Wearables are the lovebaby of tech and healthcare
Similar to how smartphones and tablets changed the nature of work and gave way to increased collaboration, wearable devices will bring a new era: one of mindful, driven employees who are dedicated to their well-being.
Wearables are a major driver of innovation through enhanced business performance and their impact on Healthcare. Only years after entering the market, wearables like fitness trackers and smartwatches have become mainstream. With 245 million wearables being put on the market in 2019, the number will almost triple compared to 2015. This rise mainly occurs in the enterprise segment.
Why wearables work
With reason: wearables can improve productivity. Indeed, a survey showed that 67% of companies currently adopting wearables report improved business performance. Science agrees: a UK study found that productivity increased 8.5% due to wearables such as motion monitors and brain activity sensors. The reason? Seeing data on their behavior allows people to change it. Racing against oneself increases the desire to improve one’s actions. Also, users reported that setting goals with wearables helps achieve higher performance. Lastly, productivity is driven by healthy competition through ‘gamification’. Harikesh Nair, Associate Professor of Marketing at Stanford, says wearables are “Definitely an incredible revolution that is going to happen in workplace measurement.”
Signs also indicate that wearables increase employee well-being; research indicates happy people are 12% more productive in doing work assignments. As we realize that employee wellness drives business success, the employee well-being market grows further: its expected US revenue in 2021 is $11.3 billion. In its latest report on the future of work, Atos writes: “Given improvements in the Internet of Things (IoT) and sensors, and given the ubiquity of mobile devices and wearables, vast amounts of information about mood, productivity, stress, and happiness are available.”
Harikesh Nair Associate Professor of Marketing, Stanford
Wearables are definitely an incredible revolution that is going to happen in workplace measurement.
In 2017, 35% of over 8,000 American employers used wearables in their well-being programs. By encouraging healthy activity, wearables incentivize improved employee well-being: 75% of users report higher engagement with their health. Atos expects this information will be used to customize mental health and well-being programs in the workplace, as forward-thinking companies will fine-tune their daily business operations according to data generated by employee wearables.
Innovations in healthcare
Wearables generate unprecedented amounts of data. With respect to innovation, this wealth of data makes wearables an important player in the healthcare sector: they can fundamentally change drug development and healthcare research. For example, applications of wearables during clinical trials include vital sign and cardiac rhythm monitoring. Scientists suggest the possibilities of wearables in healthcare will probably evolve rapidly.
Having already arranged the world’s search results, Google is currently focusing on organizing healthcare data, and it’s paying off: a growing group of healthcare providers can now collaborate easily and securely. Wearables allow medical professionals to monitor their patients remotely and provide emergency assistance through cloud-based communication. For example, FitBit and Google recently launched their partnership, speeding up innovations in healthcare and wearables. Using Google Cloud Healthcare API, FitBit can share information with healthcare providers, who can then follow and manage patients’ health and provide them with suitable treatment. We cannot wait to see the future developments.
- Wearables market to be worth $25 billion by 2019
- Research about happiness and productivity
- Research on wearables and productivity
- Happiness drives productivity
- Corporate wellness services market stats
- Atos report on the trends in the Future of Work
- Wearables in corporate wellness programs
- Wearable medical monitoring devices
- Fitbit and Google's collaboration
- Wearables in clinical trials