The Global Innovation Center Explores the “Future of Senses”

The eighth volume in the Global Innovation Center’s Futurist Report series is here! In “Future of Senses,” we are taking a deep dive into the wave of sensory startups and innovations transforming how we see, hear, taste, touch, smell, and experience the world.?

The burgeoning Internet of Senses market, encompassing technologies that amplify and digitize sensory experiences, is projected to soar to $83.6 billion by 2030, a significant leap from $16.95 billion in 2023. Key technologies such as haptic devices and virtual reality headsets are driving this shift, with the haptic industry set to triple in size by 2030 and spatial computing startups securing substantial equity funding. This transformative wave is cascading through various sectors, including healthcare, advertising, and retail.??

Here are three of the transformative trends that are shaping the future of the senses:??

1. Tech-enabled senses heighten the human experience.?Accessible like never before, sensory technologies and devices are revolutionizing human experiences by enhancing or even replacing natural senses. They come?in various forms, from spatial computing headsets to everyday wearables like socks and t-shirts, empowering individuals to achieve new levels of performance, productivity, and well-being.?
2. Digitized senses unlock new business value chains.?Across multiple industries, AI-powered sensory experiences are blurring the boundaries between physical and digital realms, ushering in an era of immersive experiences and novel business models. For example, in advertising, brands are deploying multi-sensory campaigns to foster stronger emotional attachments in consumers.?
3. The brain-to-sense relationship aids in disease detection.?AI has helped unlock new information about the connection our senses have to the brain, allowing for new sense-based diagnostic techniques and tools to emerge.?

To see our full list of trends and more, click here.??

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QUICK HITS FROM THE GLOBAL INNOVATION CENTER?

• RevitalVision took home the $10,000 Grand Prize in the inaugural VSP Vision Innovation Challenge for its non-invasive algorithm-based technology that targets the brain's visual cortex to enhance eyesight neurologically. At the final showcase, which the Global Innovation Center and MATTER co-hosted in Chicago on August 15, machineMD won second place and Lens2Recycle won the Audience’s Choice Award. Both startups took home a $5,000 prize. You can watch a livestream of the final showcase here and read more about the Challenge and winners here.?

• In case you missed it, business and tech media platform Worth Media Group published an article on “Cultivating Responsible Innovation,” highlighting a panel discussion that Ruth Yomtoubian , head of the Global Innovation Center, co-hosted at Cannes Lions 2024. Check out the article here.??

• Also, Forbes published an article earlier this summer on “5 Reasons Vision Technology Companies Are Building Brands in 2024,” showcasing five trends from the Global Innovation Center’s “Future Eye: 10 Vision Trends That Will Transform Healthcare” supplement. Check out the article here.??

Thanks for reading! We'll be back in your inboxes next month with more GIC-related news and updates. Please share this newsletter with anyone interested in the latest from the worlds of vision innovation and the Global Innovation Center. You can also follow our LinkedIn page for updates in real time, and check out our blog here.?