Wearable technology could be a $50 billion business in a few years’ time
Wearable technology is an acquired taste. I recently got a healthy sampling of it at I/O, and can see where both sides are in relation to the possibilities. While cautious optimism is the order of my day, some analysts don’t share that tempered objectivity.
A report by Credit Suisse has deemed the wearable technology market could be worth up to $50 billion in the next few years. They note the current market for wearable technology is $3-5 billion, making for a tenfold market increase in a very short time. If that sounds unrealistic, your doubt holds water.
Analysts base reports on speculative propositioning. While their foresight may have roots in firm ground, they’re still based on hopes and probabilities. Items like the Pebble Smartwatch and Google Glass may be exciting, but we’re wise to remember where we’ve already been with wearable technology. Smartwatches are a recurring passing fad, like so many pedometers we couldn’t live without for a time. Even if Google Glass is a hit, and spawns a plethora of copycat devices, the sector will contract quickly.
The report by Credit Suisse notes such things as expectations in improved battery life, and even ponders who could leverage such technology. Noted names in athletics, like Nike or Adidas, are mentioned as being in a good position to do so.
Even as Google and Apple are in the best position for market domination of wearable tech, and both working on or rumored to be working on wearable technology, we’ll simply have to wait to see where it takes us. Speculation is fun, but devices and operating systems dictate the market. If done properly, we’ve got no doubt the wearable technology market has a huge potential.
Then again, the Pebble Smartwatch was done nicely, and the fervor over it has died down considerably.