The Future of Wearables, According to PwC

The professional services network PricewaterhouseCoopers, or more commonly known as PwC, recently had a webcast on the future of wearable technology and its market. All PwC CISs are free to register for and view, with the only requirement being a valid email address. They offer a wide range of webcasts and data ranging from automotive news to technology to health services.

Things kicked off with data from a 1,000-person poll showing 314 of them owned something defined as wearable tech. Thus the question of “what is considered wearable tech” is presented and answered. Ranging from literally the head to the feet, devices from headphones that monitor heart and steps (such as Dash Headphones, warning: auto-playing ad) to chips inserted and paired with shoes, plus smart clothing, wrist bands, watches and of course smart glasses were all considered wearable technology.

With a clear market for the fitness minded person as well as the tech-savant people, the webcast cites an interested trend. Another study showed one in five (of voting age) Americans own some sort of wearable tech. That 20% ownership rate mirrors the same rate of people who owned a tablet in 2012. Now approaching 2015, American tablet ownership is up to 40% — even when considering the slow sales of tablets for some retailers and particularly Apple iPad sales dropping for the third straight quarter.

The same study included a poll, with speculative questions, arguably the most interesting answers were 46% thought obesity rates would drop and 42% believe the average person’s athletic ability will improve dramatically. While there is no data yet back up these figures, it is easy to see why PwC expects the wearable market to double within two years in the same manner as tablets did. In 2013 two million wearable devices were sold in the United States. If estimates for the holiday season prove accurate, that number will jump to 19 million this year.

This age group is of particular interest to wearable tech companies. Millennials are defined as ages 18-34 by PwC represent a massive market to cater to. A study by Barkley — who differed and defined a millennial as someone aged 19-37 — claimed the millennial generation are responsible for more than $200 billion in buying power annually. Entertainment is important to them and they are the cord cutting generation. If wearables can help bring them their sports, health information or productivity in a better and more streamlined fashion, then everyone wins.

For a concise breakdown of most of the covered topics, check out PwC’s video.

(Thanks to PwC.com for the screengrabs of slides and TecSplash for the header image.)