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Aug 14

Samsung Could Be Taking on Fitness Market – Investopedia

Fitness Comments Off on Samsung Could Be Taking on Fitness Market – Investopedia

Samsung Electronics (SSNLF) is gearing up to take on Apple Inc. (AAPL) and Fitbit Inc. (FIT) in the smartwatch/fitness wearable market, filing a listing with the Federal Communications Commission for a wearable device dubbed the Samsung Gear Sport.

The FCC listing, spotted by Android Authority, describes a wrist device, which could mean it's a smartwatch, a fitness tracker or both combined into one wearable gadget. While timing for the release hasnt been disclosed, speculation is that the South Korean consumer electronics giant will unveil it next week at its Unpacked event in New York. The company has already teased a major revea,l and the FCC is one of the stops before a product can go on sale in the U.S.

While the images in the filing look like a smartwatch, Android Authority noted the FCC isnt labeling it one, rather identifying it as a wrist device. That is leading to increased speculation that it's focused more on the fitness market with this new wearable. Smartwatches and wearable devices have been slow to take off in the U.S., but one area of the market that is seeing growth and traction is the fitness side of things.

Wearable devices that can track movements, monitor heart rates and support other health applications are gaining more stickiness with consumers, market research firm International Data Corp. said in a research report earlier this year. It's not a mistake that both Apples WatchOS and Googles Android Wear have shifted focus to fitness and health applications. In May, reports surfaced that Apple was getting into the market for diabetes monitoring devices with CEO Tim Cook spotted testing a continuous glucose monitoring device on the Apple Watch. (See also: Apple Entering Glucose Monitoring Market With Apple Watch.)

Samsung will be entering a crowded marketplace if it launches a fitness and health-focused wearable. Apple and Fitbit are gearing up to launch new devices and there are rumors Apple could roll out a watch that can make phone calls in what is expected to shake up the market. It will also help the Cupertino, Calif., company regain its lead in wearables that it gave up to Xiaomi of China. In the second quarter, Strategy Analytics said global shipments of wearable devices reached 22 million units, up 8% year-over-year (YOY), with Xiaomi controlling 17% market share. That was enough to overtake both Fitbit and Apple to become the worlds largest manufacturer of wearable devices. In the second quarter of 2016, the industry shipped 20 million wearables.

Xiaomis Mi Band fitness trackers are wildly popular in China, due to their highly competitive pricing and rich features such as heart-rate monitors, step-counters and calendar alerts, wrote Neil Mawston, executive director at Strategy Analytics, in a recent report. Fitbit is at risk of being trapped in a pincer movement between the low-end fitness bands sold by Xiaomi and the fitness-led, high-end smartwatches sold by Apple. (See also: Fitbit's Smartwatch Project Is in Turmoil: Report.)

Thats not to say Samsung isnt up for the challenge. Rewind a little more than a year ago, and it was struggling with the embarrassing and costly recall of the Galaxy Note 7, which was prone to catch on fire. Now it has a huge hit on its hands with the Galaxy S8 line of smartphones.

See the article here:
Samsung Could Be Taking on Fitness Market - Investopedia

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