Pricewaterhouse Cooper (PwC), after surveying 1,000 US adults, has said that the wearable device market is ‘ripe for growth’. 20% of American adults now own a wearable device; however, many existing wearables have not met owners’ expectations. 33% of those surveyed, who purchased the device more than a year ago, say that they no longer use the device or do so infrequently.
Consumers’ main concerns with wearable technology include price; privacy; security; the lack of ‘actionable information; and inconsistent information. However, 53% of millenials and 54% of early adopters said that they are excited about the future of wearable technology. For these devices to be most valuable, they need to use the Internet of Things; interpret the information that they collect; and ‘take a human-centered design approach’.
According to PwC, companies in the entertainment, media and communications (EMC) industries have the largest opportunity to benefit from wearable technology. 73% of respondents said that they expect wearables to make media and entertainment more fun. Millenials are especially excited by wearables in this space.
Looking at the health space, PwC found that consumers have not yet embraced wearables for this market – but they are interested. More than 80% of respondents said that an important benefit of wearable technology is its potential to make healthcare more convenient. Additionally, consumers are very interested in companies offering incentives to use wearables.
PwC concluded that wearables have a strong existing challenger in the smartphone. For these products to take off, they will need a distinct value proposition and – in the short term – to integrate with existing technology.
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The research on those that have the devices but have stopped using them does suggest that wearable use can be something of a fad that passes. (BR)
