Currently the value of global human data is rocketing.
In monetary terms, it’s an exciting investment proposition. Different agencies are making their predictions but right now, human data is estimated to be worth around $1.3 trillion. It’s the fastest growing type of data out there.
The wearable fitness tracker market globally is on track to generate revenues of $48.2 billion by 2023, a boom led by the growing adoption of apps to track fitness and for wireless health tracking devices. It’s no wonder that the value of many tech companies is based on the value of the human data they hold.
Consider the possible value of Fitbit’s accumulated and anonymised heart data, thought to be the largest of its kind. It has over 150 billion hours of data, collected via its devices, that are also associated with age, gender, height, weight, activity level, sleep pattern and location.
But wearable tech is already moving on from wristwear. The sector is moving forward at a pace as users demand that technology be more seamlessly integrated into their lives. Here at Prevayl we are planning to work with the Graphene Engineering Innovation Centre (GEIC) to incorporate sensors into fabric fibre, creating the world’s first truly smart-clothing. Just as our clothing will soon make current wearable devices look positively quaint, the value of the bio-data we will collect is likely to be exponentially more valuable than the data from those wearables.
For the individual, the data has to be meaningful. They can’t benefit from it financially, as there is only real monetary value in data when it has been combined with masses of other individual data to produce patterns and trends. But its potential to improve and even save lives is immeasurable.
Hence the relationship between the company that collects the data and the individual is so important. When it is a two-way sharing experience, the data creates its own appreciated value for the customer and the process itself becomes sustainable. Data that tells a person more about what is going on inside their own body and provides insights that help with more informed decision making can support improved health and overall healthier happier lives.
We believe that Prevayl will play a crucial part in building that mutually beneficial relationship with users. The clothing will be fashion-led and desirable, so wearing it will be just another everyday choice. Seeing and understanding their own unique, personal data will help them on a day-to-day basis. They can make better choices and build healthier habits, while also staying ahead of potential life-threatening issues that might have been lurking in their future.
The collated data meanwhile, anonymised and aggregated, will provide critical information to help experts in health, medicine, pharmaceuticals, defence and sport. It will lead to the development of better treatments, drugs, therapies and preventative methods that will benefit people all over the world.
Now that’s what I call real value.