The fitness tech and wearable device industry is rapidly growing.
According to a recent study by Tractica, more than 75 million wearable devices will be deployed between 2014-2020. It anticipates that smart watches will be the largest category of wearables in the workplace, followed by fitness trackers and smart glasses.
Not only is the wearable fitness industry on the rise, so is the health and fitness industry in general. A separate report released by IBISWorld states “over the 10 years to 2020, industry value added, which measures an industry’s contribution to the overall economy, is expected to grow at an average annual rate of 4%,” that’s 2% more than the Canadian GDP is estimated to grow.
Currently the industry generates revenue close to $3 billion/year in Canada and employs 50,000 people.
If you have an idea for a fitness app, now is the time to move on it. The industry is growing and the market is ready.
If you can combine your idea with wearable technology, that would be ideal.
This allows the focus to be on selling the product versus the emerging world of app marketing.
For instance, the new HidrateMe water bottle and app, is taking advantage of this growing industry by combining the need to stay healthy and hydrated. The smart water bottle syncs to your phone to track your water intake and glows to remind you to stay hydrated. They started a Kickstarter campaign to raise $35,000 and are now currently sitting at $117,207 with 39 days to go.
Experts are comparing fitness technology to the growth of the sales in tablets in recent years Those sales jumped 40% in two years.
Zappz currently has a fitness app in the works and another wearable app being drawn up and researched. We would love to be apart of helping you see your app come to life, contact us for a quote.