Wearable tech gets Tommy Hilfiger and Hugo Boss stamp
Hugo Boss and Tommy Hilfiger are ready to dip their toe in the wearable market. At Baselworld 2017, they announced their own Android Wear 2.0 watches which will debut soon. Hugo Boss' wearable "The touch" will be a formal affair and will have a $395 price tag. Tommy Hilfiger TH24/7You will empty your pocket by $299. But, is wearable tech worth the hype?
Wearable tech, "trend" being the operative word
Wearable tech has been pegged as the next big thing. Although, it may have started off with great pomp, any trend, however, without innovation will fizzle out if after the initial rounds of euphoria, it fails to stand the test of time. So, how has the wearable tech market projected itself and is there a far reaching prospect out there for the market?
Wearable tech, what is exactly the novelty?
Wearable tech at this point of time is running on four pillars namely fitness trackers, smart watches, VR headsets and the new smart wear category. With this in the offing it offers a wide range of services that ranges from not missing any updates, to keeping a track on health and also to experience innovative content.
Still at the nascent stage, therefore prone to over speculation
According to sources India has seen a meteoric rise of 67.2% in demand for wearable tech mainly in the areas of fitness trackers as well as smart watches. India is a millennial heavy country and with enough purchasing power, it is justified that there will be a demand for wearable tech. Both indie and foreigner brands are now trying to cater to the market.
It's hip but where are the big brands?
Several brands like Hugo Boss,Tommy Hilfiger and even Titan,Fastrack and Timex have come up with hybrid watches to be a part of the race. At the same time, Motorola which was at the forefront of wearable tech has halted citing that it didn't see enough pull in the market. Google delayed Android Wear 2.0 update citing quality improvements before release.
There is no silver lining as of yet
In the US, wearable tech was projected to have a rise of 60% year-on-year but ended up showing only a measly growth of 25%. International Data Corporation ran a survey which showed that the overall demand wearables market grew just 3.1% in the last year. According to Argus research people lose interest in wearables after using them for just six months.
The so-called hype cycle has crashed
Analysts opine that this tech no longer has a broad enough appeal and the hype wears off under scrutiny. AYTM Market Research poll found people planned to buy a wearable in the next five years but not now. Even if there is a market, it is for the low end fitness trackers but smart watches don't have a definitive use, which curbs their growth.
Where do we finally stand, Yay or nay?
The technology itself is at a very rudimentary stage and needs to be further enhanced and its uses properly defined before it gains a mass appeal. The market is not ready to shelve out the big bucks for a novelty product that has a limited usage, terrible shelf life and will not be used after a while.
Google Glass, tech masterpiece to product failure
Google Glass was hailed as the pinnacle of wearable innovation and had a hefty price tag of $1,500, but was discontinued after its launch in just few months in 2015 because it was confusing, had a bulky interface and was causing security and privacy infringement