Apart from the most evident attributes of smart fitness devices of tracking fitness, monitoring heart rate, keeping a check on sleep, and tracking the steps, the technological advancements have fostered the smart fitness devices to go beyond the conventional benefits and deliver more power and applicability. With the evolving connected technology, the smart fitness devices market is anticipated to witness major upgrades and developments in the coming years.
Moreover, the increasing demand for wearable technology is further expected to boost the smart fitness devices market. The use of documenting information on wearable devices is assisting in monitoring health and activity. Many startups in the industry are involved in testing several ways to improve wearable technology for healthcare and tracking devices for reinforcing connectivity between medical professionals and consumers.
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While individuals harness the benefits of wearable smart gadgets for quick and prompt responses, the need for smart fitness has found its place in the wearable technology. People across the globe are getting more and more aware of their fitness needs. The need for recording health statistics and tracking activity is gaining major significance. Amongst the various smart gadgets, smart watches are expected to achieve greatest revenue potential through 2021 amongst other wearables, says Gartner. Such insights are further fueling the demand for ‘sport watches’, which are the smart fitness devices that provide attributes of both, smart watches and fitness trackers.
The global smart fitness market has been projecting promising growth over the past couple of years. According to the new research report published by Future Market Insights (FMI), the smart fitness market is projected to witness a strong growth over the period of assessment with the valuation of over 9 billion U.S. dollars in terms of revenue. The smart fitness market size is expected to expand with the help of a robust and strong CAGR of 24.6 percent over the period of evaluation, 2014-2020.
The smart fitness industry is evaluated with the help of the regional-assessment. North America followed by Western Europe are the expected to be the most promising markets for smart fitness devices. Gartner predicted that over the year 2017, the North America and Western Europe market would witness very few first time buyers for fitness trackers as many would already own the device. This projects the opportunities in the two markets for the coming years.
The key players in the market are focused on expanding the capabilities of their business by focusing not only on the most lucrative regions, but also making their way into the potential regions. The key players in the smart fitness market include Samsung Electronics Co. Ltd., Sony Corporation, Pebble Inc., Nike Inc., Fitbit Inc., Shanda Group, Xiaomi Inc. and Garmin International Inc. Amongst these players Xiaomi and Fitbit are expected to dominate the market significantly. Garmin International Inc., has been seen expanding their potential in the Asia-Pacific region with their new multi-sport watch launched in the India recently. Packed with in-built GPS, wrist based sensor, and music storage, the device is a revolutionary addition to the smart devices market.
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Apart from the several benefits, the use smart wearable devices is subjected to the approval of FDA regulations. These devices may not be subject to stringent regulations but the process would be carried out gradually. Although the regulations would not allow quick-paced flexibility, yet the smart fitness market would grow significantly over the period of assessment with increasing smart gadgets introduced in the smart fitness industry.