The Market
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The market would include children of Baby Boomers, Baby Boomers themselves, families who have children with special needs, schools who may have children with high special needs, organizations who have funding to support children with special needs and care homes whose clients would benefit from extra safety measures. As technology such as Cloud storage and wearable technologies become more affordable and more widely spread and used, it'll be the norm, permeating all aspects of life. The AI market currently sits about about $11 billion and is projected to grow 600% during the next four years.
"The global wearable AI market size was valued at $10.63 billion in 2019, and is projected to reach $69.51 billion by 2026..." (Allied Market Research)
Below are charts that reflect wearable AI devices and their industries as well as their potential growth over the next five years.
Investment Opportunity
I would aim to secure funding to cover the costs of implementing the following:
- Hire qualified:
- Remote contractors who initially conduct a consultation, gather medical information
- Full stack software developers (for iOS and Android)
- Web developers
- Architects
- Hire a company to assemble the technology embedded in the wearable clothing
- Cover costs of cloud storage, physical making of clothing
- Costs to assemble the technology embedded in the wearable clothing
- Sustainable clothing line that is functional for individuals with special needs, the elderly as well as a small market for every day, typical wear
- Costs to cover initial operating expenses
- Equipment, payroll
- Market research
- Return on equity in the future company
- Co-ownership or holder of preferred stock
What's Already Out There: Periperals and Every Day Experiences
We live in an era where we still need peripherals to access the World Wide Web instead of being able to access the “cloud” and the Web by touching or by waving in the air. I believe we will enter an era of time where the World Wide Web, as we know it, will become obsolete and transform into XR. For now, technologies exist on which we can base and develop future user design and user experience. The most obvious technologies are contained in peripherals such as Smart Watches and fitness tracking applications. Technology and service, as a package, does not exist in its fullest extent without the need to purchase a device and subscribe to an application as well as paying for storage.
Some examples of wearable and/or XR technology that monitors health or impacts the efficiency of our lives include that we can find today include:
Some examples of wearable and/or XR technology that monitors health or impacts the efficiency of our lives include that we can find today include:
- FreeStyle Libre/Dexacom for individuals with diabetes: it monitors your blood glucose levels throughout the day. It physically "attaches" to your body through a small needle that is punctured under the skin
- Smart watches and wearable technology that already track heart rate, caloric intake/output
- Blood pressure machines
- Ear pods
- Amazon grocery market (no in-person check out necessary, just shop via online while in the store and exit)
- The Mirror gym (from Lululemon): an XR experience in fitness
- Wingsuit or Glidesuit: suit used to enhance paragliding experience
- Ring Home Security (self-driving drone/camera)