Amazon AMZN continues to make concerted efforts to bolster its personal healthcare offerings in a bid to expand its presence in the multi-trillion healthcare market.
This is evident from the latest introduction of a sleep tracker, Halo Rise, a multi-purpose bedside tracker designed to provide personalized sleep analysis that helps improve users’ sleep.
The device can determine one’s sleep stages throughout the night by sensing respiration and monitoring movement patterns accurately with the help of contactless, low-energy sensor technology and machine learning.
It measures room temperature, humidity and light levels with its inbuilt environmental sensors. With this, Halo Rise helps enhance the sleep experience by offering science-backed recommendations.
Also, the device enables users to personalize their sleep experience with Alexa.
We believe that all these features will aid the adoption rate of Halo Rise.
Prospects & Competitive Scenario
Amazon positions itself well to penetrate the growing sleep tracker market on the back of its latest move.
According to a report from Kenneth Research, the global market for sleep tracking products is expected to see a CAGR of 17.5% between 2020 and 2028, and generate revenues of $1.12 billion by 2028.
Increasing awareness among people about the importance of keeping a check on health and sleep conditions is driving this market’s growth.
Given the upbeat scenario, other companies like Alphabet GOOGL, Garmin GRMN and Apple AAPL are deepening their focus on offering improved sleep tracking features via their devices.
Alphabet’s division Google offers improved sleep tracking capability via its Nest Hub, which is equipped with advanced sleep sensing technology. The company enables concerned people to sync data from their sleep-tracking app into the Google Fit app.
Meanwhile, Apple allows people to track their sleep cycle and stages via the Sleep app on the Apple Watch. The company allows users to create personalized sleep schedules to help meet their sleep goals and improve overall health.
Garmin offers an advanced sleep monitoring (ASM) feature with an optical heart rate sensor on many of its smartwatches. Users can track their sleep statistics in Garmin Connect after wearing the watch while sleeping.
Nevertheless, Amazon’s robust technology and the unveiling of Halo Rise are likely to give tough competition to the above-mentioned companies.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Amazon.com, Inc. (AMZN) : Free Stock Analysis Report
Apple Inc. (AAPL) : Free Stock Analysis Report
Garmin Ltd. (GRMN) : Free Stock Analysis Report
Alphabet Inc. (GOOGL) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research