In a recent article, The Economist delves into the Apple Watch. Some of the key takeaways from the article are noted below.
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Apple Inc. (NASDAQ: AAPL) "has popularized existing technologies four times: with the Macintosh computer in 1984, the iPod in 2001, the iPhone in 2007 and the iPad in 2010. Recently the faithful have prayed that Apple will pull it off again with its smartwatch. Many firms already make wrist-based devices that measure sleep patterns and exercise, but so far the category has remained a niche plaything for geeks and athletes."
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"Wearables have so far lacked the elegant design and ease of use that helped smartphones ring in such success." Apple has hired "fashion-conscious executives from luxury brands like Burberry and Yves Saint Laurent to make its watch attractive, but it is not yet obvious that it has cracked the cool code."
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"Wearable devices hold the potential to transform some industries. Clinical trials could become cheaper and more accurate if drugmakers give wearable monitors to the patients taking part. Hospitals and doctors' surgeries could use such monitors to reduce the need for home visits. Insurance firms could enter a new age in which they reduce risk as well as provide cover for it. Banks could reward customers who use the identity-verifying features of wearables, to cut the risk of card fraud."
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Some analysts think wearables' killer feature may eventually be that they will provide their users with a "persistent" digital identity, melding the functions of a driving licence, credit card, house key, car key and computer in one small gadget worn on the wrist or neck.
According to The Economist, the biggest challenge facing wearables is the absence to date of a "killer app". Watches do not yet provide much more than smartphones currently do, and some models offer far less.
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