Wearable tech isn’t exactly new

But the boom has only just begun.

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.

Photograph: Getty Images

Sandra Kilhof Nielsen is a freelance writer and former reporter for Retail Banker International, Cards International & Electronic Payments International.

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Quiz: Can you identify fake news?

The furore around "fake" news shows no sign of abating. Can you spot what's real and what's not?

Hillary Clinton has spoken out today to warn about the fake news epidemic sweeping the world. Clinton went as far as to say that "lives are at risk" from fake news, the day after Pope Francis compared reading fake news to eating poop. (Side note: with real news like that, who needs the fake stuff?)

The sweeping distrust in fake news has caused some confusion, however, as many are unsure about how to actually tell the reals and the fakes apart. Short from seeing whether the logo will scratch off and asking the man from the market where he got it from, how can you really identify fake news? Take our test to see whether you have all the answers.

 

 

In all seriousness, many claim that identifying fake news is a simple matter of checking the source and disbelieving anything "too good to be true". Unfortunately, however, fake news outlets post real stories too, and real news outlets often slip up and publish the fakes. Use fact-checking websites like Snopes to really get to the bottom of a story, and always do a quick Google before you share anything. 

Amelia Tait is a technology and digital culture writer at the New Statesman.