The GITEX Tech Week Wearable Industry Update31-May-2016
Global spending on wearable devices is set to reach US $218 billion by 2019, with the wearable technology industry expected to treble in size within the next five years.
Wearable technologies such as activity trackers and smart watches are driving the growth of global shipped devices from 84 million to 245 million by 2019, meaning that CXOs attending GITEX 2016 will be bringing larger wearable tech budgets with them than ever before. Now, with the Middle East & Africa wearable market set to increase to $20.67 million by 2020, GITEX Technology Week is getting ready for a dramatic increase in decision makers looking to acquire wearable technology.
With GITEX Technology Week 2016 set to welcome more industries looking for wearable technology than ever before, take a look at the below Wearable Industry Update outlining some of the latest trends taking place throughout the below industries:
OIL & GAS
Image courtesy of BP.
With wearable technology’s $2.8 trillion healthcare potential, a number of key industries are looking to wearables to aid them in engaging consumers, increasing data insights and improving employee health. Oil giant BP recently distributed more than 24,500 fitness trackers to staff of its North American business as part of an in house incentive program. By managing their health through the fitness tracker, employees are then able to earn points toward cheaper health insurance.
Image: Dubai Customs
Image courtesy of Dubai Customs.
Gartner has predicted that by 2017 wearable technology will begin to save the field service industry up to US $1 billion per year as wearable computers can be used to overlay diagrams and schematics over equipment, and efficiently update equipment maintenance records. This prediction is beginning to bear fruit as Dubai Customs were recently issued with the latest wearable tech of smart glasses in order to make container inspections at customs checkpoints quicker and easier. As custom officers begin their inspections of imported goods, the smart glasses can instantly display each container's customs declaration, as well as its risk assessment and x-ray which can reportedly cut the time needed for the inspection process from two days to only two or three minutes.
Image courtesy of Virgin Atlantic.
With 72% of people expecting wearable technology to improve customer service, leading customer facing industries are adopting wearable tech to meet consumer demands. For example, Virgin Atlantic became the first airline to equip concierge staff at its Upper Class Wing at Heathrow Airport with wearable technology to deliver a high tech and personalised level of customer service. Staff used a variety of devices on a two-month trial basis—including smart watches, heads-up displays, and traditional handhelds, with Virgin Atlantic concluding that wearables enabled their employees to provide an improved level of customer service to its premium customers.
Image: FC Nantes
Image courtesy of FC Nantes
As wearable technology continues to innovate, new devices are being developed which can monitor user health not by being worn on the outside of the body, but can monitor and transmit data from inside the human body. French football club FC Nantes recently tested an ingestible monitoring device which measures an individual’s body core temperature every 30 seconds. The data could then be retrieved remotely using a monitoring device and was used to track players’ ability to regulate their body temperatures during warm ups and game play in order to reduce the risk of injuries and boost recovery periods.
Image: Rio Tinto
Image courtesy of Rio Tinto
73% of workers around the world believe wearable technology could benefit the workplace through increased staff efficiency, productivity and safety. These benefits have already started to be felt across some of the world’s biggest industries as companies begin to use wearables to benefit their workforces. For example, truck drivers at Rio Tinto's Coal & Allied’s coal mines in Australia have been issued with ‘SmartCap’ devices which allow them to better manage their fatigue levels and reduce the risk of accidents. The “SmartCap” looks like a standard cap but holds sensors across the wearer’s forehead to monitor signs of fatigue and assess their level of alertness.
Demonstrate how your wearable technology could transform key industries at the GITEX Technology Week Wearable Zone where the 50 of the best wearable tech providers will have an exclusive audience with global industry leaders.
Claim your position as a thought leader on wearable technology use with the GITEX Technology Week Tech Talks where 60 + sessions will be delivered across 5 days to a specially invited target audience.
Schedule one-on-one meetings with companies looking to adopt wearable technology at the GITEX Technology Week Connexions Network with 150+ government buyers and 22,000+ meetings delivered in 2015.
As entrepreneur in residence at Upload VR, Robert Scoble has travelled the world discovering and working with some the most exciting companies working on the bleeding edge of technology. At GITEX Tech ...
Abu Dhabi: Masdar Institute of Science and Technology has filed a patent for materials that it has designed and produced through 3D printing, the institution announced on Sunday. Using 3D printing tec ...
Equity crowdfunding (ECF) is a game-changing alternative finance model that enables startups and SMEs to efficiently raise equity finance from a broad and diversified group of investors. ECF platforms ...
When it comes to the challenge of launching a successful tech startup, what doesn’t kill you will only make you stronger as we explore how to snatch startup success from the jaws of failure No matter ...