tea:

  • Wearable Technologies
    • Follow the pioneer in wearables for events, news and up-to-date content in the market.
  • Vandrico Inc
    • A wearable devices database that provides a quick number rundown on the wearables market.
  • CNet Wearable Tech
    • Oldie but goodie site to get insider information about what features pique consumer interest and what does not.

As information becomes seamless, it is also important to be in the know on the legal perspectives about privacy of information. This article by the Office of the Privacy Commissioner of Canada Wearable Computing - Challenges and opportunities for privacy protection talks about just that.


References:


CBC. (2015, May 29). Wearable Technology: Canada Emerging As A Global Leader. Huffington Post. Retrieved from http://www.huffingtonpost.ca/2015/05/29/wearable-technology-canada-emerg...
Design1st. (2015, July 12). Canada’s Top 10 Wearable Startups You Ought to Know. Retrieved from http://www.design1st.com/2015/07/12/canadian-wearable-technology-turning...
Beal, V. (n.d.). Wearable Technology. Webopedia. Retrieved from http://www.webopedia.com/TERM/W/wearable_technology.html
Piquepaille, R. (2007, October 24). E-Textiles to Monitor Your Health. Emerging Tech. Retrieved from http://www.zdnet.com/article/e-textiles-to-monitor-your-health/
Hunn, N. (2015, February). The Market for Smart Wearable Technology: A Consumer Centrice Approach. Retrieved from http://www.nickhunn.com/wp-content/uploads/downloads/2014/08/The-Market-...
Salah, H., MacIntosh, E., Rajakulendran, N. (2015, February). Wearable Tech: Leveraging Innovation to Canadian Health. MaRS Market Insights. Retrieved from http://www.marsdd.com/wp-content/uploads/2015/02/MaRSReport-WearableTech...

Photo credit: Watch of the future, created by Robert Scoble on February 17, 2011. Image made available by Creative Commons Attribution 2.0 Generic License. Last viewed on Aug 18, 2015.