Global Wearable Fitness Trackers Market: Overview
Increasing demand for continuous health monitoring devices and growing requirement for fitness tracking apps is likely to influence growth of the global wearable fitness trackers market. A surging prevalence of obesity and rising disposable income too are other major factors expected to trigger growth in the market in near future.
On the other hand, high costs of products and data tampering risks is likely to limit growth of the global wearable fitness trackers market during the forecast period from 2017 to 2023.
Based on channel of distribution, indirect distribution channel is likely to hold maximum share in the global market. This is mainly due to growing customer preference for online shopping across the globe.
The report provides brief analysis about the global wearable fitness trackers market along with a thorough segmental and regional analysis.
Global Wearable Fitness Trackers Market: Trends and Opportunities
The increasing awareness about the obesity and rising preference for online store due to increasing demand for fitness app device is likely to be key drivers influencing growth of the global wearable fitness trackers market. In addition, growing trend for wearable technology is expected to boost growth in this market. The growing preference by the geriatric population for frequently requirement for tracking the health status is likely to fuel the global wearable fitness trackers market in coming years. Moreover, the rising healthcare spending due to growing disposable income is another trend likely to drive growth of the global wearable fitness trackers market in upcoming years.
Many of these devices are equipped with highly interactive features. Along with these features, the presence of high-end tracking systems present in these devices are majorly boosting growth in the global wearable fitness trackers market in foreseeable future. An increasing trend for development of Internet of Things (IoT)-based systems is another trend fueling growth of this market. Moreover, there is continues demand for the wireless health monitoring device among the elderly population and the related disease among the same age group. For instance diabetes requires continuous monitoring device and this likely to stimulating demand for the wearable fitness trackers across the globe.
Global Wearable Fitness Trackers Market: Regional Outlook
From a geographical standpoint, North America is likely to dominate the global wearable fitness trackers market due to the presence of large number of prominent players such as fossil, fitbit Inc., and Apple Inc. Rising incidences of chronic disease, surging healthcare expenditure, and growing adoption of fitness trackers are prime factors propelling growth in the global wearable fitness tracker market.
Global Wearable Fitness Trackers Market: Companies Mentioned
The prominent players operating in the global wearable fitness trackers market are Motiv Inc., Sony Corporation, Sensoria Inc., Xiaomi Inc., Garmin Ltd., Apple Inc., and Tom Tom International BV. The players are majorly focused towards mergers and acquisitions, collaborations, and partnership to launch new products and strengthen their presence across the globe. For instance, Forbit Inc. recently announced a partnership with the DexCom, Inc. to develop device for monitoring glucose level in blood. This will further help the consumers to track their activities and glucose level by monitoring wrist. In addition, the advancements in technology is promoting the growth of the global wearable fitness trackers market in coming years. The presence of large and small players in the global wearable fitness trackers market demonstrates a highly over the assessment period.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.