The wearable technology market
is expected to reach USD 51.60 Billion by 2022, at a CAGR of 15.51% between
2016 and 2022. The growth of the wearable technology market is driven by
consumer preference for sophisticated gadgets, increasing growth prospects of
next-generation displays in wearable devices, and growing popularity of
Internet of Things (IoT) and connected devices.
The
competition in the wearable technology market is high because of the presence
of a large number of players. Some of the key players in the wearable
technology market include Fitbit, Inc. (U.S.), Apple, Inc. (U.S.), Xiaomi
Technology Co. Ltd. (China), Garmin Ltd. (U.S.), Samsung Electronics Co., Ltd.
(South Korea), Adidas Group (Germany), Guangdong BBK Electronics Co., Ltd
(China), Misfit, Inc. (U.S.), Alphabet, Inc. (U.S.), LG Electronics Inc.(South
Korea), Qualcomm Technologies, Inc. (U.S.), Sony Corporation (Japan), Jawbone,
Inc. (U.S.), and Lifesense Group (The Netherlands) among others.
Fitbit, Inc. (U.S.), and Xiaomi
Technology Co. Ltd. (China), are two of the key players in the wearable
technology market.
Fitbit,
Inc. (U.S.) is one of the key players in the wearable technology market.
The company’s core competency is in health and fitness monitoring products and
related application. The company manufactures and sells wearable products such
as Fitbit Flex, Fitbit One, Fitbit Zip, Fitbit Force, Fitbit Aria, and Tory
Burch for Fitbit accessories among others. The company sells all these products
through their strong sales network. The company has more than 50,000 retail
stores across 63 different countries. The company adopted the horizontal
integration and new product launch strategies. In December 2016, Fitbit, Inc.
acquired the software division of Pebble Technology Corporation (U.S.), a
wearable tech company, to improve their own application platform. With this
acquisition, the company accelerates the expansion of platform and ecosystem,
which helps the company to improve its platform with additional features. The
company majorly focuses on new product launches to stay ahead in the
competition. For instance, in August 2016, Fitbit, Inc. launched a new product
“Fitbit Charge 2”, a smartband for fitness tracking. This product automatically
captures the fitness activity such as steps taken, distance travelled,
heartrate, and calories burned among others. Moreover, the smartband has a
larger display than the previous version as well as extended battery backup for
up to 5 days.
Xiaomi
Technology Co. Ltd. (China) entered into the wearable technology market in
2014. The company offers a wide product portfolio, which includes smartbands
and smartwatches. The company’s smartwatch is equipped with a 512 MB random
access memory (RAM), 4GB internal memory, and a single core processor. The
company’s smartbands are armed with advanced technology, which measures
accurate steps taken during exercise and filter outs all other movements. The
company has succeeded in the wearable technology market because of its strong
image of affordability with equally strong functionality for the products. The
company is majorly focused on new product launches to grow their business. For
instance, in November 2016, the company launched “AMAZFIT”, a new smartwatch.
This smartwatch has features such as activity tracking sensors, Bluetooth 4.0
LE, and heartrate sensor among others.
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