Alphabet’s ( GOOGL Quick Quote GOOGL - Free Report) division Google is firing on all cylinders in the wearables as well as fitness tracker market on the back of its noteworthy acquisition of Fitbit. This is evident from the latest features rollout on Fitbit’s premium fitness tracker namely Fitbit Luxe. Notably, the ”always-on display” feature has been added to the display setting of the underlined wearables in order to let users view the clock at all times from any angle. This will help users to check the time while exercising without tapping on the display screen of the device. Further, the company has also added the option of on/off for always-on display feature. Users can fix the time duration to keep the display on as well as they can set off-hours, which will help them to save the battery life of their Fitbit Luxe watches. This apart, the company has added a blood oxygen saturation tracking feature to Fitbit Luxe, which will actively monitor the saturation level while users sleep. These features are expected to aid the adoption rate of Fitbit Luxe as these will deliver an enhanced user experience. Fitness Tracker Market Holds Promise
Fitness trackers and wearables are steadily turning mainstream in the multi-trillion healthcare industry as they have become the most convenient options to monitor personal health with accuracy, track fitness and perform the post-operative care of patients.
Moreover, continuous innovation in technologies like AI, ML and the IoT that largely back these automated devices, provides health information with high precision. Additionally, the adoption rate of these devices is increasing rapidly owing to increasing interest in health and wellness monitoring due to rising health concerns induced by COVID-19. A report from Fortune Business Insights shows that the global market for fitness trackers is likely to hit $91.98 billion by 2027, witnessing a CAGR of 15.2%. We believe Google is well-poised to capitalize on this growth opportunity on the back of its strengthening Fitbit family. Competitive Scenario
Notably, the latest move is likely to intensify competition for other incumbents like
Apple ( AAPL Quick Quote AAPL - Free Report) , Amazon ( AMZN Quick Quote AMZN - Free Report) , Garmin ( GRMN Quick Quote GRMN - Free Report) and Samsung, which are leaving no stone unturned to expand their footprint in the booming fitness tracker space. Apple, which is currently dominating the wearable space on the back of its expanding Watch family, is constantly making efforts to sustain its supremacy. The strong adoption of Apple Watch on the back of useful and advanced features like Cycle Tracking, the Noise app and Activity Trends, remain a major positive. Amazon on the other hand is riding on growing momentum across its Amazon Halo and Amazon Halo Band, the fitness tracking service and wearable, respectively. Recently, the company introduced Halo View, Halo Nutrition and Halo Fitness in a bid to expand its personal health monitoring efforts. Further, Garmin’s expanding product portfolio for the fitness business, which has been built with both internal development efforts and acquisitions, makes the company a potential player in the wearable space.