The wearable fitness technology market was worth USD 5.

77 billion in 2016 and

USD 12.44 billion by 2022, growing at a CAGR of 13.7% from 2016 to 2022.
The market is likely to witness rapid growth in the coming years driven by consumer
preference for sophisticated gadgets, increasing popularity of wearable fitness and
medical devices, growing popularity of the Internet of things, increasing awareness
about fitness and rise in disposable incomes in developing economies.
Major trends in the wearable fitness technology market include smartphone
applications (apps) and advanced data analysis, advanced sensors, integration and
implantation of technology with and in the human body, and specific-purpose
wearables. Companies are developing advanced apps with advanced data analysis
features. Companies may charge monthly subscription fees for premium data
analysis and reports. Also, they are focused on developing advanced sensors that
track not only accurate metrics but also qualitative attributes such as stress level and
athletic performance. In the future, wearable fitness technology would make a way to
the development of implanted technology which will have complete integration and
implantation with and in a human body.
Fitness technology has evolved significantly with the advent of wearable technology
products such as smartwatches and wristbands. Wearable fitness technology has
gone beyond just smartwatches and wristbands with new products such as smart
shoes, smart apparels, headbands and more. This growth is largely driven by the
popularity of wristwears such as wristbands and smartwatches.
MARKET DYNAMICS

Drivers

 Consumer preference for smart gadgets

 Increasing popularity of wearable fitness and medical devices
 Increasing awareness about fitness and rise in disposable income in developing
economies

Restraints

 Power consumption and limited battery life of wearable devices

 High initial and production costs
 Fast-paced development in the electronics industry

Opportunities

 Use of smart textiles and e-textiles in wearable fitness devices

 Development of key enabling technologies
 Increasing demand for connected devices

Challenges

 Dimension constraints
 Failure to achieve long-term engagement
 Unaddressed regulatory issues

Among all products, smartwatch are expected to account for the largest market
share as well as the highest CAGR during the forecast period. Smartwatch has
captured more than one third of the total wearable fitness technology market,
because smartwatch provided many additional features other than fitness tracking
such as text messaging,, answering call, social media, and music. Smartwatch
provides all features of wristband along with many other features, thus it is expected
that more consumer would prefer smartwatches over wristbands in future. In the last
few years, their market has improved and companies such as Apple Inc. (U.S.) and
Samsung Electronics Co., Ltd. (South Korea) have come up with successful
introductions of such devices.
Display are expected to account for major shares of the overall wearable fitness
technology market during the forecast period. Display being the most expensive part
of the wearable devices, its market in wearable fitness technology larger than other
components. Also, display technology is evolving day by day, and new technologies
such as organic light-emitting diode (OLED), active-matrix organic light-emitting
diode (AMOLED), tactile/haptic touch, and more are being incorporated in new
products by companies. The demand for displays has grown over the past few years,
customized to the needs of wearables, such as wearable-based augmented reality,
heads-up display (HUD), heads-mounted display (HMD), holographic display, and so
on. Another interesting development in the wearable display is Microsoft’s (U.S.)
“Project Glass” which was launched in late 2014; it is an augmented reality glass,
featuring an HUD that is expected to change the outlook of playing online games and
watching online events.
Smartwatch, wristband, and smart shirts/jackets to drive market growth

Smartwatch

Smartwatches and other wrist wearable computing devices have been around for
quite some time. Often, the market has anticipated the launch of smart watches and
wrist wearable devices which are sophisticated and sleek, but they have mostly gone
in vain. Of all the gadgets that have ever failed to take off, smart watches are among
the most unsuccessful ones. Microsoft Corporation’s (U.S.) SPOT watches and
Fossil Inc.’s (U.S.) Palm OS-based Wrist Personal Digital Assistant (PDA) are some
of the examples which failed to capture a large market size. However, in the last few
years, their market has improved and companies such as Apple Inc. (U.S.) and
Samsung Electronics Co., Ltd. (South Korea) have come up with successful
introductions of such devices. Wearable computing devices run on a modified
version of the Android operating system with a 667-MHz CPU and up to 32GB of
storage. It also has other specifications such as GPS, Bluetooth, Wi-Fi,
accelerometer, activity tracker, and magnetometer. The device comes preloaded
with several apps, and additional apps can also be downloaded from the micro app
store or loaded over USB.

Wristband (Smart Bracelet)

Smart wrist bands or bracelets not only enhance the aesthetic sense but are also
used as fitness devices, monitoring the wearer’s heart rate and other metrics. A
number of smart wristbands have hit the market in recent years such as Nike
FuelBand, Jawbone’s UP, Fitbit’s Flex among others. Wristbands measure time,
heart rate, calories, and steps with the help of an accelerometer to measure
movement. Some of the wristbands use galvanic skin response (GSR) sensors to
measure the body temperature and the amount of heat that has dissipated from the
body to determine the amount of energy used. In August 2014, the U.S. Patent and
Trademark Office (USPTO) granted 58 new patents to Apple, Inc. (U.S.) for a
wireless communication technology that could be used with medical wristbands. This
patent is for the invention that has the ability to collect and use microwave energy
gathered through an antenna, while also wirelessly communicating with other
devices such as smartphones and tablets.

Smart shirts/jackets

Fabrics and clothes are being transformed into wearable technology products
because of the advancements in the field of textiles and electronics. Smart textiles
with embedded electronics have already hit the market for display-embedded shirts
and gowns. E-textile, with electronics in textile itself, is being commercialized. Many
events showcasing fashion and electronics such as the 6th International Conference
on the Future Technical Textile, 2014 hosted at Istanbul, Turkey, and the Smart
Textiles, and Fashion Track, 2015 held at London, U.K. have shown promising
developments. Such events help promote the emerging trend of techno-fashion
clothing that gets an electrifying makeover; the clothing that brings electronics closer
to skin.
Textile-integrated sensors have the potential to equip everyday clothes with smart
capabilities, making the detection of body movements accessible during normal life
activities. This solution records variables directly related to a wearer’s needs such as
comfort and awareness that must be prioritized equally with the accuracy and
precision of the sensor data.
Sensors are already being used in clothing lines and innerwear such as heart rate
monitoring sports bra and heated underwear. These sensors in the fabric pick up
heartbeats, pulse rate, and other fitness and medical metrics and relay it to the
transmitter.