The demand for wearable tech is skyrocketing, creating attractive opportunities for innovators all over the world.
From sleek health tracking rings to language translation smart glasses, wearables and the growing Internet of Things (IoT) are transforming industries like healthcare, financial services, consumer goods, fashion, and more.
The wearable tech industry “was evaluated at a size of USD 77.55 Billion in 2023 and expected to reach USD 191.69 Billion by 2030 at a CAGR of 13.80% during the forecast period,” according to analysis from Stellar Market Research.
Releasing a new wearable product can pay off in big ways, but it’s no simple task. We’ve helped develop unique wearable solutions for clients, and have identified a few challenges to consider before you take the leap.
Every wearable device requires different features to measure and communicate data specific to its purpose.
From a developer’s perspective, this process is always unique. Some solutions are relatively simple, with bluetooth features that are highly customizable through a smartphone application.
Others require fine-tuning many different types of sensors to measure processes and accurately interpret the data available on the users’ environment or movements.
Before you have a marketable device to show the world, the research and development phase is a crucial piece of your investment. Take time to get familiar with the potential costs early on so you have the necessary information to plan strategically.
Even on the low end, with minimal testing to collect data on your prototype, you’re likely to spend between $50K and $75K on research and development. To bring a finished, production-ready wearable to market can easily cost between $500K and $1 million.
From concept to final product, the organizations and professionals you choose to work with make all the difference. Look for industry-aligned developers who are enthusiastic about your goals and consistently follow software and product development best practices.
As you make these decisions, also consider the geography of your team. Are your research and development partners significantly spread out? Then you’ll need to factor in delays and costs associated with shipping components and prototypes for testing, etc.
If you’re working with a global team, leverage remote project management strategies. They will help keep everyone engaged and your vital data secure as you collaborate across borders.
Define what you’re trying to measure. Then, ensure that you have a general understanding of what different sensors do before you consider specific solutions for your prototype. For example, you might need an accelerometer to track linear or gravitational acceleration, and a gyroscope to record rotational acceleration.
Then, you will need to determine whether the sensor options you consider have thresholds that make sense for what you’re trying to record.
We encountered this issue working on a wearable that evaluates various physical biomechanics to determine an athlete's likelihood of injury, for the purpose of prevention. In testing, we discovered the device accelerometer maxed out at 16 g, and we needed more powerful sensors for our purposes.