The need for a device that not just keeps time but can assist in our day-to-day life by keeping track of our appointments and then alerting us on time has brought about the existence of the smartwatch. Initially, the concept of smartwatch was localized to widgets that consumers could see on display. However, with time, these have evolved to be a category of their own, with embedded features like fire proof, shock proof, water proof, etc.
Fitbit via YouTube Fitbit desperately needs a hit. The company unveiled its first smartwatch on Monday, hoping that the health-focused features of the device will reverse the hardware maker's declining influence in the wearables market.
It has a square touchscreen similar to the one on the Apple Watch. It includes a heart-rate monitor, GPS tracking and four-day battery life. The watch, which is water resistant up to 50 meters, can make wireless payments and store music offline from Pandora Media.
Fitbit recently lost its position as the top seller of wearable devices, falling behind Apple and China's Xiaomi. Since going public two years ago to much fanfare, the novelty of its wrist-worn devices have waned with investors.
The smartwatch is the company's first device to include a sensor that can estimate blood oxygen levels, called a relative SpO2 sensor. The Ionic will be pre-loaded with the apps for weather, payments, fitness, Starbucks and Pandora.
Fitbit is encouraging developers to make apps that focus on health and fitness. The company also is rolling out audio coaching sessions and virtual trainers on the smartwatch that take users through personalized workout sessions.
The market is still young for smartwatches, Llamas said. Last year, smartwatch sales totaled million units worldwide. This year, they are expected to reach million, an increase of 31%. The worldwide market for Children’s Smartwatch is expected to grow at a CAGR of roughly xx% over the next five years, will reach xx million US$ in , from xx million US$ in , according to. The research found that the smartwatch market is to see a percent growth over the next five years, which could reach a total of percent market share in Tags Apple Fitbit Samsung.
It's also introducing guided health programs that give step-by-step advice to consumers on how to eat healthier, sleep better and exercise more. The watch will compete with dozens of cheaper Android products and Apple Watch, which already has an established app store, tight integration with the iPhone, built-in music and payments services, not to mention hundreds of accessories.
Fitbit originally planned to debut its watch this past spring, according to a person familiar with the situation, but various setbacks forced the company to delay the release. The delays were partly because Fitbit has built its custom operating system, which requires an entire ecosystem of apps.
It's already a risk for developers to make apps for wearable devices, which haven't caught on as widely as smartphones. But among the wearable devices, it's a safer bet to develop for Android or Apple watches, which already have a proven user-base.
The company is trying to build upon the developer community created by watch maker Pebble, which Fitbit acquired last year. Developers will be able to share their apps with a private community or submit for a review process to be included in Fitbit's app gallery.
For years, Park has been saying that he wants to transform Fitbit into a digital-health company. With the smartwatch rollout, the company has given hints as to what that plan will look like.
Fitbit is exploring how they can aid consumers with heart health, chronic diseases, stress and sleep apnea, according to Shelten Yuen, vice president of research. The company has started using the Fitbit Ionic to work with clinical researchers to measure sleep apnea. In the next several years, Fitbit aims to eventually deliver consumer subscriptions that predict health outcomes to move beyond hardware and into a recurring revenue stream, according to Joe Wittine, an analyst at Longbow research.The global smart fitness devices market is expected to reach USD billion by , according to a new report by Grand View Research, Inc.
The smart fitness devices market has witnessed a rising demand among the growing urban population in a bid to enhance their fitness goals. Park is betting that its fitness-focused device will reinvigorate demand and differentiate the product from competitors in the smartwatch market, which is expected to reach .
Currently, smartwatch ownership is controlled by the millennial generation, which has 13 percent ownership penetration, compared to just less than nine percent for the overall market.
However, as use cases broaden, shifts in smartwatch ownership will follow. Recent market research shows that one out of six people already wear a smartwatch and the market is expected to reach million devices by Signature verification technology addresses both.
The research found that the smartwatch market is to see a percent growth over the next five years, which could reach a total of percent market share in Tags Apple Fitbit Samsung.
This statistic provides a forecast for the market value of the wearable device market from to The global market for wearable technology is .