If you had a chance to listen to my radio interview with IMI TechTalk you know I believe the analytics behinds wearable computing will be a huge business. As sensors and cameras become part of our wardrobe, there will be billions of new data gathering devices connected to the cloud.
Companies like Facebook and Google will want to soak up as much of this data as possible and use it to generate revenue through a variety of services.
At a certain point, many of us will have sensors on our bodies – perhaps as part of our smarphones which measure our pulse and body temperature in real time. Using analytics we can use this data to determine the epicenter of a variety of incidents. For example, one imagines heart rates will increase in unison when there is roaring thunder, tsunami or earthquake.
Moreover, this data can be used to determine the spread of the flu or a pandemic based upon the increasing temperature of a population.
In addition there could be early heart attack symptoms we can determine from this wealth of sensory information which means lives can be saved… Who knows what other treasures we will discover as this is an untapped area of research.
Enter Stephen Wolfrom, the man behind Mathematica and Wolfram Alpha… His latest adventure is personal analytics and has already developed an app for Facebook which can tell you interesting facts about your friends and relationships. He also records his phone calls and keystrokes and monitors his personal productivity in this manner.
He beleives that by using such data, people and companies will become more efficient. In fact he compares the ability to monitor this information with investing. He says, you are basically investing blind if you can’t track your investments but if you do track them, you can make a lot more money.
Seems to me the key takeaway here is wearable tech + big data analytics means better personal and corporate productivity.
If purchasing decisions in this new market begin to be driven by such logic, the already optimistic estimates about the growth of wearable tech could be low.
This could be a very big deal for this emerging space as some analysts already say the market will reach $5.8 billion in 2018, representing a compound annual growth rate (CAGR) of 40.8 percent from 2012 to 2018!