Growth/Size of the market
The product that we will launch comes under wearable technology market and this market has been on the rise ever since the first product was launched in 2009 (A tracker which people can clip on their clothes).
According to data from the International Data Corporation (IDC) Worldwide Quarterly Wearable Device Tracker, “Total volumes for the quarter reached 37.9 million units, up 7.7% from the 35.2 million units shipped in the same quarter a year ago. For the full year, total wearable device shipments reached 115.4 million units, up 10.3% from the 104.6 million units shipped in 2016”.
Moreover, according to a SNS research the wearable devices will have a market worth $40 billion and over 240 million annual unit shipments.
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OPPORTUNITIES: The obesity levels are increasing every year in spite of the numerous awareness campaigns. According to Statistics Canada, there is a rise in obesity levels among adult Canadians. Moreover, the weight gain is different for different areas, Saskatchewan and Atlantic being the leading province in this category.
According to Statistics Canada. “Saskatchewan has Canada’s highest obesity rate, with 45.9 per cent of adults falling into that category. British Columbia has the lowest rate of adult obesity, at 21.4 per cent”.
People want to maintain a balance between the calories they consume and the calories they burn. For example: At the gym, it is easy for people to know the number of calories they burned as the various machines display them right away, but people who do not go to the gym because they do not have time or like to do outdoor physical activities, they rely on the wearable fitness technology available in the market or on the fitness trackers in their phones to calculate the calories burned. Furthermore, some people do not want to carry their phone while doing exercise just because they don’t want any
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According to Gina Lee, founder of the Legacy Sports Institute, a health-care facility for professional and amateur athletes in Alpharetta, Georgia “As wrist-worn wearables phase out, less invasive and more personalized devices may phase in”.
"The future of technology is definitely to develop the most invisible, smallest, least detectable technology for consumers that can track the most biometric data and be consumer-friendly and have accurate outcomes," Lee said.
For example: wearable technologies that can be fit into clothing is becoming popular, they provide the same functions as a wrist worn device. This could anything like a shirt, socks, leggings etc. Sensors in them will read data from the body while you work out, this is much more comfortable than wearing something on your wrist.
Competitor Analysis:
The Source of all the stats mentioned below is International Data Corporation