Australians are willing to adopt wearable technology though high price points and perceived value are limiting purchases. To date, uptake of wearables has been predominantly by early adopters and spurred by niche uses in the health and fitness industry.
Industries are yet to capitalise on the full potential of wearables. Some industries have begun to adopt basic functions, such as the finance industry, using it to personalise products and increase payment efficiency.
The next growth phase of wearables will be fuelled by artificial intelligence, the Internet of Things and virtual and augmented reality. Significant disruption is expected as use-cases are identified across new and major industries.