The fitness tracking market might boom to $5 billion by 2019, according to tech analyst group Parks Associates.
That would be double the current value at $2 billion, but correlates with the current growth rate quite nicely, bearing in mind the surge in interest thanks to the Apple Watch and other smartwatch vendors.
What Parks Associates fails to take into account is the downturn in interest caused by the smartwatch market. Once the Apple Watch and premium wearables from Swiss watchmakers like TAG Heuer and Swatch hit the market, other analysts like NPD Group and CCS Insight see the fitness tracking market taking a nosedive.
We are inclined to agree with the other two analysts, considering fitness trackers will have to lower prices in order to compete heavily with feature-rich smartwatches, which provide fitness tracking alongside other functionality.
Fitness enthusiasts are a big portion of the wearables market right now, but several projections make the Apple Watch a more popular gadget than all wearables combined.
If the Apple Watch makes a huge splash in the industry, it will have a knock on effect on other wearable makers.
In China, Xiaomi already seems to be on top of the game, launching the Mi Band for under $30. It will launch the Mi Watch later this month, which is expected to feature a premium design and more expensive price tag.
Companies like Jawbone are already having issues selling fitness trackers, apparently looking for another funding round to cover the costs of its business. Rumors were even floating around that Jawbone would sell to Google for a little shy of $1 billion.
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