3 Industries That Stand to Benefit from Wearable Tech

smart watch

With the introduction of FitBit and the Apple Watch, it seems like all the buzz is around consumer-oriented wearables. But how soon will it be before enterprises are able to leverage these products in a big way?

This article will outline 3 of the major industries that will likely gain a huge advantage from the use of wearables – Healthcare, Field Service and Retail. Supported by studies from leaders in market research, and real life examples of smart applications being used, the below exemplifies the importance of adaptable, mobile enterprises taking advantage of new technology.

Healthcare

Health-monitoring wearables represent an exciting opportunity for healthcare sector. Soreon Research, cited by Reuters, estimates the smart wearable healthcare market will grow to more than $41 billion in 2020.

With health complications such as obesity, diabetes, and cardiovascular disease on the rise, this technology is becoming increasingly significant. This market in particular is being flooded by emerging startups, such as US-based Empatica, who are developing a smart watch designed to help improve the lives of people with epilepsy by alerting them of high stress levels or heart rate. This allows time for positive action before the onset of seizures.

A recent PWC study found that 56% of people believe the use of such devices mentioned above will extend life expectancy by around 10 years.

Field Service

Smart glasses technology is still in its infancy, but its application with augmented realty (AR) can greatly increase the efficiency of workers in field service.

Gartner predicts, “In 2017, smart glasses may begin to save the field service industry $1 billion per year”. The greatest benefit will be the speed of diagnosis of any technical issues without having to send experts to remote sites.

Other field service sectors that profit from wearables would be manual labour, as AG would provide real time training for fixing equipment and performing manufacturing tasks. FieldBit is one of the companies trying to take advantage of this with their Smart Glasses with AR technology.

Retail

Customer satisfaction is likely to gain the most from wearables in the retail sector.

Tech such as smart glasses enables a crucial tool for customers – real time, in store data on any product.

This concept is yet to fully flourish, but as smart glasses technology continues to improve and the popularity in wearable tech rises, this notion is not far over the horizon. A recent study by Salesforce showed that many companies are already experiencing success with wearables, with 86% of adopters increasing investments in the coming years and 76% reporting increased business performance.

The most popular wearables in this industry currently range from smart watches, allowing for on the spot payment, to wearable walkie-talkies, permitting hands-free communication over the internet. The Container Store is already using the latter throughout its US stores to great benefit.

What’s next?

The introduction of smart wearables has created an exciting, dynamic landscape, with opportunities across many industries. And there’s already a precedent, with consumerisation of IT paving the way for apps in the workplace.

Wearables may be the next step in this process. Because they promise not only a huge change to operational management, such as smart glasses and enterprise apps for “in the field” services, but also to consumers, who stand to benefit enormously in areas such as retail and healthcare.

The future will be dominated by enterprises ready to adapt and take full advantage of emerging technology, whilst inflexible businesses will be left behind. So the question to ask is – which one are you?

This blog is from Kony, a world leader in enterprise mobility and a CEO.digital innovator. Meet the innovators

SHARE