Technology Companies Making Innovative Tech Wearable
Wearable technology sounds like something from a science fiction movie. However, as more tech companies enter the field, it appears as if wearable technology is on the verge of becoming commonplace.
By 2020, the market is forecasted to be worth $31 billion, according tor Transparency Market Research reports SG Analytics.
The benefits of wearable technology include health monitoring, speed of apps, the elimination of staring at a screen, fashion, and the fact that devices are discreet.
The market’s challenges include protecting users information, significant power drain, high costs and design constraints. Fidelity International says other concerns include photography without consent and irritation where skin comes in contact with the device.
The following companies are leaders in the wearable technology field because they are innovating new products to attract the ever-tech savvy and health-conscious customer.
Manufactures wearable fitness technology that competes with Fitbit.
The largest wearables company by market share.
This clothing manufacturer sells e-skins, customizable shirts that monitor bodily functions.
“We are passionate about being the most user-centric Mobile Internet company, creating innovation that everyone can enjoy.” –- Xiaomi
Founded as a smartphone manufacturer in April 2010, China’s Xiaomi has sold more than 61 million handsets in Asia and Brazil and is preparing to take its brand global. It is headquartered in Beijing with offices in Asia-Pacific, Brazil and India.
The company’s logo “MI” stands for “mobile Internet” but also can stand for “mission impossible” because the company overcame many adversities while in the start-up phase of business.
Xiaomi manufactures the Mi Band which incorporates a military-grade sensor and 30-day battery. A fitness device, it monitors activity levels and keeps track of steps taken and calories burned. The device also monitors sleep quality.
Called one of the 50 wearable tech companies of 2016 by Wearable, Xiaomi was “Massive in 2015 and even bigger in 2016″. The Chinese juggernaut was second only to Fibit in wearable sales but, with its move across to the West timed to coincide with Fitbit’s assault on Asia, it’s going to be fascinating to see who turns up trumps,” Wearable says.
In 2015, Xiaomi was valued at $46 billion, according to the Wall Street Journal. The company has a long road ahead of it trying to establishing itself as a global brand, another WSJ article reports. This is because the company prefers to market outside of China using fan interaction not advertising. This has lead to a very small market share in nations outside of China. In the Philippines, for example, market share is .3%.
Xiaomi relies on the Chinese market for 90% of its sales, according to IDC. During the first quarter of 2016, units sold of all products was 15,048, and its market share was 4.3%, according to Gartner.
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“We’re a passionate team dedicated to health and fitness who are building products that help transform people’s lives. While health can be serious business, we feel it doesn’t have to be. We believe you’re more likely to reach your goals if you’re encouraged to have fun, smile, and feel empowered along the way.” – Fitbit
Founded in 2007, Fitbit is headquartered in San Francisco but has a second U.S. office in Boston and offices in Ireland, China, South Korea, Belarus, India and Japan.
Fitbit manufactures several models of Fitbit wristbands that monitor physical activity, tell time and perform other features such as GPS, connecting to the Internet and monitoring sleep. The company also sells pendants and a smart scale.
The website Wearable calls Fitbit one if the top 50 wearable companies in 2016 and says of Fitbit’s upcoming challenges, “The newly IPO’d incumbent of the fitness tracker castle was the biggest selling wearable in 2015, but there are pretenders plotting against it. From the far cheaper Xiaomi to the more innovative coaching style of Moov.”
Fitbit is the market leader in wearable technology. During the first quarter of 2016, revenue was $505.4 million, a 50% increase year-over-year, the company reported in a statement, and 4.8 million devices were sold. Nearly half of all revenue was from new devices, the Fitbit AltaTM and the BlazeTM. The majority of the purchasers, 40%, previously owned Fitbit devices.
The company forecasts revenue for 2016 will be approximately $2.6 billion.
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3. Xenoma Inc.
“Human-Friendly Technology” – Xenoma
A spin-off company of the University of Tokyo, Xenoma was founded in November 2015. The company’s goal is to realize “human-friendly technologies utilizing study results at academics and infrastructures at industries”.
It manufactures shirts for athletic wear which contain sensors that monitor temperature, breathing, blood pressure, motion and other bodily functions. The product is called “e-skin” because it is an electronic with the wear ability and function of a regular shirt. e-skins can be customized and included up to 30 sensors.
The company was called one of the top 10 wearable tech companies in 2016 by Pha Media.
The wearable technology market is one of the fastest growing technologies available. During the first quarter of 2015, the market reached 11.4 million units, a 200% increase from the previous year, according to Fidelity International.
Health technology is one of the top reasons for the adaption of wearable tech. The average device in this category costs $298. Some of these devices are meant to monitor health conditions while others are used for physical fitness.
Seventy-seven percent of Americans surveyed by PwC said they wanted wearable technology for exercise, according to Fidelity International.
IDTechEx forecasts that the wearable technology market will be valued at $70 billion in 2025. The largest market will be North America, and the two main types of wearables will be devices and smart textiles.
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