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Environmental Scan 23 - environment scan on wearable industry

environment scan on wearable industry

Course

Marketing (BMKT 161)

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Capilano University

Academic year: 2020/2021

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BMKT 161

ENVIRONMENTAL

ANALYSIS RESEARCH

REPORT

Industry: Wearables

in Canada &

Launching wearable

products In

Vancouver

Introduction Page
Wearables Page
Wearables in Canada Page
- Demographic Page Environmental Scan
- Socio-Culture Page
- Competitive Page
- Technological Page
- Economic Page
- Regulatory Page
Conclusion Page
References Page

Wearables in Canada:

In Canada wearable industry is thriving. Canada took the charge of

innovation in wearables. Montreal, Toronto, and Ottawa boast a growing Hardware Startup

and Wearables Community. Large number of startup and established companies are jumping in wearable industry. Some startups became leaders of this industry. Discover each of the startup below:

1) Airo Health

Device : Airo

Release Date: 2015

Applications : Nutrition, exercise, stress & sleep tracker

HQ: Waterloo, ON

2) PUSH Design Solution Inc.

Device : PUSH

Release Date: 2014

Applications : Fitness & Sports

HQ: Toronto, ON

3) Engage Biomechanics

Device : PosturePod

Release Date: 2014

Applications : Medical

HQ: Toronto, ON

4) Impakt Protective

Device : Shockbox

Release Date: 2011

Applications : Sports

HQ: Kanata, ON

5) InteraXon

Device : Muse

Release Date: 2014

Applications : Health

HQ: Toronto, ON

Hence there is significant growth in wearable industry due to their critical importance in several consumer services such as health and sports. The revenue of wearable industry in Canada in 2021 is estimated $373m. ( Wearables - CANADA: Statista market forecast ).

 Socio-cultural: To be successful in the global market, companies must understand the obstacles they face while developing and marketing their products, not only in their own country but also in other countries with different social and cultural background. Most countries have a dominant language, identifiable education systems, and other institutions that inculcate members with common values (Alshare et al., 2011). Canada is a multicultural country. A country's cultural values influence technology acceptance**.** It seems to me that right now the wearables future is one that is being assumed into existence along the lines of some predictable and unbending law. Gender , culture, and image play an important role in acceptance of wearables. For example: Men tend to see higher level of functional benefits from smart wearable devices than women. Image, esthetic, and look-and-feel are related to visibility on the fashion of wearable technology, whereas information privacy is a concern related to social factor.

Image, esthetics, and

look-and-feel are related to

visibility in the literature on

fashnol-

ogy of wearable devices,

whereas information privacy is

a concern

related to social factors under

fashnology of wearable devices.

Image, esthetics, and

look-and-feel are related to

visibility in the literature on

fashnol-

ogy of wearable devices,

whereas information privacy is

a concern

related to social factors under

fashnology of wearable devices.

Image, esthetics, and

look-and-feel are related to

visibility in the literature on

fashnol-

ogy of wearable devices,

whereas information privacy is

a concern

related to

social factors

under

fashnology

of wearable

devices.

 Competitive: Wearables have wide range of products and services. In this section, we will cover different segments of the wearable technology industry, innovation and competition, and growth potential.

1) Wearable Bands

Samsung: In 2013 Samsung was able to reach 54% of the market shares due to smart bands. Samsung’s smart watch is the forefront of this growth.

Apple: The wearables era at Apple began years ago. Apple Revenue Growth Drivers

Services: $1 billion
Wearables: $1 billion
Home / Accessories: $0 billion
Mac: $0 billion
iPad: $0 billion

As technology continues to evolve, companies such as Apple, Google, Adidas and others will create one product after another to gain market share in the wearable technology industry. Here are some current competitive rivalry: ( Wearable devices market share )

Wearables are becoming invisible day by day. However , while wearable continues to grow, consumer have been slow to embrace it. There are some challenges that are faced by wearable technologies. The advancement in these technologies can change the future of wearable industry.

1) Battery Life: Battery life is one of the biggest challenges faced by the wearable industry today. Smart devices require high power as battery space is very limited. Therefore, to run for a significant time frame , battery life is the key.

2) Ergonomics/Comfort: The wearables that are meant to be worn on daily basis or long period of time , Ergonomics and comfort are the prime importance. Long term use may also heat up the device, which can cause discomfort to the user. This should be mitigated by making the electronics as efficient as possible. Using new technologies to reduce heat emission or adding some heat absorbents can intensify the growth of wearables.

 Economic:

The growth in real estate market improved Canada’s economic outlook for 2020. Economics analysts project growth of 4% in 2021, which is down 0. percentage points from last month’s forecast, and growth of 3% in 2022.

The growth of wearable market is expected to reach 411 million smart wearable devices, worth $40B by 2021. As it has various applications in sports, communication, navigation and medical fields, wearables became an inseparable part of human life.



Regulatory:

THE FTC ACT:

The FTC Act, enforced by the Federal Trade Commission, pursuant to its Section 5 authority, prohibits companies from engaging in deceptive or unfair acts or practices, including failing to comply with an entity’s own privacy policy, among others.

Conclusion:

To conclude, wearables are the significant part of human life. This industry is rapidly growing. Canada is the main inventor for wearables. Most recently, technology has reached a level that has enabled companies to make science fiction movie fantasies functional realities. Throughout this report , we found that wearable technology, companies large and small have been developing technology with expectations that demand for wearable tech products would explode. The current conditions are favorable to start a new business in wearable industry.

Vancouver is industrialized are with large masses. However wearable businesses in Vancouver are numbered. To start-up a business in Vancouver it is required to eliminate the current challenges faced by the wearable industry.

References:

1) Kalia, T. (2017, September 30). 6 key challenges of wearable product development. Retrieved February 11, 2021, from outdesign.medium/6-key-challenges- of-wearable-product-development-49717d88c684.

2) Wearable devices market share. (n.). Retrieved February 11, 2021, from idc/promo/wearablevendor/vendor

3) Moneta, D., & Mauri, G. (2016). Factors influencing adoption of smart meters. Smart Grid Handbook, 1-21. doi:10.1002/9781118755471

4) Merchant, S. (2007). Exploring the influence of cultural values on the acceptance of information technology: An application of the technology acceptance model. Proceedings of the 2007 InSITE Conference. doi:10/

5) BOROWSKI-BESZTA, M., & POLASIK, M. (2020). Wearable devices: new quality in sports and finance. Journal of Physical Education & Sport , 20 , 1077–1084.

6) Hyde, E. T., Omura, J. D., Fulton, J. E., Weldy, A., & Carlson, S. A. (2020). Physical Activity Surveillance Using Wearable Activity Monitors: Are US Adults Willing to Share Their Data? American Journal of Health Promotion , 34 (6), 672–676.

7) erreira, J. J., Fernandes, C. I., Rammal, H. G., & Veiga, P. M. (2021). Wearable technology and consumer interaction: A systematic review and research

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