The market is expected to register a strong growth of 24.6% in its CAGR during the projected period to reach US$ 9,525.6 million by 2020.
Valley Cottage, NY -- (SBWIRE) -- 03/05/2018 -- Some of the key companies in the global smart fitness market include names such as Samsung Electronics Co. Ltd., Pebble Inc., Fitbit Inc., Xiaomi Inc., Sony Corporation, Shanda Group, Garmin International, and Nike Inc. among others. All these companies are striving hard to get an upper hand in the global market. For this, the companies are indulging into activities such as developing innovative products, offering better services and subscriptions, joint ventures, partnerships, and associations. Recently, Fitbit Inc. officially announced that the company will be acquiring the leftover assets of Pebble Inc. Only certain assets of Pebble were under sale, consisting predominantly of intellectual and talent property associated to the firmware and software of Pebble. The manufacturer of fitness tracker specially noted that the deal will not include any hardware products of Pebble Inc. Fitbit also said that the takeover of Pebble will speed up its development of tailor-made offerings and other third-party application for its division of Fitbit Group Health, which also consists of the corporate wellness business.
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The global market for smart fitness is expected to reach an overall market valuation of US$9.526 bn over the course of the given forecast period of 2014 to 2020. This growth of the global smart fitness market is estimated to be achieved with the help of a strong CAGR of 24.6% over the given period of forecast.
Increasing Popularity of Fitness Wearable to Drive Market Growth
A smart fitness gadget is a tracking device that can be either attached or worn on the body of the user. These smart fitness devices are portable and operate in a similar manner of other smart electronic gadgets such as tablets and smartphones. These fitness tracking devices carry out multiple functions such as real time heart rate monitoring, fitness monitoring, keeping a track of steps, keeping track of number of calories burnt, overall sleep statistics, exercise training, and keeping track of user's daily routine to offer valuable insights on their health. These devices are used in numerous sports such as football, golf, basketball, snowboarding, skiing, and tennis.
The global market for smart fitness has experienced an increasing demand among the ever-growing urban population in a bid to improve their fitness aims. Multiple benefits such as accessing information on fitness activities and accessing data for real time functions remotely among many other have led to the increasing popularity of the these smart fitness devices. This popularity is expected to chiefly drive the overall growth of the global smart fitness market over the coming year of the forecast period. In addition to this, there are multiple opportunities for improving and making these fitness device more technologically advanced. This is expected to be primarily augmented by the increasing use of smartphones and growing access of fast data connectivity. These factors are thus expected to spur the overall growth of the global smart fitness market in the coming years. The rising uptake of smart fitness devices to monitor steps, sleep, heart rate, calories, and other stats of the body are expected to revolutionize the global market during the given forecast period.
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North America to Continue Leading Global Market
From a geographical standpoint, the global smart fitness market can be segmented into key regions such as North America, Asia Pacific, Eastern Europe, Western Europe, Middle East and Africa, and Latin America. The North America market has dominated the global market in the last few years and is expected to continue in the coming years. The North America market accounted for over half of the global market in the year 2015.