With the recent release of the Google (GOOG) Glass, interest in wearable technology has been on the rise. The impending Apple (AAPL) iWatch counter offering will inevitably drive the hype-cycle for wearable technology into hyper-drive. FierceMobileIT cites forecasts from several vendors that predict the wearable tech market will explode.
Wearable enthusiasm
Visiongain believes that over the next five years, the wearable technology market will reach $4.6 billion, with “explosive growth and high adoption rates.” The wearable technology market includes smartwatches, tech clothing, augmented reality glasses, mobile health devices, and fitness/well-being monitors. Visiongain says:
Due to these devices becoming increasingly cheap to manufacture OEMs are now devising ways to apply this technology to target the consumer market. With virtually limitless applications to a number of verticals, the wearable technology market represents a huge value proposition to all ecosystem members, from manufacturers to app developers and service providers.
IHS Research and Juniper Research share Visiongain’s optimism about wearable technology. IHS predicts that between 2012 and 2017 10 million smart glasses will ship, with a majority of units shipped in 2016. IHS optimistically predicts that shipments of smart glasses will increase by 250% per year.
Juniper Research predicts that wearable devices would be increasingly used in the enterprise. Enterprise wearables include terminal devices, scanners, display devices, and tracking devices. They can also be used for logistics, factory management, and production houses. Juniper projects that overall sales of mobile, wearable devices, and smart glasses will reach 70 million units by 2017.
Wearables will cut into tablets
IDC says wearable computing will cut into tablet sales. They believe wearable devices like Google Glass and smartwatches could hamper tablet sales. Shoppers may choose to spend their money on wearable technology instead of tablets.
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Smartwatches augmented reality glasses and even smart contact lenses will save time and increase productivity. These technologies will hit the bottom line of enterprises that choose to embrace this new technology.
Once widespread consumer adoption takes place, the enterprise is never far behind – whether it’s ready or not. Remember how quickly Blackberry’s were tossed aside in favor of more consumer-friendly smartphones? BYOD is evidence that staff members will take technology into their own hands if their employer isn’t providing what they want.
Companies need to start thinking about policies on existing wearable technology. For instance, many companies who have regulations on using cellphones while driving can expand these to include wearable technology, which will come in handy since wearables could prove distracting.
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Ralph Bach has been in IT long enough to know better and has blogged from his Bach Seat about IT, careers, and anything else that catches his attention since 2005. You can follow him on LinkedIn, Facebook, and Twitter. Email the Bach Seat here.