Green is the new cool and health and fitness are all part of the green revolution currently taking the world by storm. A major part of this has become the fitness wearables that every health conscious runner, walker, cyclist and any other exercise activity participant you can think of, must have. Statistics indicate that a major portion of the wearable market is currently in the field of health and fitness. To put it all into perspective, the stocks of Fitbit (FIT), a manufacturer of fitness wearables, opened on the NYSE on their debut day last week at a premium of 50% above the IPO price of $20.00. They were trading at $29.95 at the end of the first day’s trading.
The competition is of course only now starting to get on the move with ramped up marketing and product development.
A look at the competition means that the wearables market should be in for some interesting times ahead. The competition could include the likes of Apple (NASDAQ:AAPL), who have already entered the fray with the Apple Watch. Other tech majors such as Microsoft (NASDAQ:MSFT), Google (NASDAQ:GOOG), and Samsung (NASDAQ:SSNLF), are waiting in the wings for the Apple Watch to test the waters before diving in to the fray. Other players such as Garmin and Jawbone are already active participants in the wearables industry with Fitbit currently dominating the fitness wearable sector of the market.
Estimates of the potential size of the wearables market vary, but the numbers being bandied about are very big. According to Statista, a statistics portal, the global wearables market is expected to grow from a 2014 figure of $5.166 billion to reach a value of $12.642 billion by 2018 and then to grow by ten times that figure by 2023. With a potential market of that size, beside the tech majors already mentioned, any number of start-ups can be expected to enter the fray for a share of this lucrative market.
Statista also forecasts that unit sales of wearables in 2014 of 26.3 million with fitness wearables accounting for 84% of delivered units, will grow to 155.7 million units by 2018. The 2018 figure includes a forecast that 57% of units sold will be fashion wearables with the fitness wearables dropping to 43% of the total.
Meanwhile, Microsoft has developed its new universal Windows platform which will see PCs, tablets, mobiles and even wearables all on the same operating system. Once Windows 10 is launched, Microsoft will be well placed to offer clients a service where information or an app could travel between all your devices which would give the company a big foot in the wearables market door.
Google, on the other hand, has placed their bets on their Glass headsets which are smartglasses in all but name. The potential is great for further development although there is uncertainty over which route Google will choose to enter the fray.
This technology market and the development are certainly worth watching as the market should continue to grow by leaps and bounds as new products and new uses for the wearable market products become available.
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