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Alphabet’s (GOOGL – Free Report) division Google is leaving no stone unturned to sustain its strong momentum in the personal health monitoring space on the back of technical innovations and device integration.
The integration of Fitbit and Google Fit app into smart display devices now reached the next level with the stats card update.
Fitness enthusiasts can now view their stats card showing steps, calories and workout days on the second-generation Nest Hub.
Notably, the card is named Your Activity, which appears on the Wellness tab of the device. With this, users can also access the weekly graph of the above-mentioned stats.
The latest effort is likely to aid the adoption rate of Fitbit devices, the Google Fit app and the underlined smart display, as it will deliver an enhanced user experience.
Alphabet Inc. price-consensus-chart | Alphabet Inc. Quote
Google’s growing efforts toward the integration of fitness data into various devices bode well for its strengthening position in the personal health monitoring space, which is rising on the growing proliferation of fitness trackers.
Fitness trackers are steadily turning mainstream in the multi-trillion healthcare industry as they have become the most convenient options to monitor personal health with accuracy, track fitness and perform the post-operative care of patients.
Continuous innovation in technologies like AI, ML and IoT, which largely back automated devices, provide health information with high precision.
A report from Fortune Business Insights shows that the global market for fitness trackers is likely to hit $91.98 billion by 2027, witnessing a CAGR of 15.2%.
We note that Google’s deepening focus on this promising market is likely to boost the prospects of its parent Alphabet, which currently carries a Zacks Rank #3 (Hold). This, in turn, will instill investor optimism in the stock in the days ahead.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Coming to the price performance, Alphabet has lost 21.1% on a year-to-date basis against the broader Zacks Computer and Technology sector’s decline of 22.5%.
With strong fitness tracking efforts, Google is likely to gain a competitive edge against companies like Apple (AAPL – Free Report) , Amazon (AMZN – Free Report) and Garmin (GRMN – Free Report) , which are also making concerted efforts to bolster their footprints in the booming fitness tracker market.
Apple is constantly gaining momentum in the personal health monitor space with its expanding watch family. Apple Watch’s adoption rate continues to grow rapidly. The strong adoption of the Apple Watch on the back of useful and advanced features like Cycle Tracking, the Noise app and Activity Trends remains a major positive.
The company’s Fitness+ subscription service built for Apple Watch remains noteworthy. Fitness+ tracks health and workout-related data from Apple Watch, which users can view on their Apple devices.
Meanwhile, the Amazon Halo app and Amazon Halo Band, the respective fitness tracking service and wearable, are aiding Amazon in expanding its presence in the underlined market.
The Amazon Halo app offers wellness insights through the integration with Amazon Halo Band. Its bundle of AI-driven health features remains other positive.
Meanwhile, Garmin’s expanding product portfolio for the fitness business, which has been built with both internal development efforts and acquisitions, makes the company a potential player in the underlined market.
Its expanding smartwatch and wearable offerings will continue to aid the company in increasing its reach to fitness-conscious customers.
Nevertheless, Fitbit’s strong fitness tracker portfolio, growing momentum across Wear OS and efforts in offering seamless access to the health and fitness data, are expected to continue bolstering Google’s presence in the fitness and wellness monitoring space.
Amazon.com, Inc. (AMZN) – free report >>
Apple Inc. (AAPL) – free report >>
Garmin Ltd. (GRMN) – free report >>
Alphabet Inc. (GOOGL) – free report >>
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