WEARABLE INTERNET OF THINGS (WIoT): OPPORTUNITIES, CHALLENGES AND BUSINESS MODELS FOR DIGITAL ENTREPRENEURS
Abstract
Technology is the biggest enabler of change. The technology that is changing our lifestyle is Internet of Things (IoT) and Wearable Internet of Things (WIoT). The fusion of electronics, communication and internet technology have given a new prospect for WIoT. Technological innovation and social engineering are two different things. The enabling power of WIoT is infinite; the progress of adoption of WIoT is relatively slow. WIoT embodies the necessary aspects of sensing, processing and communicating. In this paper we discuss the opportunities and challenges from the developer’s and digital entrepreneur’s perspective, which influence the business models for WIoT. In the coming years, digital entrepreneurs targeting wearable device markets must focus on innovation, which may lead to the acceptability of the product by a larger section of society, from children to elderly. Additionally, they must strategize in such a way that not only they overcome the fierce competitors but also the legal hurdles, rapidly changing customer demands and technological innovations. Finally, we suggest a business model for budding entrepreneurs to succeed in the WIoT market. This paper recommends the strategies, business models, and action plans to overcome the barriers of WIoT.
Keywords:
Wearable Devices, Internet of Things (IoT), Digital Entrepreneurship, Business Models, InnovationDownloads
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