Running & Multisports Watch Market by Product Type (Multisport Watch, Running Watch), Sales Channel (Offline Retail, Online Retail), End User, Connectivity - Global Forecast 2025-2032
Description
The Running & Multisports Watch Market was valued at USD 8.79 billion in 2024 and is projected to grow to USD 9.73 billion in 2025, with a CAGR of 10.80%, reaching USD 19.97 billion by 2032.
Concise strategic framing that positions device innovation, channel evolution, and user-centric services as the core drivers reshaping wearable performance markets
The following executive summary synthesizes current signals and practical implications for stakeholders operating in the running and multisports watch ecosystem. It frames the competitive environment through lenses of product differentiation, channel evolution, user behavior, and regulatory pressure, while highlighting the technologies and business models shaping near-term strategy. The narrative begins by situating wearable performance devices within a broader consumer electronics landscape where durability, biometric accuracy, and seamless data flows increasingly define buyer expectations.
Beyond technology, the introduction clarifies how cross-disciplinary partnerships and vertical integration are reshaping value chains. Manufacturers are balancing hardware innovation with software services to deepen user engagement and generate recurring revenue streams. Meanwhile, retailers and platform operators are experimenting with hybrid distribution models that combine direct-to-consumer approaches with curated marketplace presences. By the end of this section, readers will appreciate the interplay between product capabilities and commercial orchestration that will determine which companies scale effectively in the coming cycles.
A multifaceted transformation driven by sensor accuracy, persistent connectivity, modular product specialization, and subscription-driven revenue models
The landscape for running and multisports watches is undergoing multiple transformative shifts that are redefining competitive boundaries and value creation. First, sensor sophistication and algorithmic refinement have elevated performance expectations: improved GPS fidelity, optical heart rate stability, and expanded physiological metrics are enabling a richer set of training and recovery insights. As a result, software differentiation and regularly updated analytics are becoming as important as hardware endurance.
Concurrently, connectivity paradigms are shifting toward persistent, low-friction data exchange, enabling real-time coaching, cloud-based data aggregation, and tighter integrations with broader health ecosystems. This transition favors firms that can orchestrate security, latency, and interoperability at scale. Additionally, consumer segmentation is maturing; users increasingly expect devices tailored to specific activity profiles and lifestyles, prompting modularization and specialization in product lines. Finally, ecosystem-level moves such as subscription services, third-party app marketplaces, and embedded financing are changing revenue mixes and customer lifetime value calculations. Taken together, these shifts demand integrated go-to-market strategies that align product roadmaps with evolving digital services and channel economics.
How newly implemented tariff frameworks are reshaping sourcing choices, pricing trade-offs, manufacturing footprints, and inventory strategies in wearable device supply chains
The introduction of new tariffs and trade measures in the United States has introduced a layer of cost and strategic complexity for participants reliant on global supply chains and cross-border channels. These policy shifts have immediate implications for sourcing decisions, component procurement strategies, and final pricing structures. As tariffs alter relative input costs, companies face trade-offs between passing costs to end customers, redesigning product architectures to leverage alternative components, or reallocating manufacturing footprints to tariff-favored jurisdictions.
Beyond direct cost impacts, the cumulative effect of tariffs influences strategic sourcing timelines and inventory policies. Firms are increasingly evaluating dual-sourcing arrangements, nearshoring options, and buffer inventories to mitigate exposure to sudden policy changes. In parallel, channel partners and distributors are reassessing contract terms and promotional strategies to maintain margin stability. From a competitive standpoint, players with greater vertical integration or diversified manufacturing bases are positioned to absorb short-term shocks more effectively. Therefore, scenario planning and continuous policy monitoring have become essential capabilities for commercial leaders seeking to sustain operational continuity and preserve product affordability.
A multi-dimensional segmentation view that aligns product architectures, channel choices, user personas, and connectivity options to prioritize investment and commercialization
Insight into segmentation reveals where product innovation and commercial priorities intersect, providing a practical map for targeted investment and go-to-market planning. Based on Product Type, market study segments include Multisport Watch and Running Watch, where the Multisport Watch further subdivides into Adventure Watch and Swimming Watch and the Running Watch further subdivides into Gps + Hrm Watch and Gps Watch; this distinction underscores the need to align feature sets and ruggedization standards with specific activity demands rather than applying a one-size-fits-all approach. Based on Sales Channel, market study segments include Offline Retail and Online Retail, with Online Retail further subdivided into Direct To Consumer and Marketplaces; this highlights the differing margins and customer data opportunities associated with owned versus third-party digital channels. Based on End User, market study segments include Amateur, Fitness Enthusiast, and Professional, where the Fitness Enthusiast cohort is further differentiated into Casual and Serious; understanding these behavioral tiers is critical for designing subscription tiers and feature gating. Based on Connectivity, market study segments include Bluetooth, Cellular, and Wi-Fi, with Cellular further differentiated into EsiM and Sim; this segmentation informs power management, certification pathways, and ongoing connectivity costs.
Taken together, these segmentation layers reveal intersecting market pockets where value capture is highest: for example, serious fitness enthusiasts who prefer Gps + Hrm capability and value cellular connectivity will prioritize premium analytics and service continuity, while casual amateurs are more price-sensitive and prefer simple Bluetooth-enabled devices coupled with attractive entry-level experiences. Therefore, portfolio decisions should be informed by multi-dimensional segmentation analysis that balances technical differentiation with channel economics and user willingness to pay.
Regional demand, regulatory nuance, and distribution infrastructure combine to create differentiated commercial opportunities across the Americas, EMEA, and Asia-Pacific
Regional dynamics are shaping competitive advantage in distinctive ways, with each macro-region presenting different demand signals, regulatory environments, and channel ecosystems. In the Americas the market shows advanced adoption of integrated performance platforms and an emphasis on community-driven training services, supporting premium positioning and subscription monetization strategies. Transitioning across to Europe, Middle East & Africa, regulatory scrutiny and diverse market maturities necessitate localized compliance strategies and adaptable scalability plans, while pockets of high-performance sport culture sustain demand for specialized devices. In the Asia-Pacific region rapid urbanization, mobile-first consumer behavior, and strong manufacturing ecosystems combine to create both intense competition on price and accelerated adoption of new device features.
Across these regions, differences in distribution infrastructure, preferred payment mechanisms, and data privacy expectations influence how companies should position devices and services. Regional partners and localized marketing play a crucial role in building trust and driving trial. In addition, regional supply chain nodes and logistics capabilities affect delivery speed and aftersales support models. Consequently, a regionally calibrated strategy that accounts for cultural preferences, regulatory nuance, and channel maturity will be more effective than a standardized global approach.
Competitive dynamics shaped by vertical integration, niche specialization, software-driven services, and strategic partnerships that determine long-term differentiation
Competitive dynamics are centered on a mix of vertically integrated incumbents, specialist device makers, and software-first challengers that compete on different fronts. Established manufacturers retain advantages in manufacturing scale, component sourcing, and established retail partnerships, which allows them to underwrite ambitious R&D investments and maintain broad product portfolios. Conversely, specialist brands differentiate through deep domain expertise, optimizing durability and sport-specific features to appeal to niche professional and enthusiast segments. Technology-oriented challengers focus on advanced analytics, adaptive coaching algorithms, and API-driven integrations to capture recurring revenue through services.
Strategic partnerships, acquisitions, and platform alliances are common as companies seek to close capability gaps and accelerate time-to-market. Companies with strong developer ecosystems and open APIs benefit from network effects that increase device stickiness. In parallel, firms that invest in data governance and regulatory compliance position themselves favorably for enterprise and healthcare adjacencies. Ultimately, competitive advantage accrues to organizations that can integrate hardware reliability, software depth, channel reach, and post-sale service into a coherent value proposition that resonates with both everyday users and high-performance athletes.
Actionable priorities for leaders to align modular product platforms, channel strategies, supply resilience, and service monetization to drive sustainable growth
Industry leaders should pursue a set of pragmatic actions to convert insights into market-beating execution. First, prioritize modular product platforms that allow rapid configuration across activity categories and connectivity options, thereby shortening time-to-market while controlling R&D spend. Second, align channel strategies with customer lifecycle objectives by investing in direct-to-consumer capabilities for data capture and recurring revenue, while maintaining selective offline retail to support experiential trial and service. Third, embed policy and tariff intelligence into supply chain decision-making to enable rapid scenario responses and maintain competitive pricing positions. Fourth, accelerate service monetization by pairing device sales with tiered subscriptions and value-added digital coaching that upgrade customer lifetime economics.
Moreover, cultivate strategic partnerships with mapping, training, and health data platforms to extend device utility and increase retention. Invest in rigorous data governance and interoperability standards to build enterprise trust and enable B2B expansion. Finally, adopt metrics that measure both product engagement and service conversion, ensuring that cross-functional incentives promote long-term loyalty rather than short-term unit sales. By implementing these recommendations, organizations can balance growth, resilience, and differentiation in a rapidly evolving market.
A rigorous mixed-methods approach combining expert interviews, technical benchmarking, and scenario planning to validate actionable strategic insights and sensitivity
The research methodology underpinning this analysis integrates primary evidence, secondary inputs, and structured synthesis to ensure robust, actionable conclusions. Primary inputs include expert interviews with product managers, channel executives, and technology integrators, complemented by qualitative feedback from end users across activity segments. These insights are triangulated with public filings, regulatory documents, patent activity, and vendor technical specifications to build a nuanced picture of capability trajectories.
Analytical techniques include segmentation cross-mapping, scenario planning around trade and tariff shifts, and comparative feature benchmarking to evaluate device positioning. Wherever possible, findings were validated through iterative expert review cycles to reduce bias and surface divergent perspectives. The methodology also emphasizes transparency about assumptions and limitations, noting areas where rapid technology evolution or policy changes could alter the trajectory. This disciplined approach produces insights that are immediately relevant to product, commercial, and strategic planning while remaining adaptable as new data emerges.
Concluding synthesis that demonstrates how integrated product, service, and channel strategies create durable competitive advantage in wearable performance markets
In conclusion, the running and multisports watch space is moving from a hardware-first market toward a hybrid model where software, services, and strategic channel choices determine long-term success. Sensor improvements and connectivity advances are enabling deeper personalization and higher retention opportunities, while tariff dynamics and regional nuances require adaptable supply and commercial models. Segmentation clarity-across product type, sales channel, end-user behavior, and connectivity-will enable firms to prioritize investments and reduce go-to-market risk. Companies that orchestrate product modularity, strong direct channels, and subscription-based services will be best positioned to capture durable customer relationships.
Looking ahead, the winners will be those who balance rapid innovation with operational resilience and commercial focus. By treating data as a strategic asset, forging targeted partnerships, and aligning incentives across product and sales teams, organizations can navigate current disruptions and unlock sustained growth. This executive summary provides a framework for that work, offering leaders the analytical levers necessary to refine strategy, accelerate execution, and create differentiated value for users across a rapidly evolving athletic device landscape.
Please Note: PDF & Excel + Online Access - 1 Year
Concise strategic framing that positions device innovation, channel evolution, and user-centric services as the core drivers reshaping wearable performance markets
The following executive summary synthesizes current signals and practical implications for stakeholders operating in the running and multisports watch ecosystem. It frames the competitive environment through lenses of product differentiation, channel evolution, user behavior, and regulatory pressure, while highlighting the technologies and business models shaping near-term strategy. The narrative begins by situating wearable performance devices within a broader consumer electronics landscape where durability, biometric accuracy, and seamless data flows increasingly define buyer expectations.
Beyond technology, the introduction clarifies how cross-disciplinary partnerships and vertical integration are reshaping value chains. Manufacturers are balancing hardware innovation with software services to deepen user engagement and generate recurring revenue streams. Meanwhile, retailers and platform operators are experimenting with hybrid distribution models that combine direct-to-consumer approaches with curated marketplace presences. By the end of this section, readers will appreciate the interplay between product capabilities and commercial orchestration that will determine which companies scale effectively in the coming cycles.
A multifaceted transformation driven by sensor accuracy, persistent connectivity, modular product specialization, and subscription-driven revenue models
The landscape for running and multisports watches is undergoing multiple transformative shifts that are redefining competitive boundaries and value creation. First, sensor sophistication and algorithmic refinement have elevated performance expectations: improved GPS fidelity, optical heart rate stability, and expanded physiological metrics are enabling a richer set of training and recovery insights. As a result, software differentiation and regularly updated analytics are becoming as important as hardware endurance.
Concurrently, connectivity paradigms are shifting toward persistent, low-friction data exchange, enabling real-time coaching, cloud-based data aggregation, and tighter integrations with broader health ecosystems. This transition favors firms that can orchestrate security, latency, and interoperability at scale. Additionally, consumer segmentation is maturing; users increasingly expect devices tailored to specific activity profiles and lifestyles, prompting modularization and specialization in product lines. Finally, ecosystem-level moves such as subscription services, third-party app marketplaces, and embedded financing are changing revenue mixes and customer lifetime value calculations. Taken together, these shifts demand integrated go-to-market strategies that align product roadmaps with evolving digital services and channel economics.
How newly implemented tariff frameworks are reshaping sourcing choices, pricing trade-offs, manufacturing footprints, and inventory strategies in wearable device supply chains
The introduction of new tariffs and trade measures in the United States has introduced a layer of cost and strategic complexity for participants reliant on global supply chains and cross-border channels. These policy shifts have immediate implications for sourcing decisions, component procurement strategies, and final pricing structures. As tariffs alter relative input costs, companies face trade-offs between passing costs to end customers, redesigning product architectures to leverage alternative components, or reallocating manufacturing footprints to tariff-favored jurisdictions.
Beyond direct cost impacts, the cumulative effect of tariffs influences strategic sourcing timelines and inventory policies. Firms are increasingly evaluating dual-sourcing arrangements, nearshoring options, and buffer inventories to mitigate exposure to sudden policy changes. In parallel, channel partners and distributors are reassessing contract terms and promotional strategies to maintain margin stability. From a competitive standpoint, players with greater vertical integration or diversified manufacturing bases are positioned to absorb short-term shocks more effectively. Therefore, scenario planning and continuous policy monitoring have become essential capabilities for commercial leaders seeking to sustain operational continuity and preserve product affordability.
A multi-dimensional segmentation view that aligns product architectures, channel choices, user personas, and connectivity options to prioritize investment and commercialization
Insight into segmentation reveals where product innovation and commercial priorities intersect, providing a practical map for targeted investment and go-to-market planning. Based on Product Type, market study segments include Multisport Watch and Running Watch, where the Multisport Watch further subdivides into Adventure Watch and Swimming Watch and the Running Watch further subdivides into Gps + Hrm Watch and Gps Watch; this distinction underscores the need to align feature sets and ruggedization standards with specific activity demands rather than applying a one-size-fits-all approach. Based on Sales Channel, market study segments include Offline Retail and Online Retail, with Online Retail further subdivided into Direct To Consumer and Marketplaces; this highlights the differing margins and customer data opportunities associated with owned versus third-party digital channels. Based on End User, market study segments include Amateur, Fitness Enthusiast, and Professional, where the Fitness Enthusiast cohort is further differentiated into Casual and Serious; understanding these behavioral tiers is critical for designing subscription tiers and feature gating. Based on Connectivity, market study segments include Bluetooth, Cellular, and Wi-Fi, with Cellular further differentiated into EsiM and Sim; this segmentation informs power management, certification pathways, and ongoing connectivity costs.
Taken together, these segmentation layers reveal intersecting market pockets where value capture is highest: for example, serious fitness enthusiasts who prefer Gps + Hrm capability and value cellular connectivity will prioritize premium analytics and service continuity, while casual amateurs are more price-sensitive and prefer simple Bluetooth-enabled devices coupled with attractive entry-level experiences. Therefore, portfolio decisions should be informed by multi-dimensional segmentation analysis that balances technical differentiation with channel economics and user willingness to pay.
Regional demand, regulatory nuance, and distribution infrastructure combine to create differentiated commercial opportunities across the Americas, EMEA, and Asia-Pacific
Regional dynamics are shaping competitive advantage in distinctive ways, with each macro-region presenting different demand signals, regulatory environments, and channel ecosystems. In the Americas the market shows advanced adoption of integrated performance platforms and an emphasis on community-driven training services, supporting premium positioning and subscription monetization strategies. Transitioning across to Europe, Middle East & Africa, regulatory scrutiny and diverse market maturities necessitate localized compliance strategies and adaptable scalability plans, while pockets of high-performance sport culture sustain demand for specialized devices. In the Asia-Pacific region rapid urbanization, mobile-first consumer behavior, and strong manufacturing ecosystems combine to create both intense competition on price and accelerated adoption of new device features.
Across these regions, differences in distribution infrastructure, preferred payment mechanisms, and data privacy expectations influence how companies should position devices and services. Regional partners and localized marketing play a crucial role in building trust and driving trial. In addition, regional supply chain nodes and logistics capabilities affect delivery speed and aftersales support models. Consequently, a regionally calibrated strategy that accounts for cultural preferences, regulatory nuance, and channel maturity will be more effective than a standardized global approach.
Competitive dynamics shaped by vertical integration, niche specialization, software-driven services, and strategic partnerships that determine long-term differentiation
Competitive dynamics are centered on a mix of vertically integrated incumbents, specialist device makers, and software-first challengers that compete on different fronts. Established manufacturers retain advantages in manufacturing scale, component sourcing, and established retail partnerships, which allows them to underwrite ambitious R&D investments and maintain broad product portfolios. Conversely, specialist brands differentiate through deep domain expertise, optimizing durability and sport-specific features to appeal to niche professional and enthusiast segments. Technology-oriented challengers focus on advanced analytics, adaptive coaching algorithms, and API-driven integrations to capture recurring revenue through services.
Strategic partnerships, acquisitions, and platform alliances are common as companies seek to close capability gaps and accelerate time-to-market. Companies with strong developer ecosystems and open APIs benefit from network effects that increase device stickiness. In parallel, firms that invest in data governance and regulatory compliance position themselves favorably for enterprise and healthcare adjacencies. Ultimately, competitive advantage accrues to organizations that can integrate hardware reliability, software depth, channel reach, and post-sale service into a coherent value proposition that resonates with both everyday users and high-performance athletes.
Actionable priorities for leaders to align modular product platforms, channel strategies, supply resilience, and service monetization to drive sustainable growth
Industry leaders should pursue a set of pragmatic actions to convert insights into market-beating execution. First, prioritize modular product platforms that allow rapid configuration across activity categories and connectivity options, thereby shortening time-to-market while controlling R&D spend. Second, align channel strategies with customer lifecycle objectives by investing in direct-to-consumer capabilities for data capture and recurring revenue, while maintaining selective offline retail to support experiential trial and service. Third, embed policy and tariff intelligence into supply chain decision-making to enable rapid scenario responses and maintain competitive pricing positions. Fourth, accelerate service monetization by pairing device sales with tiered subscriptions and value-added digital coaching that upgrade customer lifetime economics.
Moreover, cultivate strategic partnerships with mapping, training, and health data platforms to extend device utility and increase retention. Invest in rigorous data governance and interoperability standards to build enterprise trust and enable B2B expansion. Finally, adopt metrics that measure both product engagement and service conversion, ensuring that cross-functional incentives promote long-term loyalty rather than short-term unit sales. By implementing these recommendations, organizations can balance growth, resilience, and differentiation in a rapidly evolving market.
A rigorous mixed-methods approach combining expert interviews, technical benchmarking, and scenario planning to validate actionable strategic insights and sensitivity
The research methodology underpinning this analysis integrates primary evidence, secondary inputs, and structured synthesis to ensure robust, actionable conclusions. Primary inputs include expert interviews with product managers, channel executives, and technology integrators, complemented by qualitative feedback from end users across activity segments. These insights are triangulated with public filings, regulatory documents, patent activity, and vendor technical specifications to build a nuanced picture of capability trajectories.
Analytical techniques include segmentation cross-mapping, scenario planning around trade and tariff shifts, and comparative feature benchmarking to evaluate device positioning. Wherever possible, findings were validated through iterative expert review cycles to reduce bias and surface divergent perspectives. The methodology also emphasizes transparency about assumptions and limitations, noting areas where rapid technology evolution or policy changes could alter the trajectory. This disciplined approach produces insights that are immediately relevant to product, commercial, and strategic planning while remaining adaptable as new data emerges.
Concluding synthesis that demonstrates how integrated product, service, and channel strategies create durable competitive advantage in wearable performance markets
In conclusion, the running and multisports watch space is moving from a hardware-first market toward a hybrid model where software, services, and strategic channel choices determine long-term success. Sensor improvements and connectivity advances are enabling deeper personalization and higher retention opportunities, while tariff dynamics and regional nuances require adaptable supply and commercial models. Segmentation clarity-across product type, sales channel, end-user behavior, and connectivity-will enable firms to prioritize investments and reduce go-to-market risk. Companies that orchestrate product modularity, strong direct channels, and subscription-based services will be best positioned to capture durable customer relationships.
Looking ahead, the winners will be those who balance rapid innovation with operational resilience and commercial focus. By treating data as a strategic asset, forging targeted partnerships, and aligning incentives across product and sales teams, organizations can navigate current disruptions and unlock sustained growth. This executive summary provides a framework for that work, offering leaders the analytical levers necessary to refine strategy, accelerate execution, and create differentiated value for users across a rapidly evolving athletic device landscape.
Please Note: PDF & Excel + Online Access - 1 Year
Table of Contents
185 Pages
- 1. Preface
- 1.1. Objectives of the Study
- 1.2. Market Segmentation & Coverage
- 1.3. Years Considered for the Study
- 1.4. Currency
- 1.5. Language
- 1.6. Stakeholders
- 2. Research Methodology
- 3. Executive Summary
- 4. Market Overview
- 5. Market Insights
- 5.1. Integration of advanced biometric sensors enhancing real-time health monitoring during endurance sports
- 5.2. Adoption of solar charging technology to extend battery life for ultra distance multisport events
- 5.3. Implementation of AI driven predictive coaching algorithms delivering personalized training insights for runners
- 5.4. Expansion of multisport activity profiles with automated transition tracking for seamless triathlon performance analysis
- 5.5. Integration of geospatial mapping and live route sharing features enhancing community engagement during group runs
- 5.6. Use of embedded ECG and SpO2 monitoring tools for early detection of overtraining and cardiovascular anomalies in athletes
- 5.7. Collaboration between watch brands and digital fitness platforms creating interoperable ecosystems for data synchronization
- 6. Cumulative Impact of United States Tariffs 2025
- 7. Cumulative Impact of Artificial Intelligence 2025
- 8. Running & Multisports Watch Market, by Product Type
- 8.1. Multisport Watch
- 8.1.1. Adventure Watch
- 8.1.2. Swimming Watch
- 8.2. Running Watch
- 8.2.1. Gps + Hrm Watch
- 8.2.2. Gps Watch
- 9. Running & Multisports Watch Market, by Sales Channel
- 9.1. Offline Retail
- 9.2. Online Retail
- 9.2.1. Direct To Consumer
- 9.2.2. Marketplaces
- 10. Running & Multisports Watch Market, by End User
- 10.1. Amateur
- 10.2. Fitness Enthusiast
- 10.2.1. Casual
- 10.2.2. Serious
- 10.3. Professional
- 11. Running & Multisports Watch Market, by Connectivity
- 11.1. Bluetooth
- 11.2. Cellular
- 11.2.1. EsiM
- 11.2.2. Sim
- 11.3. Wi-Fi
- 12. Running & Multisports Watch Market, by Region
- 12.1. Americas
- 12.1.1. North America
- 12.1.2. Latin America
- 12.2. Europe, Middle East & Africa
- 12.2.1. Europe
- 12.2.2. Middle East
- 12.2.3. Africa
- 12.3. Asia-Pacific
- 13. Running & Multisports Watch Market, by Group
- 13.1. ASEAN
- 13.2. GCC
- 13.3. European Union
- 13.4. BRICS
- 13.5. G7
- 13.6. NATO
- 14. Running & Multisports Watch Market, by Country
- 14.1. United States
- 14.2. Canada
- 14.3. Mexico
- 14.4. Brazil
- 14.5. United Kingdom
- 14.6. Germany
- 14.7. France
- 14.8. Russia
- 14.9. Italy
- 14.10. Spain
- 14.11. China
- 14.12. India
- 14.13. Japan
- 14.14. Australia
- 14.15. South Korea
- 15. Competitive Landscape
- 15.1. Market Share Analysis, 2024
- 15.2. FPNV Positioning Matrix, 2024
- 15.3. Competitive Analysis
- 15.3.1. Garmin Ltd.
- 15.3.2. Zepp Health Corporation
- 15.3.3. Polar Electro Oy
- 15.3.4. Suunto Oy
- 15.3.5. COROS Wearables Inc.
- 15.3.6. Huawei Device Co., Ltd.
- 15.3.7. Samsung Electronics Co., Ltd.
- 15.3.8. Apple Inc.
- 15.3.9. Xiaomi Corporation
- 15.3.10. Fitbit LLC
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