Fitbit Inc Case Study

1120 Words5 Pages
Fitbit Inc. was founded by James Park and Eric Friedman in 2007. The duo, realized that sensors and wireless technology had advanced to a point where they could bring remarkable experiences to fitness and health. This realization led to the conception of a wearable device with activity trackers and wireless-enabled technology that can measure various data and track activities related to health and fitness such as heart rate, quality of sleep, steps walked, steps climbed etc. Fitbit Inc. is devoted to health and fitness by building technology enabled products that will help transform people’s lives. James and Eric envisioned Fitbit Inc. not only to be a hardware manufacturer, but as an integrated technology, wellness platform that will provide…show more content…
The wearable technology industry has been rapidly expanding and its projected to continue to see exponential growth. Wearable devices will help generate potential for the Internet of Things demand, as the devices help facilitate the connection of people, places, and things. Therefore, the key drivers of a global wearable device industry are innovative products, ease of carrying, wearable devices being used for business purposes and the ease of entry of new players. In recent years, we have seen the entry of many small companies in different application sectors with state-of-the-art products using wearable technology. Market research reports have shown that the wearables device industry was growing faster than any other consumer segment electronics segment from 2010 to 2014. Furthermore, the industry growth rate is projected to be 35 percent between 2015 to 2020. Its projected that by 2018 the number of wearable devices shipped would reach 114 million units, estimated at a $33.7 billion-dollar industry. A major feature of the wearable device market is that product emphasis is shifting beyond functional and designed to appeal to a desire for fashionable looking accessories. Wearable devices have captured a major part of the technology hardware market and have also expected to increase the growth of smart…show more content…
Apple and Samsung are well known brands in the smart phone market competing in the smart watch segment. The Apple iWatch and Samsung smart watches have integrated activity-tracking and heart-rate monitoring features in their watches. These smart watches have comprehensive applications and functions that work like miniatures of their respective smartphones. Garmin launched technologically advanced devices that can track activities other than running and set alerts for heart rate. Nike competes as an established and credible sporting goods brand with a platform approach with a rich ecosystem and strong partnerships. Nike’s focus is on, the software side of activity tracking business by running platforms on other wearable devices. Jawbone launched a lifestyle tracker that is screen less and can be worn with other wearables and with a unique look. The Xiaomi brand appeals to price sensitive buyers that needs basic activity tracking needs. Fossil focuses on activity tracking bands as fashion accessories to compete in the
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