When you think of “wearable technology,” activity trackers aregenerally the first item to come to mind.
But there are many more types of wearable technology that allorganizations, especially smaller ones, are starting to integrateinto their daily operations, explains Kirstin Simonson, CPCU, ARM,AU, ASLI, second vice president for Travelers Global Technology,based in Minneapolis.
“With the potential to bring fundamental change to businessoperations, we’re seeing a sincere effort among small businesses tointroduce wearable technology,” Simonson says. The types of devicesbeing used are contingent on the business’s needs and industry. Forlabor-intensive industries, such as construction, manufacturing andhospitality, the focus lies on increasing productivity whileenforcing workers’ safety. Smart glasses and sensor-infused gloves areamong the pioneering wearables slowly entering theseindustries.
Evolving technology
Wearable technology and the Internet of Things are poised toredefine mobility, Simonson says. SNSResearch estimates that wearable device shipments accounted fornearly $20 billion of revenue in 2015 with projections for marketgrowth at a compound annual growth rate of 40 percent until 2021.Another research firm, Soreon, predicts that the health care wearablesmarket alone will top $40 billion by 2020.
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Rosalie Donlon
Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU PropertyCasualty360.com. You can contact her at [email protected].
