Wearable technology has grown by leaps and bounds in previous days, but to some, it is still a class of wrist-mounted fitness trackers. But there's a big surge of growth set to hit soon, according to a new report from PwC's Consumer Intelligence Series, and that growth will be coming largely from Millennial consumers.
The PwC report titled “The Wearable Future,” says that wearable tech market is in the same phase as tablet computing used to be 3 years ago. Currently in the U.S.A, about 20% of adults have some or the other kind of wearable device. The figure is decent enough, but PwC report sees a further rise from here.
This figure is interesting because as per the study, consumers were asked to provide reviews about the products and almost 33% of users reported that after a certain period of time, they stopped using the products. Consumers have several problems with the wearable tech market as we know it today, which includes price, security & privacy issues and the biggest one being the lack of actionable information generated by the devices. The same survey reported that about 82% users have security concerns and 86% believed wearable tech would put users at a greater risk of security breaches.
However, Millenials and the early adopters of wearable tech are the one’s who are the most excited about the overall future of wearable tech market. The report further states that over 90% of parents confirmed that wearable tech has helped them to keep track of their children. 80% of users agreed to the fact that wearables have health benefits and with the usage of these devices, they have become more health conscious. Other than health tracking, wearable tech has various applications like entertainment, education etc.
As of current date, a large section of users can’t put their trust in wearable tech to some degree, but at the same time, there are also plenty of users out there who see an impressive future awaiting. In retail stores, wearables are rocking with beacon technology. We have also witnessed these devices, tracking locations and health of children and the elderly. But now it's high time that device makers should try something different like they should jump into new territories. For example, wearable tech companies can think about developing a new kind of glass and combining the same with the police database and facial recognition software. Imagine a scenario where a police official could use a pair of smart glasses to automatically obtain information about a person that was within the officer’s field of view – simply by asking or by setting a default. The smart glass would be able to take the picture of suspect and send the same to cloud based police service where it would be matched with the police database. There may be hundreds of such cases where wearable technology can bring revolution.
There's plenty of room for improvement in the wearable device market, and knowing what we know about what's wrong with it can go a long way toward making it even better. If we look at the growth ahead, wearable tech has a great future and by the end of 2017, things would change drastically.
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