Did you know?
According to a 2021 report by PwC, while purchasing a wearable device, the price
was the most important consideration for 60% of respondents.
- According to PYMNTS and CareCredit report, How Digital Has Changed Consumer
Healthcare Experience and Expectations, over two-thirds of Generation Z and
millennial consumers track their health using wearable healthcare tech.
- The wearable devices market size is projected to grow from USD 116.2 billion in
2021 to USD 265.4 billion by 2026; it is expected to grow at a CAGR of 18.0% from
2021 to 2026 — MarketsandMarkets.
In hindsight, who would have believed technology would become vital to our lives? Each
new breakthrough seemed like the peak like it was the end. But now, it’s more like, ‘Bring it
on’ in the unceasing era of technological supremacy because tech is making waves every
Tech-savvy accessories: IoT’s new superstar/ IoT’s shining star
From the dawn of mechanised assembly of lines to the rise of AI, the world of tech and industry has been one wild ride. And now, the spotlight is shining bright on wearable tech (more of sentient technology), the outstanding innovation on the IoT block, where anything you wear becomes a utility item. Powered by microprocessors and equipped with internet connectivity, wearable tech is the ultimate tipping point, shaking up the game like never before. These hands-free gadgets serve practical purposes and have the potential to revolutionise how we interact with data and knowledge in various aspects of life, including health, entertainment, gaming, fashion, and fitness.
Although these tech-infused devices may seem like typical consumer products, they possess an immense untapped potential for businesses. According to a study by Salesforce, 79% of companies having wearable technology in their business say it is instrumental to their success and 76% state that wearables improved their performance. Wearable technology, like any other service, is like a buffet, with different sets of consumers choosing what suits their tastes. While early tech adopters, aka the Gen Z and Millennials, are likely to snap up any wearable gadget that hits the market, the affluent crowd may gravitate towards luxury wearables, and the fitness fanatics are more likely to sport fitness trackers. These tractions are common and obvious. However, it’s intriguing to notice the age bar evolving. According to a report by GlobalWebIndex, in 2021, 41% of internet users aged 55-64 and 24% of those aged 65+ own a wearable device which has significantly increased from the past years, and the major traction was toward fitness trackers and smartwatches. The covid-19 pandemic has undoubtedly changed the whole healthcare scenario, for good. Wearables have infiltrated both the consumer and business spheres, creating a symbiotic relationship that’s constantly evolving and expanding.
Wonders of Tech Huggies in Market Research
The capturing of data in real-time provides researchers with an instant and uninterrupted stream of information without extensive efforts, through which they can even extract customised insights and use them to analyse trends and inform decision-making. These in- the-moment insights allow the researchers to understand the real behaviour rather than the claimed behaviour, which further increases participants’ engagement in Market Research studies. For an instance, a fitness tracker can be used to track physical activity, while a sleep tracker can be used to monitor sleep patterns. A very interesting real-life experience for the same is the Apple Watch Series 7 that saved a wearer’s life by alerting him to a racing pulse after a nap, which led to a diagnosis of severe internal bleeding. In fact, he even posted “Well, my Apple Watch 7 saved my life”. Such wealth of data is quickly transmitted to the client, expediting the research process as compared to time-consuming traditional methods, thereby helping them craft appealing marketing and branding content.
Tech you can wear: A closer look at wearables
Market Research- Smart Watches and fitness trackers
These are the watches that can do much more than just tell time. Smartwatches, similar to fitness trackers (like Fitbit) are not only used to track physical activity, like steps walked, calories burned, and distance travelled but also stress levels, sleep patterns, oxygen, heart rate, ECG etc. The data collected from these trackers are extensively used by market researchers who belong to the health and wellness industry, to deep dive into the lifestyle habits of the users. The Covid-19 pandemic has further accelerated the demand for wearable technology, particularly in the healthcare industry.
As per the Brand Xcel Report 2023 by Market Xcel, Samsung, and Sony, two of the top 50 brands in Urban India are actively engaged in fabricating wearable devices. For an instance, The Samsung Galaxy watch and Sony Smartwatch not only have stylish looks but also dons amazing features that keep health metrics in check. For more details, download the report- https://forms.gle/JVp4WPpah3zkiCj76
EEG (electroencephalogram) headsets
These headsets use electroencephalography (EEG) technology to measure brain activity. Many market research companies use this technique to study consumer behaviour and decision-making deeply. They analyse brain activity in response to marketing stimuli such as advertisements, product messages, product designs, packaging, etc. Wow, that’s a lot. Technology is legit reading our minds now. For e.g., BrainBit is a compact and portable EEG headset designed for use in research and clinical applications to analyse brain activity
Virtual Reality Headsets
They are the most trending technology out there. VR headsets are wearables devices that provide an immersive experience for the user, by simulating a realistic environment; imitation to be more precise. That being said, market researchers or product makers use it to study consumer behaviour and product preferences in a simulated environment, like a virtual store or showroom. Additionally, one of the greatest benefits is that wearables allow participants to enjoy a more natural experience whilst taking part in tasks and activities, generating more authentic results. Eg Sony PlayStation VR, Oculus Quest 2, and Pico Neo 2.
These wearables have built-in sensors and incorporate technology into clothing, allowing them to track biometric data like heart rate and body temperature. It is highly favoured by researchers related to the fashion and apparel segment, to study consumer behaviour and analyse data on comfort, fit, and lifestyle preferences. Eg- Under Armor launched its “UA Record” line of smart clothing that has embedded sensors to track physical activity and
The future of business is wearable- don’t get left behind in the dust
As wearable technology has become more integrated into daily life, the potential for innovation and growth in this field is boundless, and that’s what most companies are doing by staying productive, and efficient and mitigating adverse effects on safety. Deciphering consumer behaviour towards wearable technology is critical for brands to design products that fulfil the needs, requirements, and preferences of different consumer segments, and plan effective marketing and pricing strategies. With growing market size, there’s a risen need for companies to stay vigilant and let their innovative streak keep flowing to meet the evolving demands. As a Market Research firm with an extensive experience of over 20 years, we are at the forefront of extracting actionable insights via our proprietary tools and methodologies, thereby equipping our clients with top-notch results and absolute satisfaction.