TechNavio’s latest report is looking at the prospects of smart wearable fitness and sports devices and services market, forecasting that they will grow at a CAGR of 25.38 (devices) and 29.90 percent (services) from 2014-2019.
The research firm argues that advances in technology and increasing health concerns have upped the demand for fitness devices with modern features. These devices help consumers track fitness activity on a regular basis, which can help in avoiding health issues like obesity and heart disease.
“In developed regions like North America and Western Europe, the demand for the smart wearable fitness and sports devices has increased in recent years,” says Faisal Ghaus, Vice President of TechNavio.
Modern wearable devices allows athletes to monitor speed, distance covered as well as breathing and heart rate of athletes.The report also emphasizes the increased use of wearable devices in sports analytics, enabling critical decision-making processes in various sports, as athletes can monitor speed, distance covered as well as breathing and heart rate of athletes.
“The increased usage of smart devices in sports analytics can go a long way towards improving athletic performance, which is boosting demand for these devices in the market,” says Ghaus.
However, TechNavio also points out the challenge wearable device makers are facing. This challenge comes in the form of privacy and security of data, with many users opting not to share the information wearables collect with companies making these devices. While the attitudes are changing, companies in the eco-system should be extra careful in their approaches to the matter.