With the market posting a 32.78 percent CAGR from 2013-2018 it would seem that everyone—from consumers to companies, athletes to doctors—are embracing wearable technology.
The benefits of wearables (and how to tap into the market, from a business perspective) are topics up to discussion at the 2014 Wearable Tech Expo in New York. The Expo starts tomorrow and will showcase up-and-coming technologies and provide a forum to discuss the future of the booming wearables market.
View TechNavio’s conference coverage and free market insights here.
We’ve already discussed some of the challenges the Global Smart Consumer Wearable Tech Market faces over the next four years, and while we’re not looking to rag on wearables, the security concerns raised by this new technology deserve a bit more discussion.
Convenience vs Security
One of the most significant challenges in the market is a lack of data privacy and security. Wearables are small, but have big storage capacities, and most people don’t think twice about storing extremely sensitive information on mobile devices.
In fact, with a growing number of apps it’s even encouraged that we keep our bank information, emails (both work and personal), frequent locations, credit card information and even vital signs on our mobiles for ease of access.
This has the benefit of allowing us to work remotely, and carry out all manner of transactions in an easy, streamlined way. But wearing technology on your sleeve (literally) makes you a bigger target for theft, and it’s also low hanging fruit for hackers. Not to mention wearables are getting smaller all the time and can be easily misplaced, which doesn’t bode well for the security of some of our most personal information.
Aside from personal security concerns, there are wider societal apprehensions surrounding wearable tech. Privacy can be more easily compromised when you don’t even have to take out your phone to snap a picture- your glasses, watch or ring can do it for you.
Corporations are already implementing measures to curb the use of wearables in situations where privacy may be compromised. The UK has already banned Google Glass in cinemas, over film piracy concerns, and there is some speculation that the US may follow suit shortly.
Then there’s the ever-present concern over data security. As enterprises and even sports team look to wearable tech to improve performance—be it in the market or on the field—increased data mobility also means increased risk of theft and information loss.
No Simple Solution in Sight
But it’s not just a black and white issue, and simply removing wearable items isn’t necessarily the solution. For example, Google Glass is available with prescription lenses, meaning that for some removing them is not actually feasible.
Looking at how the technology is developing, as well as the penetration rate of these technologies, it’s safe to say that wearables are working themselves pretty solidly into our daily lives.
Top Wearable Tech Companies and Their Products
“In recent years, the world has witnessed a tectonic shift in technology adoption by individual users because of disruptive technical innovations that enable the convergence of telecom, media, and infotainment with IT and internet-based applications,” says Faisal Ghaus, Vice President of TechNavio.
Technological convergence lets users access emails, attend calls, receive discounts, obtain navigation information, and details about places of interest all while on the go. All these factors are propelling major growth in the wearables market, and if we learned anything from mobile phones, it’s that technology that enables productivity will catch like wildfire, and there’s no going back.
With the Global Consumer Smart Wearable Tech Market expected to more than quadruple by 2018, it will be worth keeping an eye on how top players in the wearables market plan on dealing with security fears over the projected period.
