Despite slow start, wearable trend expected to grow

According to PricewaterhouseCooper’s “The Wearable Future” report, global demand for wearable technology is expected to surpass 130 million units by 2018, with gross sales at US$6 billion (Bt200 billion), as younger people look for new ways to make their lives easier.

The PwC study, conducted by its Consumer Intelligence Series unit, monitored social-media chatter and surveyed 1,000 consumers, wearable-technology influencers and business executives to explore the technology’s impact on society and business. 

The outlook for wearable devices is bright. One out of every five American adults surveyed say they already own a wearable device, and the adoption rate – on par with tablets in 2012 – is expected to rise rapidly.

Vilaiporn said smart watches, glasses and headgear had yet to gain widespread popularity, but more advertising companies were looking for ways to deliver marketing messages directly to prospective clients.

“Wearable technology can offer companies in these industries a competitive opportunity to stand out from their rivals if they have a game plan now. Entertainment, media and communications, health, retail and technology will be the key sectors that benefit from the early adoption of wearable revolution,” she said.

Consumers are most interested in health and fitness wearables, according to the study, and employers and insurers could kick-start the trend by footing the bill for these devices. Many fitness bands, smart watches, and other wearables have under-delivered. About a third of wearable owners stopped using their devices or use them infrequently.

Price, privacy, security and the lack of consistent information are among the main consumer concerns about the devices. For instance, consumers say that they appreciate health technology, such as devices monitoring heart rates, step counts, and oxygen levels, but most of them don’t actually know how to apply them to make their lives better, Vilaiporn said.

One of the biggest benefits seen from wearable technology is improved safety, according to 90 per cent of those surveyed. Health benefits, at 80 per cent, are also key. This includes healthier eating, smarter exercise and access to medical care. Meanwhile, simplification and improved ease of wearable devices was also among the top three benefits at 83 per cent.

“Some might think that parenting technology could have adverse effects on kids, but imagine monitoring your child’s whereabouts and vital signs, outfitting them with inflatable impact-sensing devices, or devices that let your children know who is dangerous and who is safe – a wearable babysitter of sorts,” Vilaiporn said.

Consumers in Thailand are tech-savvy and health-conscious. They expect wearable technology that enhances fitness, improves athletic ability, and manages health and healthcare costs.

“Although wearable technology is in the early stages in Thailand, we expect the trend to gain traction in the coming years. Time will tell whether wearable devices are just shiny new toys or lifestyle changers,” she said.