Recently Nike made an abrupt exit from the crowded wearable technology market. The sportswear giant fired much of the team responsible for the development of its FuelBand.
Since the new of the discontinuation was made public, the rumors about that the company’s Fuelband software could end up in the Apple iWatch have increased and, with them, the speculation that Apple will launch its smart-watch later this year.
Almost at the same time, last Tuesday, Seattle based tech giant Amazon announced the launch of its Wearable Technology store, an online storefront designed to be a hub for the buzzword-worthy world of wearable devices.
Over the last years wearable technology has become an exciting field with rapid innovation. From smart glasses to fitness bands to watches, wearables are poised to generate nearly $3 billion in 2014 and research firm IDC predicted in 2013 that the wearables market will reach 112 million units in 2018 according to Time.
Even if the wearable market doubles or triples over the next years, it is still very small and exactly what form it will take remains to be seen. A recent research from Endeavour Partners in the US featured in The Guardian, found that one-third of American consumers who have owned a wearable product stopped using it within six months. What’s more, while one in 10 American adults own some form of activity tracker, half of them no longer use it.
What’s the problem with smart-watches and fitness trackers? Are they just too early? Or is it something more fundamental?
What do you think? Share your opinions in the comments!