Simple Answer: Smart products are "connected" products.
Long Answer: Smart Products are specializations of hybrid products with physical realizations of product categories and digital product descriptions that provide value characteristics.
The process of introducing a new product or production method into commerce—making it available on the market.
Virtualization is the creation of a virtual (rather than actual) version of something, such as a virtual office, incubator,
collaboratorium, accelerator, research center, operating system, network resources, or whatever can be imagined, etc.
Triple Bottom Line (or otherwise noted as TBL or 3BL) is an accounting framework with three parts: social, environmental (or ecological) and financial. Many organizations have adopted the TBL framework to evaluate their performance in a broader perspective to create greater business value.The challenges of putting the TBL into practice relate to the measurement of social and ecological categories. Despite this, the TBL framework enables organizations to take a longer-term perspective and thus evaluate the future consequences of decisions.
Smart Fabrics and Garments Exploding in Health, Fitness and Military Sectors
According to Just Style Magazine:
"Smart Garments and E-textiles (combining electronics and textiles) have been in development for over a decade now but commercial interest and success have, until recently, been relatively limited. Since 2013 however, the rapid growth of wearable technology has generated increased interest in the sector. Analysts predict that smart garment shipments in the fitness sector alone will reach 26 million garments in 2017, out selling every other type of wearable device. Health Tech is the next emerging vertical!!
Sport, Fashion, Medical and Technology industries Embracing Smart Garment Emergence:
With smartphone shipments at roughly 1 billion units compared to garment volumes of around 60 billion units per year, it is perhaps unsurprising that major global brands like Adidas and Ralph Lauren as well as technology giants such as Intel and Google are now considering smart garments as a significant new growth opportunity.
Electronic Textiles-Fiber & Yarn Industry Integrating with Technology:
The textile industry is bringing together non traditional partners to integrate fibers and yarns with integrated circuits, LEDs, solar cells, and other capabilities to create textiles and fabrics that can see, hear, sense, communicate, store energy, regulate temperature, monitor health, dispense pharmacuticals, and change color, among many, many more things.
The Future in Smart Wear is in Health Tech:
The emerging smart clothes market is rapidly growing toward a focus on the heath and fitness market and the hospital and personal care market. All Smart wear will be designed to have some type of compatible app and the ability to measure vitals and other data such as breathing and how much exertion and energy is coming from certain muscles among other things.
Simple Definition: Everyday objects having network connectivity, allowing them to send and receive data without human interaction.
Long Definition: The network of interrelated physical objects: devices, vehicles, buildings, garments, textiles, people, animals, and other items embedded with unique identifiers via electronics, software, sensors, and network connectivity that enables these objects to collect and exchange data over a network with out requiring human to human or human to computer interaction.