Wednesday, 19 November 2014

Wearable Devices Now Able To Turn the Heartbeats into Loads of Cash

Wearable Devices
With gadgets taking over many activities in our lives, companies are coming up with newer methods of measuring each moment of our lives. Initially the biometric sensors who were able to measure the temperature of the skin, respiration rate, and heartbeat, the makers of different smart wearable devices have taken a new step and looking forward to turn this biometric information into innovative moneymaking service.

The company will release Apple watch this spring, and we have customers around the world waiting in anticipation as to what this device can and will be able to do. However, apart from the functions, that device can carry out; we are forgetting to focus on one of most vital issue. The issue is the amount of data that Apple and their other competitors will be able to whip out from the device.

According to the survey conducted by PricewaterhouseCoopers, about 1/3rd of the wearable device users end up abandoning their device after a year of use. The wearable devices that can carry out more than just whipping out data will no longer hold any value to the customers, if they do not wear this device anymore.

The main question that crops up is all about invasion of privacy. The hitch lies in the fact that the HIPAA (The Health Insurance Portability and Accountability Act), which aims at protecting the medical records and patient data still does not apply to the data generated from these wearable devices. Apple Watch strategy extends further than their Apple Watch, as it will cover all these roadblocks as they are relying on the HealthKit. HealthKit has the ability to deliver the entire snapshot of the user’s health to their doctors, ER teams, hospitals and even their personal trainers.

For your service: 

At the end of the day, the aim is to provide the data to people who can make sense out of it. The related services, which will generate from these existing data like fitness coaching, weight-loss training, and medical consultations, will further help in shaping up the wearable device market. According to IDC (Market researcher), they are expecting the wearable market to sell nearly 130 million units by 2018 and the value of the wearable market will be at $ 6 Billion.

As per Alex, the head of health care development for French wearable maker “Withings”, Service holds the most important place. Many wellness providers have contacted them to get associated with them. Apart from Withings, many market giants are looking forward to get into this association and provide health service to the customers.

What about the wearable devices without these plans: 

Apart from the companies who are ready to get associated with HealthKit, Jawbone and Fitbit are refusing to do the same. So how can they expect to compete in this scenario? They can either start their own data center or focus on their software and devices. On the other hand, Jawbone got associated with Apple HealthKit and looking forward to embrace innovations and contribute to the service community. At the end, business relies on service.

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