Google said that it sees an opportunity to introduce its own wearable devices and invest more in digital health. The purchase will also bring a rich trove of health data gathered by millions of Fitbit’s devices.
Fitbit’s fitness trackers and other devices monitor users’ daily steps, calories burned and distance traveled. They measure floors climbed, sleep duration and quality, and heart rate.
Its share of the fitness tracking market has been threatened by deeper-pocketed companies such as Apple Inc and Samsung and cheaper offerings from China’s Huawei and Xiaomi .
Xiaomi dominates the global wearables market, with a 17.3 percent market share in the second quarter of 2019, followed by Apple. Fitbit owns 10 per cent of the market, according to data from market research firm IDC.