The $3 to $5 billion wearables market is expected to grow to $30 to $50 billion in the next three to five years, but L2 Founder Scott Galloway says the reality is unlikely to live up to the hype. While Fitbit has dominated the market, there have also been many false starts. For example, Nike was a leader in the field until it exited. And Glass will become one of Google’s great innovations that failed.
No consumer or tech brand will be able to bring wearables to the market successfully alone. No consumer company is currently a leader in the field, and tech companies such as Google Glass lack knowledge about how to make products desirable. In a survey of smartphone users, 59% said they would not wear the device, and 54% said they would not interact with someone wearing the device. Most likely, a new company such as Fitbit, or a technology and consumer hybrid will emerge as the winner in wearables.
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