My Best Bets for 2018 and Beyond

I have been working in the wearable space for a while. Every year I like to take a look back at how the industry has evolved and make some educated guesses on how market pressures and technological advancements are going to shape the next few years. One thing I know for sure is that the market has not fully evolved into what it can be.

My first step was to identify what I believe to be key dimensions of the ‘smart’ watch market.

Utility is an important factor of wearable devices. Customers are beginning to expect more features, but at the same time they are frustrated about being over inundated with data.

Users want us to make sense of their data. More qualitative and descriptive messages over granular data points.

Openness is important. Users want greater interdependence from platforms. Allowing cross-platform integration is important especially when it adds additional value to the user. Openness also allows for third parties to produce content and provide more services on smart watch platforms.

Users want reliable Bluetooth, LTE, Wi-Fi, BLE wireless connectivity. Wireless charging is going to become more commonplace. We are already seeing major segment leaders offering more advanced connectivity such as LTE such as the Samsung Gear and Apple Watch. These devices are becoming more popular due to more practical functionality and cheaper costs.

Safety is a big area of opportunity for manufacturers to target. In my opinion, there are three main use cases for safety features to consider. Extreme athletes, elderly and those with chronic illnesses. By extreme I really mean those who push themselves beyond their known limits. These users could be mountain climbers, endurance athletes or weekend warriors who might worry about over exerting themselves. Features that tell them whether they are pushing too hard will have a high-level of value. One of the biggest areas of growth for wearable tech are the baby boomers. Smart watch makers will have to find ways to appeal to this market demographic to be successful. This will mean approachable biometric data that helps these users track their health that is considered ‘legit’ medical grade. These types of features will potentially help users limit health costs by leveraging tele-medicine services. Lastly there are users who suffer from chronic illnesses whom manufacturers can target with safety features that enhance mobility and quality of life. I believe that safety features that enhance visibility, biometric awareness and situational awareness will continue to grow in the coming years.

It is important that users believe that the data coming from their device is truthful and dependable. Beyond being true, the data being recorded has to be communicated in a meaningful way. That means it needs to be understandable and actionable. Tech companies making devices will have to spend more time considering what information is worth surfacing to users.

Accuracy has improved tremendously over the past few years. We are now entering into a time where users are expecting products to sell them on the data.

The biggest opportunity in accuracy in the coming years will revolve around medical safety which I spoke to above in the utility section. Being recognized by reputable organizations like FDA, will be a big part of gaining users trust in the accuracy and safety of smart watches of the future.

Customers are expecting premium materials at lower price-points. On this dimension, it is important to meet users’ expectations, but there is little benefit to exceeding market demand. I expect the bulk of smart watches and other wearables to basically tow the line here on most product offerings. However there will be a growing number of premium options that will push the boundaries with style, materials and accessories.

Users will continue to expect more for less. Companies entering into the market will increase options and price will become a bigger part of product differentiation. We will see more premium devices come to market and there will be price wars on the bottom end of the price spectrum.

These are my own predictions. If you found this article interesting give it a like. If you feel like I missed something or have questions leave a comment, I would love to discuss.

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