Wearable Market Expanding Into New Sectors

Words Provided by Corporate Vision Magazine

Today, wearable technology is now moving into new markets, including the luxury space. Recently, Armillion has announced the launch of its new “ArmillionAdamantos” contactless payment bracelet, with 252 brilliant-cut diamonds on each side.

The “Armillion Adamantos” bracelet is a tribute to the success of the 10 people who will have the chance to own it. Adamantos is the etymology of the word “diamond,” which means indomitable, undefeatable; the attitude that will define its owner’s legacy.

The NFC technology behind the Armillion bracelet not only provides bank-level encryption to ensure safety and security, it now also allows for contactless payments to made anywhere in the world, supported by Mastercard. The owner is able to link the serial number to their personal ID information as well as access their balance and movements through the Armillion App.

In recent years the profound growth in wearable consumer technologies and diagnostic devices, like smart watches and activity trackers, represent perhaps the biggest opportunity, says the report.

Collecting data via personalised devices does come with concerns about cybersecurity and privacy and, according to the report, the sector will be the need to balance the importance of collecting and using the data of its consumers with the need to protect their privacy and rights.

This is particularly important as there are constant safety fears over a range of technologies and as such, companies will have to work harder over the coming years to ensure their devices are safe. Philip Jennings, UK Head of Life Science at Santander Corporate and Commercial Banking, commented on how the sectors would be supported by firms such as his in ensuring it was ahead of emerging trends over the coming years.

“The UK possesses globally recognised expertise across the Life Science sector which attracts high levels of investment. Santander is well placed to assist companies in developing their Life Science businesses and to help grow their overseas sales.”

Francesco Arcangeli, Economist, Make UK, commented on the issues of how the sector will need to continue to focus on developing its offering to ensure its ongoing success. 

“The UK life sciences sector has grown substantially over recent years to become a significant part of UK manufacturing. The sector is in a fantastic position to be able to take advantages of both current and future health trends and we expect to see the sector continue its growth over the next decade.”

Ultimately, wearable technology has already taken the watch, luxury and Life Sciences spaces by storm, and moving forward it will continue to expand. Despite its growing popularity, creators, developers and companies need to be aware of the risks involved with integrating wearable technology into their offering, ensuring that their technology is at the cutting-edge of the latest developments and trends.

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