Fitbit (NYSE:FIT) is currently the leader in the wearable tech space, but competition is heating up. The company's line of fitness trackers and smartwatches is fighting against Apple's (NASDAQ:AAPL) Watch and other devices.

To respond to its competitors, Fitbit recently released the Blaze smart fitness watch. The company needs the Blaze to gain traction as wearable tech growth starts moving in the direction of smartwatches -- and away from fitness trackers. But Fitbit investors weren't pleased with the device when it debuted, and the company's staying power is in question as Apple continues to close the gap.

Click on the slideshow below to find out how Fitbit makes its money, how it's performing right now, and what it needs to look out for in the future.