The wearable market is exploding! The notion of quantified-self and the desire for data collection about our bodies and behaviors have become so important and valuable that many entrepreneurs and established companies have devoted a lot of resources to build products to address these needs.
Fitbit, with over 67% of the market share in 2013, has been by far the leader in the wearable market. Apple just launched its HealthKit, which aims to connect the world of health from multiple dimensions by facilitating the accumulation and access to the health data. Salesforce bet on wearables by launching its Salesforce Wear Developer Pack to enable developers to build applications for a variety of wearable devices. Google, Facebook, Samsung, Motorola, and LG all have joined the wearable party!
Although most of these wearables will end up offering various functions (e.g. taking pictures, receiving text messages, pushing relevant information to user) the “health” offering will be by far the most revolutionizing and important component of all successful wearable devices. That’s why companies like Apple and Google made big bets, hiring top influencers of the healthcare industry to lead their health and wearable initiatives. Given that, the question becomes what does a wearable 2.0 need to offer in order to be a winning wearable product?
Below are some of the most important factors that wearable 2.0 companies need to focus on: (more…)