As wearable technology helps healthcare sector cut costs, the top companies making fitness trackers is revealed by GlobalData
The integration of wearable technology with augmented reality (AR), artificial intelligence (AI), and cloud computing solutions is driving increased demand for fitness trackers, according to GlobalData, a leading data and analytics company.
The company’s latest report, ‘Wearable Technology in Healthcare – Thematic Research’, reveals that the wearable tech market was worth nearly $23bn in 2018 and is set to grow to $54bn by 2023. The technology has great potential to help the healthcare sector address spiraling healthcare costs, aging populations, and the burden of chronic disease.
The leading companies making fitness trackers according to GlobalData, are;
Fitbit is a pioneer in the wearable technology domain, offering a range of connected health and fitness devices, including fitness watches, smartwatches, wristbands, activity trackers and wireless headphones. The company offers a personalised online dashboard and mobile apps that sync automatically and display real-time data from wearable devices. The Fitbit platform offers social features such as access to an online community of users, leader boards and challenges.
FitBit recently announced its push into the smartwatch market as 70% of its revenue growth is coming from the company’s Health Solutions programme, which primarily caters to employers and payers.
Samsung’s wearables portfolio includes smartwatches, smart fitness trackers, and virtual reality (VR) headsets. The company initially developed wearable devices in association with other firms such as Oculus VR and Google. It has now taken control of the subsequent developments and replaced the Android Wear OS with its own Linux-based Tizen operating system (OS).
The company is developing Exynos system-on-chip (SoC) microprocessors for its smartwatches, as well as software and hardware for VR devices. It recently expanded into the hearables segment and is foraying into smart clothes, a segment that has less competition and is gradually gaining market traction.
Garmin offers a range of products designed for use in fitness and activity tracking. The company’s fitness trackers and GPS smartwatches are marketed worldwide with the majority of its clientele located across North America, Europe, and the Middle East and Africa.
Garmin introduced the wearables payment platform Garmin Pay and long-term evolution (LTE) enabled smartwatches, apart from the Garmin Connect and Garmin Connect Mobile platforms, which enable users to track, analyse, and share their fitness and wellness data and compete with community members.
Xiaomi, often referred to as ‘the Apple of China’, is the leading wearables vendor in China. The company is known for delivering high-tech devices at low prices and has a strong command in a number of matured markets, including the US. It procures wearable devices, especially smartwatches, from its exclusive technology partner, Huami.
Xiaomi’s product offerings include the Mi Band fitness trackers, which accounted for approximately one-quarter of the company’s shipments in Q4 2018. Xiaomi is set to introduce new wearables in 2019, which will feature Huami’s new Huangshan-1 chip that is capable of screening the heart rate patterns of users via cloud-based AI.
Nike is a manufacturer of sporting goods, including wearables that track physiological parameters.