If you still think wearable technology is just a fad, think again.
Sales of smartwatches and Fitbit (FIT) health and fitness trackers alone make it easy to see that this market is growing – and growing fast.
Case in point: Strategy Analytics says year-over-year growth of the global smartwatch market ballooned by 457% from Q2 2014 to Q2 2015. Remarkably, the company’s report also showed that the Apple (AAPL) Watch already boasts a whopping 75.5% of the smartwatch market, despite only being on the market for a few months.
And in its second-quarter earnings report, Fitbit revealed that it sold 4.5 million of its fitness-tracking devices over the three-month period. More importantly, the average sale price jumped from $63 a year ago to $88.
Many big names have entered this rapidly growing industry and are designing wearable tech products – Samsung (SSNLF), Nike (NKE), Adidas (ADDYY), Reebok, and GoPro (GRPO) with its hugely popular wearable cameras.
According to IDC, the worldwide market for wearables is expected to reach 45.7 million units shipped in 2015 and 126.1 million shipped in 2019. And IDTechEx says the wearables market will climb from $20 billion today to $70 billion by 2025.
Today, I’m going to profile an up-and-coming wearable device and software company that’s attempting to revolutionize something that affects all of us every day…
A Wearable Memory Bank
Did you know that we humans can only statistically remember around 0.001% of our lives?
If that shocks you, and you wish you could recall more, LifeLogger Technologies (LOGG) has you covered.
Headquartered in Palm Beach Gardens, Florida, LifeLogger is currently in the process of developing two technologies:
A True Point-of-View (POV) Wearable Camera: LifeLogger has designed, and recently prototyped, a true POV wearable camera. The camera is very small (roughly the size of a pack of gum) and extremely lightweight. It can be mounted on a helmet, above the ear at eye level, clipped onto an ear, glasses, hat, headband, or armband. It can also be worn like a necklace. Take a look below.
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As a stand-alone product, this is a cool piece of wearable technology. However, the company kicks it up a notch by combining the camera with its other technology…
Proprietary Cloud-Based Software Solution: The goal with this technology is to create “seamlessly integrated ecosystem software” that’s accessible with any compatible Android/iOS device available.
This software will allow the user to do many things that currently aren’t available through any other software. For example…
- Storing, tagging, and retrieving videos, photos, and other personal data.
- Live streaming from your compatible device.
- Geographic tags.
- In-video text tags.
- Facial recognition with name tagging.
- Display of videos in an easy to view timeline organized by date.
- Social sharing.
LifeLogger claims that advanced features – including video stabilization, in-video optical character recognition, voice detection, virtual reality from lifelog reconstruction, and more – will be added as the technologies mature.
Together, this software and the wearable camera will give people a very simple way to record their daily lives and experiences in detail. That simplicity comes from the fact that the software can be accessed on any Android or iOS device.
Got a Bad Memory? No Problem…
Imagine how much more of your life you could remember with this technology.
What was the name of that terrific restaurant you ate at in New York City? LifeLogger will tell you.
You’re returning to a favorite vacation spot from five years ago – but how do you get to the hotel and those landmarks again? LifeLogger will tell you.
Not to mention all manner of everyday events – sports games, parties, an evening out with old friends.
As LifeLogger stated in its most recent investor presentation, “We are empowering the way you seize your day and remember your life!”
Not only do LifeLogger’s products have a benefit in your personal life, they also have professional and educational uses.
- Businessmen could record important meetings.
- Salesmen could use the technology for training purposes, recording interactions with clients and reviewing them later in order to improve sales techniques.
- Students could easily keep concise documentation of class lectures, laboratory experiments, and review sessions.
With such useful technology that applies to everyone, LifeLogger is one to watch in the wearable space, as the company continues to grow.
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