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wearable technology 18 Aug 2017

Wearable Tech- The Market with a Combination of Technology and Fitness

Fitness merged with technology works well as it is the need of the fitness enthusiasts to always remain informed about the progress in their fitness quotient.

By Tanvi Jetly Feature Writer

The fitness industry has experienced various trends and is still yet to experience much more. Technology has been the biggest support to any industry. It has been a boon to mankind with the way it has changed so much in such a little time. Fitness enthusiasts have been feeling blessed with technology making its way into the fitness segment. The market of wearable tech is one which

The Market
The wearable tech industry is soaring high with all its technology-infused products for the consumers to enjoy one of its kind experiences. The market is expected to grow at a CAGR of 15.51% which is going to make it reach USD 15.60 Billion by 2022. The industry was recorded at USD 19,633 Million in 2016 and seems to be doing well by meeting the demands of the consumers. The fitness wearable tech market has a lot of potentials as technology never ceases to amaze and innovation is what takes industries forward. Fitness bands, body wear, headwear, neckwear, footwear and many other innovations with the help of technology are taking the market up the ladder of growth and development.

The Segmentation
The market is divided on the basis of devices, product type, application and geography. With so many segments, the wearable tech industry is wide and has a lot to offer to fitness enthusiasts. It has been contributing a good deal to the fitness industry to grow and flourish. The division of markets supports the various dimensions of the fitness wearable tech market. The depth of it can be noted with the various branches the segments divide into further on the line.

Key Vendors
The wearable tech industry which addresses the fitness needs of the consumers has many brands competing for success and growth. Some of the major players who have a large share of the market with them are Fitbit Inc., Apple Inc., Xiaomi Technology Co. Ltd., Samsung Electronics Co. Ltd., LG Electronics Inc., Misfit inc., Adidas Group and many others. In the Indian market, Goqii, Actofit, Getactive, Reticence and many other brands are working to make a mark of their own.

Expert Speak
Over the years, the wearable technology market has boomed to a large scale. Technology has become compact, smarter and easily synced to everything, wearing it has now become a necessary part of our lifestyle. From the Casio watches of yesteryear with its exciting waterproof and stopwatch features to wearable technology, that monitors our Heart rate, Blood Pressure, Sleeping patterns and Steps, to future technologies such as chip implants, we are looking at some interesting and exciting developments. The technological assistance has further aided people to monitor their fitness activity and understands the required and potential benchmarks. For e.g., for a person to stay healthy and fit, a minimum 10kms walk is essential. With help of technology, individuals can track how far or near they are towards the basic protocol. Wearable technology allows individuals who don't engage in any physical activities to track their bodily activities, encouraging them to work out and live a healthier life. It also allows Elite athletes to monitor and get a minute on minute feedback assisting them to perform better. Just as a side note, as long as the focus is on exercise and not on the technology, we can hope to get the true essence of exercise, which is to go within, says Prameet Kotak, Holistic Wellness Expert and Fitness Instructor.

Wearable Technology Market is increasing day by day. The application for wearables is influenced by increased implementation across various verticals. Moreover, the technological advancements in software & hardware components and their increased adoption in fitness, healthcare, and defence support the growth of the wearable technology market. However, limited battery life and security concerns restrict the adoption of wearables in the wearable technology industry.Wearables are used in various industries such as defence, consumer applications, lifestyle, fitness and sports, enterprise and industrial amongst others, Increase in the awareness about the benefits of wearables and technological advancement is expected to drive the market.Growing concerns of obesity and other chronic diseases have led to the adoption of wearable devices such as activity trackers and body monitors which provide real-time information about the overall health of the body. These wearable devices can provide information such as heartbeat monitoring, cholesterol levels, calorie intake, quality, and quantity of sleep, oxygen levels, blood pressure, as well as other information required by the body for day-to-day activities.The deployment of miniature sensors into fabrics, smart watches compatibility to interact with social media, and ease of payment with wearables are some of the classic examples of advancement in wearable technology. The adoption of smart watches has revolutionized watches to possess the characteristic of being multifunctional. Soon, users are expected to prefer smart watches to their analogue counterparts, due to technological advancements. Wearable devices companies invest heavily in R&D to devise optimum solutions to gain a higher market share. Growth in technological features and advancements is expected to drive the wearable technology market during the forecast period, says Vikas Jain, Managing Director, Anytime Fitness.

Conclusion
Fitness needs some kind of motivation to keep going forward. The merging of technology is surely that motivation that has brought a new kind of enthusiasm in the lives of consumers to keep moving forward on their path to a fit body. New brands and inventions is what driving the market forward with such pace and it seems to hold a big scope for the times to come. Consumers have a wide variety to choose from according to their needs and the option to adjust the wearable tech according to their choice is also a reason that is going to take the market to success.

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