When it comes to fitness tracker or smartwatch the only brand that tops your head is Apple, despite some of the other companies on the market. The company is currently leading the smartwatch market and Fitness tracker market however, it would be doubled by 2023, the change is projected in a recent market report Research Snipers acquired.
The global fitness trackers market was valued at $17,907 million in 2016 and expected to reach $62,128 million in 2023 registering a growth rate of 19.6 percent according to the forecast. The growth of the fitness tracker market is driven by the increasing trend of wearable technology. The report says the trend has been changed over time; old people get to use more of this technology now along with youth. The high cost of wearable devices and data theft tampering connection of these devices hamper the market growth. However, increased health consciousness, Internet of Things IoT and improved technology would push the market further.
According to the report, Apple would lead the fitness tracker marker in 2023, Apple is expected to double its sales if not tripled by that time, this is because Apple and iOS in fitness tracker market are the most popular ones and would gain higher levels of growth. Android, on the other hand, would be the second most popular platform in this category followed by Windows, Tizen, and others.
The data also shows that the Asia Pacific region would see the highest growth in fitness tracker use along with the device smartwatch. Smartwatch and fitness tracker would go hand in hand to see exponential growth. The report suggests that Apple is expected to sell more iOS-based smartwatches than any other company.