A sector that can benefit immensely from machine learning technology and artificial intelligence is healthcare if the safety aspects are taken care of adequately. In a deal that could open a new chapter in health and fitness tracking, wearables maker Fitbit (FIT) has entered into a partnership with Google (GOOG, GOOGL) to integrate the Google Cloud Healthcare API into its fitness tracking devices.
The arrangement will allow doctors to monitor persons wearing Fitbit devices in real time. The association marks Fitbit’s migration to Google’s cloud-based application programming interface, thereby eliminating the need to build its own data storage platform. It could also be the beginning of a deeper tie-up in the coming days, wherein both the companies could chalk out strategies to revive their faltering wearables business.
Though a lot of progress has been achieved in having therapeutic procedures performed with the help of machines, the dearth of a proper system to share patient information seamlessly has remained a major challenge.
Earlier this year, Google rolled the open-source application programming interface, based on the realization that a combination of cloud technology and machine learning could go a long way in resolving the complex issues pertaining to medical data sharing.
Fitbit has entered into a partnership with Google to integrate the Google Cloud Healthcare API into its fitness tracking devices
The revolutionary system, designed to ease the interoperability challenges facing healthcare providers, soon found many takers, with the latest being Fitbit. It allows medical practitioners and institutions to gather and analyze information by accessing medical records stored digitally in multiple locations.
“Working with Google gives us an opportunity to transform how we scale our business, allowing us to reach more people around the world faster, while also enhancing the experience we offer to our users and the healthcare system,” said Fitbit CEO James Park.
The collaboration is expected to give a boost to the core operations of Fitbit, which is currently facing stiff competition from Apple (AAPL) and Samsung amidst the widespread shift to smartwatches. Though Fitbit recently added a smartwatch brand to its product portfolio, it failed to salvage the company’s stock, which hit record lows last month. For the much-needed turnaround, Fitbit is betting on its strategic transformation into a healthcare technology provider from the maker of fitness tracking devices.
PayPal Holdings Inc. (NASDAQ: PYPL) reported stronger-than-expected earnings and revenues for the first quarter of 2021. Shares of the payment service provider gained during Wednesday’s extended trading session soon after
Twilio (NYSE: TWLO) reported first quarter 2021 earnings results today. Revenue increased 62% year-over-year to $590 million. GAAP net loss widened to $206 million, or $1.24 per share, compared to
Uber Technologies (NYSE: UBER) reported first-quarter 2021 financial results after the regular market hours on Wednesday. The ride-hailing company reported Q1 revenue excluding the UK accrual of $3.5 billion, up