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Wearable Technology: Powered by the Cloud
The global wearable technology market was only about $750 million in 2012, but the wearable technology market is expected to grow to $5.8 billion by 2018. 82 percent of wearers of technology say that the devices have enhanced their lives, although devices like Google Glass have raised concerns about their privacy, causing nearly two-thirds of those surveyed to say that there should be some sort of regulations around the use of the technology.
John Engates, chief technology officer at Rackspace, said that “A whole generation will grow up with this technology and expect it to give them better and better information about themselves. This trend is unstoppable.”
Robert Scoble, startup liaison officer at Rackspace, said that “It is important to note that wearable technology and the cloud go hand in hand — together they provide the rich data insights that help users better manage many aspects of their lives. Cloud computing is powering the wearable technology revolution. It allows the data generated by wearable devices to be captured, analyzed and made readily accessible whenever users need it.”
CB Insights estimates that VC have funded startups to the tune of $570 million in the wearable technologies market, with more than two-thirds of the money going to the companies Jawbone and GoPro.
CB Insights identified the following categories of wearable devices:
Augmented Reality & Personal Display – Like Google Glass or Pebble Technology’s watch.
Body Monitoring (Health & Fitness) – Like the Fitbit wireless activity tracker
Brain Monitoring – Like Brainbot with a sort of bio-feedback device that promotes Mindfullness.
Controlled Computing -Devices that make interacting with computers easier or more intutive — bypassing keyboards and mice. InteraXon has a ‘thought-controlling’ headband and Thalmic Labs has a gesture-controlled armband.
POV (Point of View) – Like GoPro and nugg-it wearable cameras and audio-recorders.
