Everybody is well aware of what Fitbit is. The company is popular for its fitness bands. Many other giant tried to come in the market. Some of them were successful while others failed. But those who were successful did not match the capability of Fitbit. And a recent report given out by the company about its turnover made it clear that Fitbit is the leading company in the global market, thus boosting the global wearable technology market. Let us have a look at the other factors driving the Global wearable technology market.
The growing urbanization results in the demand for more sophisticated next generation devices or gadgets. The advancements in the technology have made use of technology-driven gadgets application in the business, military forces, healthcare, and IT & telecommunication sectors grow. The awareness among the people regarding the healthcare helps the researchers develop these devices that can prove an advantage for the global wearable technology market as well as the masses around the globe. The increasing disposable income helps the customers spend more on these gadgets which can help global market thrive.
The cost of these advanced technologies renders it non-affordable for the customers which in turn reduce its sale, thus having a major impact on the global market. The high cost of maintenance for the gadgets and the lack of awareness regarding the technology among the public are the factors restraining the global wearable technology market growth. In addition to this, the decreasing job opportunities due to the invention of these technologies is the also one of the main reason that is hindering the global wearable technology market.
In short, the global wearable technology market has its own set of advantages and disadvantages. But the important thing is how Fitbit conquers these ups and downs to come up with flying colors and dominate the market.