Résumé
He had been suffering from shortness of breath. The doctor said he was fine, but Markus was not convinced. Now in his sixties, he was concerned about catching the coronavirus. His doctor casually mentioned that there are some generally accessible devices that could help him monitor his vital signs. So, Markus went out and bought the latest smart watch from one of the top tech brands.
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Nowadays, a smart watch is no longer just a fashion statement and fitness tracker for the Gen X consumer. As surprising as it sounds, it has become a legitimate medical device, packed with healthcare technology, that could save lives during the coronavirus pandemic.
The latest generation smart watches possess:
By combining these two features, they could be used to detect the early signs of Covid-19, even before any symptoms are visible.
There is even debate among US physicians over whether smart watches should be worn as standard by at-risk patients for this reason.1
Smart watches are an interesting topic because, unlike other medical devices, they are consumer products and represent a relatively cheap medical solution. They empower individuals to take control of their well-being, while removing some of the pressure of managing the pandemic from governments and healthcare functions.
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“According to the New York Times, mortality rates would be slashed because early detection would stop the disease from spreading.” |
The Internet of Things takes the fight beyond the coronavirus
Beyond smart watches, wearables include: smart glasses, clothing, wristbands, belts, armbands, rings and even shoes, which constitute biological sensors that are conveniently attached to a person’s body.2 These devices form part of an all-encompassing Internet of Things (IoT) – a system of interrelated, internet-connected devices that collects and transfers data across a vast wireless network, like the one 5G offers.
Artificial Intelligence (AI) will be essential for this technological network to operate at its full potential, which would significantly benefit certain industries, including healthcare.
Why? Wearable medical technology could be used to detect other serious, even fatal diseases, such as cancer. Patient data fed to the cloud could be interpreted by AI to provide a quick diagnosis. If detected early enough, some forms of cancer could be treated and subsequently made less life-threatening, providing the healthcare industry with an immensely powerful weapon in their fight against the disease.3
This type of technology could also vastly reduce healthcare costs, which has made it a hot topic for debate. Such technology could radically improve the quality of healthcare currently being provided.
The precursor to wearable tech
Ramesh cannot live without his smart phone. He is an IT worker in the city of Gurgaon and he needs his device to stay connected with colleagues.
A decade ago, very few people in India owned smart phones. Today, the country has just under 700 million smart phone users out of its population of 1.35 billion.4 This technology is now widespread.
Source: McKinsey Global Institute ‘Digital India’ report March 2019.
This could, therefore, be a real game changer for emerging markets that have poor healthcare infrastructure – early detection of diseases or online consultation using smart phone technology, could help people in these countries gain easy access to healthcare and be treated quickly.
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“Across much of sub-Saharan Africa, smart phones are more common than access to electricity.” 5 |
These days, a smart phone could be seen as the precursor to wearable tech as it introduced to the general public some functions that are similar to the ones now used in wearables, such as a heart rate monitor. Some would argue that, the only characteristics disqualifying a smart phone as a wearable are portability and ease of use.
Most recently the smart phone has evolved to an infection tracking tool. It has been used to collect anonymous data for contact and trace applications, in the fight against the coronavirus. Here, Bluetooth signals are being used to log when smart phone owners are close to each other. If someone tests positive for Covid-19, then an alert is sent to other users who were in close proximity to them.
Data collection is crucial for getting the best out of AI and wearables
For AI to be effective, it requires vast amounts of data which is exactly what wearable tech and smart phones can provide. The more devices worn or carried by people, the more data available, which helps AI algorithms become more intelligent and effective.
Data collected from smart watches could be instantly fed into a cloud server through either a Wi-Fi or cellular connection. Once uploaded, powerful AI algorithms could quickly process it and, for instance, detect and trace infections of Covid-19.
However, the usefulness of wearable tech stretches far beyond healthcare. It could also vastly improve the quality of education and even improve the way we work.
Taking education by storm
Wearable tech, paired with advanced AI algorithms and the could, bring profound benefits to education.
Consider Brittany, a secondary school teacher and a Millennial
She represents the first generation of teachers to enter the classroom having been born in the digital age.
The phrase “that which is measured, improves” reflects her philosophy on how education should be provided.
To do this effectively, she needs an in-depth understanding of her students’ knowledge and skills before, during and after a lesson takes place. Achieving this would allow her to see whether her teaching methods are effective.
The use of head-up displays in the form of smart glasses, could provide numerous benefits inside the classroom. It could allow students to learn at their own pace, keeping teachers informed on how they are performing. Augmented Reality (AR) smart glasses could also let teachers know how their classes perform in real time.
For students, it could help them achieve certain learning outcomes. Teachers in this scenario would be able to focus more on the students who are struggling. There currently are several companies already experimenting with this technology including Google Glass*, Microsoft HoloLens*, Amazon Echo Frames* and Snapchat Spectacles* to name a few.
Other forms of wearable tech could also be used in the classroom. For instance, a fitness tracker could be used to monitor obesity in schools. It could also be used to monitor classroom attendance and store lunch tickets and hall passes in the style of digital wallets. An application that tech manufacturer Samsung* is already exploring.6
Wearables – one of the top disruptors of our time
Apple*, Xiaomi*, Huawei*, Fitbit* and Samsung* have all launched digital watches, which will form part for this new fitness ecosystem.7
AI could even contribute to increasing employee productivity, and beyond
The pandemic exposed how unprepared companies are to cope operationally in a fully remote setting. During the lockdown many experienced cybersecurity issues. Subsequently, many are looking towards AI, to identify vulnerabilities and eliminate threats.
Find out how AI could assist companies to protect them from cyberattacks.
Overall, those companies that were technologically prepared remained nimble, efficient and innovative. Their clients were served well and they managed to maintain their supply chains.
In some cases, they even improved operationally. More importantly though, they used remote working technology from the start, which helped their employees maintain their personal relationships and operate seamlessly without delays.
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“Companies such as Zoom* produced research that show that AI could free up up to a month’s worth of time per year for professionals who use video conferencing software.” 8 |
Another interesting development was how AI was used to help improve the quality of audio and visual communications for remote workers. Companies like Nvidia*, helped improve the quality of video in real-time and automatically filter out distracting background noises.9
Conclusion
Wearable technology will become an inevitable part of our lives in the future. In many ways it already has with the rise of smart phones and now, smart watches. However, the real benefit comes when these devices are connected to an IoT, where powerful AI algorithms can make sense of any data provided.
What this demonstrates is just how powerfully disruptive wearable technology has already become. This is true not just to consumer goods but also across the board. We have yet to see which other industries it might disrupt.
Thematic strategies focusing on areas of structural change and growth, under competent management, have proven to be resilient to market downturns.11 The disruption from AI has only just started - annual investment into AI has grown 6x globally between 2015 and 201912 as it’s modernising industries, driving economic growth and even sustainability.
Disruption from
AI
has only just
started
- AI is rapidly developing and is here to stay
- Annual investment into AI has grown 6x globally between 2015 and 2019
- AI is changing business models and traditional ways of operating
- It has the potential to accelerate human learning and productivity
- AI could contribute USD15.7tn to the global economy by 2030
Long-term growth opportunities
- Regardles of economic climate, countries recognise that future prosperity depends on investments in innovation
- AI will be the disruptive wave that will help modernise industries and drive economic growth
- Investors can participate in the secular growth opportunities of AI with the aim of enhancing returns
Diverse universe of innovative companies
- Our research platform, analyses >1,000 innovative companies
- We look for businesses that
stand to benefit from the:
- Deployment of AI infrastructure;
- Development of AI software and applications;
- Adoption of AI in key business processes;
- We have constructed a diversified portfolio of 40-100 holdings in companies that meet our investment criteria
References
1 T. Parker-Pope, “What’s a Pulse Oximeter, and Do I Really Need One at Home?,” The New York Times, 24 April 2020. [Online]. Available: https://www.nytimes.com/2020/04/24/well/live/coronavirus-pulse-oximeter-oxygen.html. [Accessed 01 October 2020].
2 K. Guk, G. Han, J. LIm, K. Jeong, T. Kang, L. Eun-Kyung and J. Juyeon, “Evolution of Wearable Devices with Real-Time Disease Monitoring for
Personalized Healthcare,” Nanomaterials (Basel), vol. 9, no. 6, p. 813, 2019.
3 S. Sawat, “How AI Enabled Wearables are Changing Healthcare and Fitness Industry,” eInfochip, 23 July 2019. [Online]. Available: https://www.einfochips.com/blog/how-ai-enabled-wearables-are-changing-healthcare-and-fitness-industry/. [Accessed 01 October 2020].
4 Statista, “Number of smart phone users in India in 2015 to 2020 with a forecast until 2025,” Statista, 10 September 2020. [Online]. Available: https://www.statista.com/statistics/467163/forecast-of-smart phone-users-in-india/ [Accessed 01 October 2020].
5 The Economist, “In much of sub-Saharan Africa, mobile phones are more common than access to electricity,” The Economist, 08 November 2017.
[Online]. Available: https://www.economist.com/graphic-detail/2017/11/08/in-much-of-sub-saharan-africa-mobile-phones-are-more-commonthan-access-to-electricity. [Accessed 02 October 2020].
6 J. Roland, “The Benefits of Integrating Wearable Technology in Education,” Samsung, 17 September 2015. [Online]. Available: https://insights.
samsung.com/2015/09/17/the-benefits-of-integrating-wearable-technology-in-education/. [Accessed 02 October 2020].
7 Markets and Markets, “Wearable AI Market,” Markets and Markets, 11 December 2018. [Online]. Available: https://www.businesswire.com/news/home/20181217005391/en/40-Billion-Wearable-AI-Smart-Watch-Ear-Wear-Eye-Wear-Market---Global-Forecast-to-2023---ResearchAndMarkets.com. [Accessed 02 October 2020].
8 S. Ghosh, “The Role of AI in Shaping the Future of Video Conferencing,” Martech Series, 07 July 2020. [Online]. Available: https://martechseries.com/
mts-insights/staff-writers/the-role-of-ai-in-shaping-the-future-of-video-conferencing/. [Accessed 2020 October 2020].
9 A. Willings, “Nvidia is using AI to improve the quality of your video calls and conferences,” Pocket-lint., 07 October 2020. [Online]. Available: https://
www.pocket-lint.com/apps/news/nvidia/154142-nvidia-maxine-is-using-ai-to-improve-video-calls-and-conferen. [Accessed 16 October 020].
10 C. Marshall, “The story of Fitbit: How a wooden box was bought by Google for $2.1bn,” Wearable, 04 April 2020. [Online]. Available: https://www.wareable.com/fitbit/story-of-fitbit-7936. [Accessed 02 October 2020].
11 A performance of the strategy is not guaranteed and losses remain possible.
12 https://www.venturescanner.com/2020/03/12/ai-2019-funding-achieved-banner-year/
*This is no recommendation or solicitation to buy or sell any particular security. A security mentioned as example above will not necessarily be comprised in the portfolio by the time this document is disclosed or at any other subsequent date.
Names, people and scenarios presented in this article are fictional and created, based on generally accessible facts or events, for illustrative purposes only.
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