Today, we love to assess ourselves; to know who we are, and what we’re made of. Whether it is for our career, knowing what skills we bring to the table, or where within the marketplace we fit best.
And now, perhaps most popular, is our desire to assess our health and fitness levels.
Many organisations are becoming increasingly aware of the value of data, and the insights we can gain from it. Therefore, in this case, they are using that data to better assess the health and fitness levels of an individual.
In 2008 we had the Fitbit. In 2012 the Nike Fuel Band. In 2014 the Apple Watch was introduced… wearable technology has, and is still, continuing to develop over the years, becoming increasingly popular amongst the ‘everyday individual’.
What do I mean by the everyday individual? I walk into the office, and see my manager with a Nike Fuel Band. I ask my Dad what he wants for Christmas, and he asks for a Fitbit. I’m out with my friends on a Saturday afternoon and they are all comparing the number of steps they have taken over the course of the week.
So it comes as no surprise, with the increasing desire of individuals wanting to be able to better assess their health and fitness, in 2021 we could see Smart Wearables for the Sports & Fitness industry have a market worth of $44.2 billion.
As recorded by Radiant Insights, the industry for sports & fitness related smart wearables generated $3.5BN in earnings. This is expected to increase by more than 400% within 5 years, with earnings estimated to be $15BN! And as we become better at ‘panning’ the data that is available to use, there is no telling what the market value of this kind of technology could be 10 years from now.
With these findings, the value of this newly emerging smart wearables industry has become significantly clearer. So how might this affect the companies, both big-time players and smaller niche competitors, who are currently thriving within the industry?
My thoughts are that the big players, such as Fitbit and NIKE, will look to take over the market, leaving the ‘smaller players’ to make some crucial decisions; do they sell to the bigger, more credible companies? Or do they rely on their ability to adapt quickly and provide niche functionality which will see them become ever-more successful within the market?
When it comes to health & fitness, I love to work out and maintain a good level of fitness. However, I have never been interested in purchasing a smart wearable to supplement my training, as, for some time now, I have not seen the value in doing so.
But the more I am noticing wearable technology, and hearing of the functionality it now offers, I too am edging ever-closer to becoming a wearer of wearable tech.
So, in addition to hearing of this explosive potential in the smart wearable industry, I can also say that from a personal perspective, the findings come as no shock, and it would come as no surprise if I find myself writing my next article with a watch on the one wrist, and a wearable sports band on the other.