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The fashion industry has an important role to play in boosting adoption rates of wearable technology in both the B2B and consumer sectors, reports market watcher Beecham Research.

 

The report draws attention to image, branding and consumer needs when designing and marketing wearable technology, claiming that many start-ups are failing to incorporate these in their products or business plans.

 

Speaking on the issue, principle analyst at Beecham Research and author of the report, Saverio Romeo, said: “Current market forecasts are based on a smartphone-centric view of wearable technology... While these devices may have some smartphone functionality, they will be much more than smartphones.

 

“Wearable technology start-ups are feeding the market with innovative ideas and creative uses of technologies, but they are not addressing other important issues, from security to business models," Romeo added.

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In response to these problems, Beecham Research has created a product evaluation framework that looks at products in different ways, including as technology, design, security and privacy, and with business and retail models.

 

“These are technology-focused individuals,” said Romeo of many start-ups venturing into the wearable technology sector. “They produce some fantastic technology-based ideas, but they do not consider any other consideration that they should do as a company.

 

"I’m talking business models – who’s going to want to buy this device? Where are you going to sell this device? So for us this is a strong limitation.”

 

The report predicts that the wearable technology market could be worth almost $3bn by 2018, with the business operations, security and medical sectors accounting for large portions of that potential revenue.

 

Google Glass has previously been trialed in hospitals and airports, and assistance from wearable technology has been widely touted as a way for the sick or the elderly to reside in their homes for longer. Even in these cases, however, there has reportedly been resistance to devices deemed too obtrusive.

 

Claire Duke-Wooley, fashion technology analyst at Beecham and co-author of the report, said: “There is a real difference between making technology wearable versus making technology products that are desirable and genuinely engage with consumers through good design practice.

 

“The market is still wide open for trail blazing products that deliver desire, image and perceived value,” she added.

 

“And it is greater knowledge share between the technology and fashion industries that is the key to success.”

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