Wearable technology market primed for growth
PwC’s latest report, "The Wearable Future" is an extensive U.S. research project that surveyed 1,000 consumers, wearable technology influencers and business executives, as well as monitored social media chatter, to explore the technology’s impact on society and business.
While fitness bands, smart watches and other wearables are already established in the market, many of them have under-delivered on expectations. Consider that 33 percent of surveyed consumers who purchased a wearable technology device more than a year ago now say they no longer use the device at all or use it infrequently. Price, privacy, security, and the lack of "actionable" and inconsistent information from such devices are among consumers’ main apprehensions with the bourgeoning category. In fact, 82 percent of respondents were worried that wearable technology would invade their privacy and 86 percent expressed concern that wearables would make them more vulnerable to security breaches.
That said, 53 percent of millennials and 54 percent of early adopters say they are excited about the future of wearable tech. Among the top three potential benefits:
- Improved safety: Ninety percent of consumers expressed that the ability for parents to keep children safe via wearable technology is important.
- Healthier living: More than 80 percent of consumers listed eating healthier, exercising smarter and accessing more convenient medical care as important benefits of wearable technology.
- Simplicity and ease of use: Eighty-three of respondents cited simplification and improved ease of technology as a key benefit of wearable technology.
And for wearables to be most valuable to the consumer, it needs to embrace Internet of Things opportunities; transform big data into super data that not only culls, but also interprets information to deliver insights; and take a human-centered design approach, creating a simplified user experience and an easier means to achieve goals.
"Businesses must evolve their existing mobile-first strategy to now include the wearable revolution and deliver perceived value to the consumer in an experiential manner," said Deborah Bothun, PwC’s U.S. advisory entertainment, media & communications leader. "Relevance is the baseline, but then there is a consumer list of requirements to enable interaction with the brand in a mobile and wearable environment."
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