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Wearable Fitness Technology Market Dynamics – Drivers, Restraints, Opportunities, Challenges


The Wearable Fitness Technology Market is expected to be worth USD 12.44 billion by 2022, growing at a CAGR of 13.7% during the forecast period. Some of the major growth drivers for this market would be consumer preference for smart gadgets, increasing popularity of wearable fitness and medical devices, increasing awareness about fitness and rise in disposable income in developing economies.
Major trends in the wearable fitness technology market include smartphone applications (apps) and advanced data analysis, advanced sensors, integration and implantation of technology with and in the human body, and specific-purpose wearables. Companies are developing advanced apps with advanced data analysis features. Companies may charge monthly subscription fees for premium data analysis and reports. Also, they are focused on developing advanced sensors that track not only accurate metrics but also qualitative attributes such as stress level and athletic performance. In the future, wearable fitness technology would make a way to the development of implanted technology which will have complete integration and implantation with and in a human body.
Fitness technology has evolved significantly with the advent of wearable technology products such as smartwatches and wristbands. Wearable fitness technology has gone beyond just smartwatches and wristbands with new products such as smart shoes, smart apparels, headbands and more. This growth is largely driven by the popularity of wristwears such as wristbands and smartwatches.

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MARKET DYNAMICS

Drivers

  • Consumer preference for smart gadgets
  • Increasing popularity of wearable fitness and medical devices
  • Increasing awareness about fitness and rise in disposable income in developing economies

Restraints

  • Power consumption and limited battery life of wearable devices
  • High initial and production costs
  • Fast-paced development in the electronics industry

Opportunities

  • Use of smart textiles and e-textiles in wearable fitness devices
  • Development of key enabling technologies
  • Increasing demand for connected devices

Challenges

  • Dimension constraints
  • Failure to achieve long-term engagement
  • Unaddressed regulatory issues
Some of the major companies operating in the global wearable fitness technology market are Adidas AG (Germany), Apple Inc. (U.S.), Fitbit Inc. (U.S.), Garmin Ltd. (Switzerland), Google Inc. (U.S.), Jawbone Inc. (U.S.), LG Electronics Inc. (South Korea), Nike Inc. (U.S.), Pebble Technology Corp. (U.S.), Qualcomm Inc. (U.S.), Samsung Electronics Co. Ltd. (South Korea), Sony Corp. (Japan), and Xiaomi Technology Co. Ltd. (China).

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