Wearable tech has been a hotly debated subject lately. Innovations like Google Glass have made watches, shoes and other accessories a popular commodity, once they’re upgraded with various types of communicative technology. At the moment, the market for wearable tech has a value of $3-5 billion. But according to a new report from the European banking giant Credit Suisse, the market value for wearable tech will grow ten-fold within the next 3-5 years.
Now, wearable tech isn’t exactly a new phenomenon. We’ve been wearing digital watches since 1970, and they’ve since grown to include various functions such as online chatting and cameras. In recent years, wristbands with diverse functions such as unlocking mechanisms for cars and homes, as well as measuring your pulse or counting the amount of steps you’ve taken in a day, have become a popular accessory for the tech-wise. The latest invention is the Google Glass project, which promises to translate your voice if you need to ask anything in Chinese, give you the answers to curious questions and show the way in case you get lost. All through a slim pair of interactive glasses.
Its no surprise then that two of Silicon Valley’s biggest names, including Apple’s Tim Cook, only last week surmounted that wearable tech is an interesting market at the moment.
Famed venture capitalist and internet trend guru, Mary Meeker, even went so far as to call wearable tech the next big thing.
With developments like these, Credit Suisse says the wearable tech market is on the verge of a sales boom. As such, the bank has recommended clients to invest in heavy hitters such as Apple and Google, as well as up-and-coming companies specialising in software and retail.
However, some people are still skeptical of the trend, pointing out that “big things” such as digital cameras, MP3’s and GPS’s are taking a back seat to the all-mighty smart-phone, which provides all functions in one gadget.
But according to Mary Meeker, wearable tech will likely pick up where the smartphone leaves off.
The average smartphone user checks their device 150 times a day. "What if you didn't have to do that?" Meeker asked at a recent convention, pointing out that the need for quick convenience might circumvent the digital equivalent to a Swiss army knife. In this respect, a simple, wearable device with sensors could be the answer to our future needs.
However, as Tim Cook pointed out, there’s still a way to go, before iWatches and Google Glass can replace the smart-phone. For example, big data, which is the data-gathering technology used for such intuitive inventions, is still in the developmental phase. In the meantime, tech-companies need to consider that not everyone wants to wear glasses or a wristband if the functions aren’t exceptional compared to a smart-phone. So yes, I agree that wearable tech is an interesting development worth keeping your eyes and money on. But I’m not sure that the boom is quite there yet. Give it a year or two.