The application of data analytics to conventional wearable devices adds further benefit to the technology and provides users with actionable information, argues ABI Research.
ABI Research’s report 'Wearable Data Analytics and Business Models' argues there are a number of ways in which data analytics can provide added benefits and additional layer of insight to companies, healthcare professionals, and consumers alike.
Some examples include providing healthcare professionals with anticipatory information on which patients may need instant assistance; and providing consumers, athletes, and workers with an insight into their fitness. These analytical capabilities are provided by a number of companies including Catapult Sports, Emu Analytics, Sentrian, and Vivametrica.
It has been projected by ABI Research that revenue from wearable data and analytics services will surpass the $838 million mark in 2022, at a CAGR of more than 27%, from the present value of more than $247 million.
Stephanie Lawrence, Research Analyst at ABI Research, said:
“Wearable devices have long been finding their way into the lives of consumers and enterprises, offering various features such as activity tracking, communication, access to information, and vital healthcare monitoring. Data analytics adds a further benefit to the technology, giving users and companies actionable information based on the data that the devices collect, with deep integration through an increasingly connected market.”
Elsewhere, an online study conducted by Researchscape International found that 40% of adult residents of the US have tracked their daily physical performance via the use of a wearable device. Of all who have a wearable device, 51% use it at least once every day and 70% use it daily or weekly.
The research found that 39% of respondents use the device to keep a track on the number of steps, 36% for tracking burnt calories, 28% for distance tracking and 25% for monitoring quality of sleep.
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