Talk of wearable technology and we think of fitness trackers, smartwatches, sleep sensors, smart glasses, smart jewellery, clothing, and more. While the industry is booming currently, wearable technology isn’t a recent phenomenon. The industry that was valued at USD 32.63 billion in 2019 and is projected to expand at a compound annual growth rate (CAGR) of 15.9% from 2020 to 2027 (Source: Grand View Research), has its genesis in the first visual aid, the humble glasses as early as 1286. In India specifically, this industry is booming, with several new promising entrants in the market like World of PLAY, amongst existing stalwarts like Fitbit & Samsung.
Today, of course, its wide-spread adoption has led to unlocking whole new aspects particularly when it comes to fitness, preventive healthcare and precision medicine. There are many features that define today’s wearables – improved functionality, ease of use, improved connectivity and more. The one aspect, however, that is actually taking wearable technology to the next level, is the wealth of data that, in turn, finds meaning through actionable insights. Here are the top 3 benefits that data analytics bring to wearable technology:
- Analytics in Wearable Healthcare
One of the biggest benefits of wearable technology is in the field of healthcare. Clearly, wearables are the most convenient tools to collect health data. From fitness trackers to medical-grade ECG trackers and more, there can be a range of vital health data that can be collected, which in turn can be used by doctors to prioritize patients who need immediate attention. Similarly, patient data analytics can go a long way in forecasting potential asthma attacks, panic attacks and more.
Data Analytics can also have a strong role to play in improving public services. A number of fitness bands including those from companies like Apple, Fitbit, Samsung, World of Play, Mi and more are equipped with the capability of tracking sleep patterns. With copious amount of data being made available, analytics can point out some of the public measures that could be undertaken to improve overall sleeping patterns. Data analytics could, in turn, throw up a number of areas such as improving public transport or even having delayed office timings to ensure better sleep habits. Similarly, companies can mitigate the risks associated with high levels of stress, lack of sleep, and more, in their workforce, by way of this data.
- Personalized Offers
A big advantage of wearable devices and big data analytics is also that they can create value across the sales and marketing continuum. Integrating wearable devices with CRM systems offers organizations the ability to engage effectively with consumers and deepen consumer relationships. There is also the opportunity to cross-sell products by making bespoke offers customized to individual preferences. The advantage of these personalized offers, as opposed to hit-or-miss marketing, cannot be overstated. Sample yet another aspect of the transformation of the marketing landscape with the use of the much-touted Google Glasses. While on the one hand, it can track a user’s eye to see which advertisement he has seen, on the other hand, is its pay per gaze advertising model that can change the digital marketing model.
- Data Analytics to Improve Security
A great example of using data analytics in wearable technology to improve safety is the use of apparel with wearable LED lights. Its importance cannot be overstated especially for runners and cyclists who need to negotiate unruly traffic. With the use of data from multiple sources, the colour and the brightness of these lights can be adjusted, to be able to ensure driver safety. With features such as the flash for extra safety at intersections and other critical junctures, it can go a long way in preventing fatal accidents.
Clearly then, coupled with big data analytics, the wearable future ahead has the potential to alter the landscape of healthcare, security, marketing and many other aspects of society and business, as we know it today. With everything being real-time and available at the turn of a wrist, the possibilities are immense. The need of the hour is cloud computing to handle the outpouring of data coupled with machine learning to draw actionable insights.