The wearable fitness trackers are also called activity trackers which are wearable devices that are allowed to record and monitor the physical activities of a person and also his health information. This has gradually become a revolutionary concept that’s bringing about a major overhaul to the wellness and sports sector as it enters the world of big data. The devices connected through smartphone are a rather new industry and they different functionalities which range from measuring your blood pressure to counting your footsteps to tracking your heart rate.
During the end of 2016, Fitbit claimed more than 25 million active users, which saw a 10% increase every year and the data is similar to the Apple Watches. With the booming market, the wearable fitness tracker companies are targeting the corporate clients trying to prove that the healthier employees will mean better productivity. Moreover, there are companies like iSelect which offer health insurance discounts to people who are healthy and fit. Hence, it pays to use a fitness tracker, literally!
What are the reasons behind this meteoric rise in wearable device industry?
To be frank, there are multiple factors which play a role in this present meteoric rise and the gaining momentum of wearable devices and fitness trackers. The global use of smartphones is probably the ultimate reason. This has made the wearables to not store all the logged data as it is currently transmitted constantly to the smartphone which plays the role of a data storage hub. This is the newest technological trend which let the wearables become more comfortable and smaller to wear.
The technological innovations in sensor, material design and battery tech also needs a mention. In recent days, we have already seen that the rechargeable batteries have become more durable and smaller. The batteries nowadays are such that they can allow the users to wear for a stretch of 10 days without having to charge it. There have been constant efforts by the engineers to miniaturize electronics and to cram more enhanced technology within lightweight gadgets.
Growth expectations – Where is the wearable market heading?
As per the IDC or the International Data Corporation, the wearable market is targeted to grow from 115 million shipments in the year 2017 to around 225 million by the end of 2020. The main growth will take place in the category of smartwatches as against wristbands like Fitbit Charge or Xiaomi Mi Band. This means there will be two times more devices within juts few years.
Then there are smart clothes along with integrated trackers and legwear and these are a brand new area of innovation. Nevertheless, as per expectations, these are the segments which are going to experience moderate growth in future, as compared to the wrist wear industry.
Along with the growth that we see in the wearable industry, the Lympo ecosystem will let its users to offer verified, individualized and self-generated data. The users can later on spend the LYM tokens on buying different services and goods at the Lympo marketplace.