Wearable technology meets big data analysis

Statista, an online polling source, has recently mentioned that the wearable tech is projected to be worth $7.1 billion in 2015, with shipments of devices is expected to top 68 million.

While mainstream technology firms are scrambling to bite into a piece of this growing wearable tech market, some firms are betting big in information collection through these devices. A subsequent analysis of this data can provide valuable information in research. And that results on analysis of this data enters into another cycle when better apps and techs are built by feeding them this same data back.

It is true that most moderately sophisticated devices you wear can tell how fast you are running. However, Sensoria – a Seattle based company, has developed a fitness smart sock that measures how well you run.

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Equipped with textile sensors and an anklet weighing 28 grams, the smart sock relays information wireless to a mobile phone app, which tells you if you need to correct your stride and priced at $199.

By having the right positioning for the accelerometer, and by combining that same technology with your unique and proprietary textile sensing technology, they have three ways to detect movement in the feet.

Turning footprints into dollars, the company delivered its smart socks to its first group of crowdfunding backers over the Christmas holiday season.

Making hardware isn’t the only space where companies see the potential for making money. Some are developing software to boost health in the workplace. Chronic disease is responsible for more than half of all the deaths in the world, and cardiovascular disease is responsible for 20 million deaths worldwide.

Another Seattle-based company has developed a website and mobile apps that help companies track wellness, an effort to cut healthcare costs by keeping workers in shape, while encouraging daily use of wearable technology.

Source: Grand View Research