I had previously posted about wearable tech as I myself wear a FitBit Flex. I am not a geek, I am among the numerous ‘conscious well’ that like to lead an active life.
So I started to catalog the wearable tech choices and even in just few months this sector has gone hot.
The BIG BRAND names
Google – they also are courting an ecosystem of developers to Google Fit
Nike – have the Fuelband
Adidas – have micoach
Most people will recognise these global brands and three are top echelon providers of cloud computing and who would have put the names of Apple, Microsoft and Google alongside Nike and Adidas five years ago? Things are changing and ‘things’ can also be a reference to the ‘Internet of Things’ like wearable tech.
There are other brands in the wings and here are a few that are gaining traction:
Then there is also a range of apps to download, here are two I have experience of: Walkmate (search in Google Play) and Wellmo. Some will like these because they are free to download (at least for now) and the functionality of these may be all you require for now. If not then look at the products above.
This is not an exhaustive list and one global brand that I am going to take a look at is Samsung. More on that later.
The primary audience for these products today, which let’s face it are non-essential, are the coscious well and those that have a fitness routine with training metrics. How many are there? You have to bet these companies have conducted their market research and figure there is money to be earned. I have seen estimates that that the worldwide market for these types of fitness trackers is 500M. Who are the buyers?
My own research identified a report by McKinsey that looked at the distribution of population and wealth globally and suggested that 2 billion people would live in 600 cities and represent 60% of global GDP by 2025 with 735M households with average per capita GDP of $32000 and 235M households in developing world cities with average per capita GDP of $20000. To answer the question before; the buyers will be among this group as they have the economic power and lifestyle.
So, here is a test. Next time you are in a city, look at the wrists of the people you meet perhaps when you shake hands (most people wear on their dominant hand). Are they wearing tech on the wrist? I do and I have met quite a few people now who do as well and it instantly strikes up a conversation piece.
Conscious well. Who are they? I can’t find a definition so I have made up my own.
A group of people that have made a lifestyle decision to prioritise their health and wellbeing because they are mindful of the consequences of ill health for their preferred lifestyle.