SEOUL, Sept. 10 (Korea Bizwire) – IoT (Internet of Things) technologies are revitalizing declining industries, such as the camera, clock and apparel businesses. Their success is said to result from winning the hearts of the ‘Millennial‘ generation.
A report issued by the KT Economy and Management Research Center explains that by grafting IoT technology to typical sunset industries, including watches, camera and apparel, the purchasing needs of the Millennial generation have been fulfilled.
According to the report, one of the most successful CEOs is Nick Woodman, the founder of GoPro. In an attempt to film himself surfing, he developed a wearable camera, which resurrected the miniature camera market that was pushed aside with the appearance of smartphones. GoPros, the so called ‘action cams’, can now be mounted on drones and connected to the internet, evolving into a form of IoT merchandise that is receiving a lot of attention.
Fitbit, the wearable band company lead by Korean American CEO James Park, is gaining attention for selling more wearable bands than the Apple watch. Fitbit, which is a wearable watch that measures the quantity of motion, has a 40 percent market share in the international wearable band and watch market with their product.
The report states that all of this was possible thanks to the Millennial generation. Millennials are part of the generation born between 1981 and 2000, and now the main cohort of the American labor market. They outnumbered the Baby Boomer generation (75 million in population) for the first time this year with a population reaching 83 million, rising to be the largest producing and consuming generation in history.
The report points out that the Millennials are ‘digital natives’ that show different consumption patterns, values and lifestyles compared to their parents. They were familiar with computers and the internet from birth, and socialize with others through SNS, using an average of 2 to 3 devices that are connected to the internet.
In addition, the Millennials have a tendency to seek practicality, wearing sportswear as everyday clothes. As they even wear sportswear to work, the apparel business, which was going downhill, turned around and started climbing. The sports apparel brand ‘Under Armour‘ is showing rapid growth by taking over fitness application development businesses instead of other apparel businesses. They seek to provide an IoT platform that connects clothing, fitness and information about health, creating an Under Armor ecosystem similar to Apple’s iOS ecosystem.
The report explains that most of the companies that are adapting to the changing environment are new small businesses. This trend is on the same page as small businesses leading change and innovation throughout history.
The report also emphasizes that the government has to support IoT businesses in terms of its policies. The worries over the exposure of private information, copyright issues about the vast quantities information collected by the new devices, and securing frequencies can only be resolved under the support of the government.
The future is not just about flying drones and wrist bands recording heartrates. IoT will not only be limited to ‘things’, but will also expand its horizon to bio- and nano- industries.
By Francine Jung (firstname.lastname@example.org)